Reliance on third parties is higher than ever and your supply chain keeps expanding. With hybrid work, skill shortages, new regulations, and business continuity challenges, third party risk management is not business as usual.
Are you ready to review your vendor risk management practices and look towards the future? Your TPRM program needs to adapt to the new challenges that 2022 will bring.
We invited CISO Gary Brickhouse from GuidePoint Security to lead us on a brief, informal discussion on how to kickstart your TPRM strategy for the New Year. The webinar is presented by BitSight and ThirdPartyTrust, and you can watch the recording here.
The 30-minute session covers:
- Lessons learned in 2021 – What can we be better at?
- Trends, threats, and best practices for 2022
- How to adapt your TPRM program to the new normal
- How to make your cybersecurity efforts work across your entire organization
As we move into 2022, the pandemic persists and security needs increase. You’re probably already assessing the security controls of your top third party vendors through a TPRM program, but the third party risk surface keeps expanding at lightning speed.
This session will help you get ready to kickstart next year’s strategy to face new supply chain challenges and regulations. It also extends the conversation from a recent webinar, “How to Convince Your Company that TPRM is a Priority.”
The Importance of Securing Your Supply Chain
The accelerated digital transformation has increased reliance on third party vendors. While crucial for most businesses to scale and run their operations efficiently, their access to your data and network increases exposure to risk.
This makes vendor risk and third party risk management (TPRM) critical to increase visibility. You need to be sure you can trust everyone in your supply chain, fostering secure and transparent relationships. Any gaps in security or trust in your third party relationships could greatly impact your business continuity or create unnecessary risk
When it comes to data and security, relying on a vendor’s reputation is not an option. You can’t manage what you can’t measure. Even if a vendor is well-known, you still need to assess their security practices through risk assessments, security ratings, and continuous monitoring.
According to Forrester, 60% of security incidents in 2022 will result from issues with third parties. With cyberattacks targeting vendors and suppliers, third-party incidents will increase and SolarWinds-style headlines will threaten organizations that don’t invest in third party risk management.
It is our hope that the upcoming webinar will help you adapt your TPRM efforts to face the new challenges of expanded supply chains in the new era of digital business.
How Can ThirdPartyTrust Help?
A comprehensive third party risk management program will help you assess the inherent risk of a vendor and gather their security documentation (questionnaires, certifications, insurances, etc.). It will also monitor their security posture throughout the business relationship.
Among other key indicators, you’ll be able to observe their risk score, security performance, data breach history, or exposure to stolen credentials via breaches or underground marketplaces. After all, organizations are only as secure as the companies they deal with.
ThirdPartyTrust can help you with any vendor risk management (VRM) initiative, creating an end-to-end workflow for your third party risk management (TPRM). From initial vendor risk assessments to risk mitigation and continuous monitoring, our platform allows you to put a process in place to ensure compliance and lower risk for existing and future third party vendors.
Through strategic integrations with BitSight, Osano, SpyCloud, and more, ThirdPartyTrust brings objective, dynamic ratings that measure a vendor’s cybersecurity performance into the overall TPRM process.
ThirdPartyTrust can save your organization time and resources by streamlining, automating, and centralizing your TPRM program. Increase workflow efficiency by up to 75% by eliminating emails and spreadsheets in your risk assessments, and ‘trust but verify’ your vendors’ security posture utilizing scoring providers to confirm security artifacts match up. Read our customer case studies to learn more!
Let us show you how ThirdPartyTrust can help you build and scale a simplified TPRM program. Talk to an expert today.
Looking for a TPRM tool?
This buyer’s guide can help you find the right tool that will put you on a path to auditable risk management and accelerate your journey to TPRM maturity.
Learn what makes a powerful tool on key aspects like trusted security ratings, operational improvements, integrations, pricing benefits, and industry-specific use cases.
