Addressing Vendor Risk Management Problems

Addressing Vendor Risk Management Problems

Has your organization ever received phishing emails from a “trusted 3rd party”? Have any of your affiliate businesses experienced a data breach? Most likely, the answer is “Yes” or “we don’t know”.

In 2017, at least 56% of companies experienced a third-party breach (https://www.opus.com/ponemon/)

In the ever-changing and dynamic cyber-security landscape, organizations are constantly faced with threats. The threats to your organization are direct, indirect, and very real. Exploitation, identity theft, hacking, and breaches have changed; year over year. However, the methodologies in which organizations assess the risk of their affiliates has remained static.

Stagnant practices of “vendor risk management” include simple due-diligence questionnaires that are sent to 3rd parties rely on good faith and honesty. However, we remain vulnerable to inadequate security measures that 3rd parties implement for protecting our data within their own organization. Vulnerabilities are not static, and neither are cyber-risks. While your organization may be performing due diligence and due care, your affiliates may not. Therefore, their negligence ultimately makes you susceptible to a potential data breach.

How do we pragmatically approach vendor risk? We have been left with few options, until now. The great minds at FortifyData began to construct ideas and methods to determine the risk levels of vendors and trusted organizations. The question that needed a swift answer was simple: How do we perform due diligence and monitoring to ensure that we are aware of the inherent risks that our affiliates may pose on us throughout the vendor relationship?

FortifyData has created a platform that measures risk in a dynamic and altruistic fashion. The platform is designed to equip you with the paramount knowledge to measure the risk of other organizations within your business-scope. From this platform, your organization can stay informed of the vulnerabilities of your vendors and 3rd parties so that you may better understand their likelihood of becoming another organization on the news.
With FortifyData, you can stay informed of inherent risks involving your 3rd parties and vendors through data breach history records and automated dark-web scanning that seeks out symptoms of a data breach. When the data of your 3rd party affiliates is compromised, you should know. Your organization’s critical assets and sensitive data may have been affected.

The new age of vendor risk is upon us and FortifyData can keep you informed of your vendor and third-party cyber-risks. In the fight against cyber-crime, the responsibility to keep our organizations secure has been legally and ethically bestowed upon us. We are now able to track vulnerabilities, data breaches, and measure the risk levels of our counterparts from a single pane of glass. No more third-party data breach concealments that adversely affect the security of your organization. Stay informed, be proactive, gain visibility in your vendor’s cybersecurity posture with FortifyData.