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Addressing Vendor Risk Management Problems

a person display vendor risk management problems of cyber

Has your organization ever received phishing emails from a “trusted third 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 third parties and rely on good faith and honesty. However, we remain vulnerable to inadequate security measures that third 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 proactively prevent data breaches from third party vendors?

FortifyData has created a platform that measures cyber 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 third parties so that you may better understand their likelihood of becoming another organization negatively portrayed on the news.

With FortifyData, you can stay informed of inherent risks involving your third 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 third 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 and data breaches, and measure the risk levels of our counterparts from a single computer. 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.

Solving the Three Biggest Issues Within Third Party Risk Management A Three-Part Webinar Series

Part 2: Lack of Complete Cyber Visibility
November 5, 2020 | 2 p.m. EST