Beyond Your Perimeter: Managing Third-Party Risk in the Modern Enterprise
The Benefits of Effective Third-Party Risk Management
Third-party relationships are essential for growth and innovation. However, these partnerships also introduce new security risks accelerating the growing need for third-party risk management.
Think of your business as a fortified structure. Third-party partners are like the merchants and tenders coming in and out. While you might have strong walls, you also must secure your interactions with these partners to prevent potential breaches. The President of Vodafone, Asia Pacific and Middle East, Bhupinder Singh, pointed out, "We need to collaborate with third parties, which introduces additional risks that must be managed effectively."
Companies with strong third-party risk management programs can experience significant benefits:
- Reduced data breaches: 20% fewer breaches according to research.
- Improved regulatory compliance: 2.5 times more likely to meet compliance standards.
- Enhanced partner relationships: 60% report better relationships.
- Increased trust and loyalty: customers are more likely to trust businesses that prioritise security.
Key Strategies for Third-Party Risk Management
- Prioritize API Security: Protect both north-south and east-west API traffic.
- Implement Zero Trust Network Access (ZTNA): Grant access based on user identity and device trust.
- Utilise Cloud Access Security Brokers (CASB): Monitor and control cloud usage.
- Conduct Continuous Monitoring and Reporting: Regularly assess vendor risks and adhere to zero trust principles.
- Foster a Security-Aware Culture: Encourage security awareness throughout the supply chain.
Actionable Advice for Tech Leaders
- Scrutinise Provider Security Policies: Ensure your partners have transparent security measures.
- Create a Security-Conscious Supply Chain: Promote a culture of security throughout your network of partners.
Through these strategies and by promoting a security-focused mindset, organisations can improve their operations, build trust, and become more resilient, leading to overall success.
November 2024 Cybersecurity Roundup: Protecting Your Australian SME
CYBERSECURITY NEWS ROUNDUP: NOVEMBER 2024 This month’s news highlights the ongoing challenges and emerging threats facing Australian SMEs. Let’s dive into the key points: Top Headlines: • Cyber Security Bill […]
Read MoreA Year in Review: Gratitude, Growth, and Exciting Plans for 2025
A Year in Review and Exciting Plans for 2025 As 2024 draws to a close, we want to take a moment to express our sincere gratitude for your continued support. […]
Read MoreCyber Security Tips for a Safe Holiday Shutdown
Cyber Security Tips for a Safe and Secure Christmas Shutdown As the festive season approaches, it’s important to ensure your business is adequately protected from cyber threats, even during the […]
Read MoreCybersecurity 2025: A Look Ahead
2025 Cybersecurity Predictions: Navigating the Evolving Threat Landscape As we step into 2025, the cybersecurity landscape continues to evolve, presenting new challenges for organisations worldwide. With the increasing sophistication of […]
Read More