Managing Third-Party
Security Is Challenging
Much like securing your own organisation, third parties present a range of risks to contend with, but with an added factor - they are separate entities that offer limited visibility of their internal security.
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Do you have a clear understanding of third-party risks?
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How do you measure the risk posed by each third party?
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Are your effectively managing your third-party risks?
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How do you keep your third-party risks within acceptable limits?
Even modestly sized companies typically have a long list of third parties that require a risk strategy, and there are choices to make:
Do Nothing – hoping for the best is not a viable option. Protecting data is paramount. Legal responsibilities and industry regulations put an onus on firms to maintain a rigorous approach.
Do Everything – a ‘deep dive’ on every third party may feel right, but the time and effort required could easily leave an organisation drowning, and at a substantial cost.
Be Proportionate – adopting a risk-based approach at the outset, taking appropriate action, and working with third parties is the right way for organisations to protect themselves.
The Third-Party Climate
Is Always Changing
Most organisations engage in new third-party business relationships on a regular basis. In addition:
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Depending on what they do for you, many of your third parties will now be reliant upon fourth and fifth parties, and beyond, to deliver their services.
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The world we live and work in constantly evolves, and more rapidly than ever before, presenting both opportunities and threats.
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There are now additional expectations on third parties, such as ESG, that further increase the challenge of management and coordination.
Like the weather, the threats you face will vary in shape, frequency, and risk, but there is a lot you can do to prepare.
Key Security Threats
Poor Incident Response
Supply Chain Attacks
Data Breaches
Unauthorised Access
Insider Threat
Inadequate Security Practices
Malware Attacks
Future Threats…
Meeting the Challenge
Whatever The Weather
Our experience and insights enable us to provide organisations with a broad range of support to strengthen their third-party security in three core areas:
1. Responding to Threats
Based on understanding your suppliers, what they do, and the threats they pose. This enables a considered response in the form of assurance activities and, in turn, working with suppliers to address issues.
2. Building Robust Foundations
Like many areas of business, a robust and well maintained set of foundations are essential to managing supplier risk.
3. Ensuring Operational Effectiveness
Strong oversight is the ‘glue’ that binds your overall strategy together and provides confidence to stakeholders.
Three Steps to Success
Our approach to third-party security has been built up over many years. This ensures clients gain the benefit of our experience and insights, and enables them to make ‘better decisions’ in an area of business that is always changing. We help clients in three steps:
Assess
Comprehensively understand your current strengths and weaknesses with our capability assessment.
Improve
Use your assessment results to shape a prioritised set of third-party security improvements.
Deliver
With a plan in place, you can focus on ensuring you have the skilled resources you need to succeed.
Why i-confidential?
Delivery Support
Industry-leading consultants and a trusted resource network offer the support you need to get the job done.
Stakeholder Buy In
We help clients navigate the maze of diverse, disparate parties required to deliver third-party improvements.
Experienced Practitioners
Our team consists of security specialists who are highly experienced in the third-party domain.
Proven Method
We have helped many clients assess and improve their third-party security.
Holistic Approach
We consider all aspects of third-party security to help clients act proportionately to reduce risk.
