Third-party risks are a reality that no organization can ignore. Reliance on external vendors, partners, and services is rising, but have you considered how these relationships can become a gateway for threats?
This article will help you understand third-party risks, why managing them is essential, and how specialized cyber surveillance solutions like Kartos can benefit your business.
What are third-party risks?
Third-party risks refer to threats from external entities with which your organization interacts. This includes vendors, contractors, business partners, and any other entity with access to your data, systems, or processes.
For example, imagine that your cloud service provider suffers a cyberattack. Even if you’re not the direct target, the consequences can devastate your business, from losing sensitive information to disrupting your day-to-day operations.
Managing these risks is vital to ensuring the security and continuity of your organization. This is where the TPRM (Third Party Risk Management) concept comes into play.
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What is TPRM and why is it important?
TPRM is identifying, assessing, and mitigating risks associated with third parties. This approach helps companies:
- Protect your sensitive data. Ensure that suppliers and partners comply with the required security standards.
- Avoid interruptions in operations. Anticipate possible failures or vulnerabilities that may affect the business.
- Comply with legal regulations. Many regulations, such as the GDPR, require strict controls over relationships with third parties.
Managing third-party risks is not optional but necessary in an environment where digital supply chains are becoming increasingly complex.
Cybersecurity and third-party risks: a complicated marriage
Cybersecurity is one of the most critical aspects in third-party risk management. According to recent studies, more than 60% of security breaches originate from third parties. This is because, in many cases, attackers find in them the weakest link to access their final goal: your company. Some of the most common risks related to third parties are:
- Insecure access: providers with weak passwords or without multi-factor authentication.
- Lack of updates: outdated systems that become exploitable vulnerabilities.
- Unencrypted data transfers: exchanges of sensitive information without adequate safeguards.
- Fourth-tier providers: subcontracted entities that do not meet expected security standards.
Key tools to manage third-party risks
You need more than just trusting your partners or suppliers; you need a robust system to assess and monitor risks continuously. In this context, cybersecurity tools, such as Enthec’s solutions, stand out as a reliable and practical choice.
Kartos: Designed for Business
Kartos is a cyber-surveillance solution focused on continuous threat exposure management (CTEM). With it, your organization can:
- Identify risks in real time. Detect potential vulnerabilities before they become a problem.
- Evaluate your third parties. Check if your partners meet the security standards you need.
- Generate clear and actionable reports. It facilitates data-driven decision-making.
This solution works under a CTEM approach, ensuring that you not only identify threats, but also take action to mitigate them.
Best practices to minimize third-party risks
In addition to using solutions such as those from Enthec, there are several measures you can implement to strengthen security:
- Conduct regular evaluations. Evaluating your third parties at the beginning of the relationship is not enough; it is crucial to do so continuously.
- Establish clear contracts. It includes specific clauses related to security and compliance.
- Train your team. Your employees need to be aware of third-party risks and how to spot them.
- Implement security audits. Regularly review your partners’ systems and procedures.
Protect your business today!
In an increasingly interconnected world, managing third-party risks isn’t just an option; it’s a responsibility. Enthec, with its cyber-surveillance solutions like Kartos, is here to help you ensure your business’s and your data’s security.
Don’t let a third party cause a breach in your organization. Take the first step toward continuous threat exposure management with cybersecurity tools designed to fit your needs.
Contact us and find out how to protect yourself from third-party risks proactively and efficiently.