Creating and maintaining relationships with third parties brings about multiple risks.
Whether your organization is large or small, it’s almost certain that you have business relationships with many third parties for specific types of operations. When operational data and confidential information are exchanged with third parties, that data and information are vulnerable to misuse and exploitation. This is where risk comes into the equation.
When these third parties lack robust cybersecurity measures or compliance, building and maintaining a third-party risk management program is a crucial business decision.
The process of Third-Party Risk Management (TPRM) involves identifying, assessing and controlling all the various risks that can develop over the entire lifecycle of your relationships with third parties. TPRM often begins during procurement and should continue until the offboarding process is complete.
The big-picture potential risks are numerous, and can be reputational, strategic, managerial, and economical. More specific risks include…
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Posted by: Mark Stone |
The post What is Third-Party Risk Management? appeared first on Cybersecurity Insiders.
November 24, 2020 at 09:12PM
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