Third-Party Risk Management

Your Challenge

Third parties are one of the biggest risks to cyber security because of the unique set of challenges they present. These include:

  • Insecure connectivity to resources and sensitive data
  • Lack of up-to-date risk visibility on current third-party ecosystem
  • Varying compliance requirements
  • Communication around issues
  • Constant change at both parties

First-generation third-party cyber scoring tools use a “one-size-fits-all” scoring approach. Unfortunately, these scores don’t provide a true picture of the third-party’s risk with your organization because it doesn’t take all the dimensions of these complex relationships into the development of their score. This can lead to a meaningless score that offers a false sense of security.

third-party management factors

Our Solution

Your cyber score is just a starting point. How you work with your third parties to validate and improve their cyber risk posture is where you truly derive value from our cyber risk platform. We looked at the entire problem to deliver:

  • Comprehensive Scoring Approach
  • Multidimensional Risk Modeling
  • Integrated Third-party Collaboration
  • Always-on Threat Monitoring

Comprehensive Scoring Approach
FortifyData starts with a transparent scoring process based on the NIST RMF standard and industry quantitative risk assessment methodologies. This allows our customers to understand the value of the score they are provided. To derive this score, FortifyData evaluates all aspects of a third party’s cyber posture, including:

  • External and Internal Technology Risks
  • Administrative & Process Flaws
  • Compliance Issues
  • Personnel Vulnerabilities

Multidimensional Risk Modeling
FortifyData lets organizations specify every risk dimension of a third-party relationship. This unique multi-dimensional approach evaluates the following to deliver the most accurate and relevant score for your third parties:

  • Assessment of Relevant System Interactions
  • Comprehensive inherent risk visibility across external and internal resources
  • Questionnaire-based assessments that augment non-technical risk visibility
  • Compliance Status (SOC2, NIST, PCI, etc.)
  • Reported and non-reported third-party data breaches 
  • Automated continuous risk profile monitoring

Integrated Third-party Collaboration
FortifyData provides an integrated collaboration module that lets you work with your third parties to assign tasks as issues arise and track progress on mitigation plans. Evaluate custom requirements and have certified cyber risk consultants and professionals validate resolved issues. Additionally, this cyber risk assessment process can be extended to fourth parties and beyond to create a “network effect” that will further reduce the risk throughout your entire third-party ecosystem.

Always-on Risk Monitoring
One-time scoring, or even monthly scoring, is no longer sufficient to protect you from threats that change constantly. FortifyData allows you to constantly monitor and be alerted to critical risks linked to your third-parties. Additionally, FortifyData allows you to establish customized re-evaluation timing for key third parties.

third party risk magement on laptop screen

Upcoming Webinar:
Protecting Your Company
Against Ransomware Attacks

January 28, 2021 | 2 p.m. EST