Third-Party Risk Management
what do you need to know about it?
Third-Party Risk Management (TPRM) is the process of assessing and monitoring Cyber Security Risks that occur due to your third parties (Vendors, Customers, etc). Many organizations use third-party vendors to increase business capabilities and deliver innovation in products and services. These partnerships introduce risks that companies are not always aware of - especially since the responsibility for managing these risks is outside the organization. Breaches, data exposure, and non-compliance with regulation can have serious negative effects on your company. it makes it more important than ever to verify whether key vendors are adequately safeguarding your interests, or endangering your organization.
What is the most effective way to deal with such a complex issue?
At Rescana We make it simple! We provide a technology-enabled approach for identifying and mitigating risks introduced by third-party relationships.
Does your company perform TPRM?
If so, you need to know what type of information is being collected and if it’s well analyzed. This information is important in order to make accurate assessments and protections depending on the situation.
If not, your organization may have high unmanaged risks that may harm in various ways such as cyber hacking, non-compliance, and more...
It is recommended to use an internal group that leads the effort. Rescana has specialized for many years in analyzing and collecting information about third- party as well as accurate consulting on an ongoing basis adjusted to the organization.
Who are your main vendors?
The first step in the assessment is to understand the importance of the vendor to the company you need to know some basic information such as:
Does the vendor have access to any sensitive data?
Does the vendor store or host any sensitive data on their IT systems?
Does the vendor have access to data that could result in harm if stolen?
If this vendor suffers a data breach, will that require reporting?
If this vendor suffers a significant outage would your company activate its Business Continuity plan?
At Rescana we know how to perform statistical assessments using a customized questionnaire that is following the needs of your company according to the regulations of your industry. We will know how to professionally give the appropriate action recommendations for your business.
What risk do you need to measure?
The next step in third-party risk management will be to determine valuation indices. In order to evaluate your vendor accurately, you should understand the areas in which the vendor can be evaluated by:
In Rescana, we know how to adjust the questionnaire to your company's needs and subject to the regulatory restrictions to which your company is subject and in accordance with the field of industry. Rescana's form engine gives you the flexibility you need to conduct your Risk Surveys. Use and customize our built-in forms, or upload your own to make the perfect survey
How to start to manage third party risks?
Once you understand the basics of risk management from a third party you need to ask yourself if your organization has the ability to deal with this challenge:
Where does third party risk management go? Which department will be responsible for it?
Do we have the right expertise?
Do we have the capacity to manage appropriately?
If you don’t have answers to these questions, it is recommended to hire the services of an external company that specializes in TPRM.
Rescana's flexible Survey will ingest any existing questionnaire and is feature-rich - providing the best experience for you and your vendors
We have extensive experience in many and varied industrial fields - we will be able to provide you with consulting services that will include the assessment of your vendors, data analysis, and the appropriate action recommended for your organization and on a daily basis as needed.
What tools should I use to makeTPRM easier?
Transferring information through third-party documents can be lengthy and complicated. Choosing the right tools can make the assessment more precise and also facilitate the process of automating the day-to-day work with all kinds of third parties. You should also be able to transfer information securely from all the vendors you work with.
Rescana is able to perform evaluation and collaboration with your suppliers thus facilitating third-party risk management
Through open communication with your suppliers - we can reflect on their vulnerabilities and risks and re-approve quickly and easily using pre-filled forms. This can make risk management easier and simpler
What to do with the information?
Ultimately the goal of quality risk management is not only to know what level of risk exists in working with a specific vendor but to know how to make decisions based on the risks presented and avoid cybersecurity and damage to your organization.
Decisions like this can also determine whether to stop working with the vendor or label him a "safe partner." Desitions you make consciously and intelligently will prevent you from suffering the damages associated with these risks.
Rescana Integrates with any existing Risk Management workflow. Our scale-out massive data collection platform constantly monitors the web and deep web, and then correlates and enriches with Cyber Risk Data to provide you with a clear picture of your cybersecurity posture.