Why is TPRM important?
The use of third parties influences your cybersecurity, both directly and indirectly, so third-party risk management is critical. For several reasons, third parties may complicate your information security which may result in a data breach. Here are the reasons why you need to conduct TPRM:
Organizations at some point have to source resources from experts as third parties. Oftentimes, they do not have complete control over or full transparency into third parties' security measures. While some vendors have strict security guidelines and effective risk management procedures, others must improve them.
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Every third-party vendor has the potential to cause a cyberattack or data breach. If a vendor has a weak attack surface, it could be exploited once it enters the business. The attack surface and possible vulnerabilities increase as you work with more providers.
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The introduction of general data protection and data breach reporting regulations, namely the GDPR, CCPA, FIPA, and PIPEDA, has significantly boosted its reputation and regulatory impact of insufficient third-party risk management procedures. For instance, if a third party has access to the business’s customer data, a data breach by that third party could result in regulatory fines and penalties for the business, although the business was not directly to blame for the breach.
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Author´s Name
Why is TPRM important?
Maine Manlises
Created on April 27, 2023
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Transcript
Why is TPRM important?
The use of third parties influences your cybersecurity, both directly and indirectly, so third-party risk management is critical. For several reasons, third parties may complicate your information security which may result in a data breach. Here are the reasons why you need to conduct TPRM:
Organizations at some point have to source resources from experts as third parties. Oftentimes, they do not have complete control over or full transparency into third parties' security measures. While some vendors have strict security guidelines and effective risk management procedures, others must improve them.
01
02
Every third-party vendor has the potential to cause a cyberattack or data breach. If a vendor has a weak attack surface, it could be exploited once it enters the business. The attack surface and possible vulnerabilities increase as you work with more providers.
+info
The introduction of general data protection and data breach reporting regulations, namely the GDPR, CCPA, FIPA, and PIPEDA, has significantly boosted its reputation and regulatory impact of insufficient third-party risk management procedures. For instance, if a third party has access to the business’s customer data, a data breach by that third party could result in regulatory fines and penalties for the business, although the business was not directly to blame for the breach.
03
Author´s Name