In a security landscape in which our networks, especially the supply chain, are facing increased risks, many businesses are scrambling to adopt the latest third-party security best practices – a strong TPRM strategy.
Today, procurement is the bedrock on which many organisations operate. In an era of comparative advantage, business survival hinges on our cooperation with external parties that streamline the work we do.
What’s equally true is that these networks have become the target of sophisticated and evolving cyberattacks. This has meant that our approach to third-party cybersecurity requires a much-needed upgrade—one in which procurement sits entirely within our third-party security strategies.
In our upcoming webinar, Integrating procurement procedures to complete third-party security, this is exactly what we dive into.
With 44% of companies experiencing a breach between 2020 and 2021—and 74% of those respondents stating that this was a result of granting too much privileged access to third parties—we are in need of more robust security strategies.
Read our post to find out what some of the biggest TPRM challenges are and what we need to do to address them.
You can also tune in to our webinar on Tuesday, the 7th of September 2021 at 10:00 AM BST.
What are the biggest challenges to supply chain security today?
With every passing year, we are introduced to newer types of risk. This is especially the case when you consider the supply chain, which is really your organisation’s most significant point of exposure to the outside world.
This year and beyond, we need to anticipate the effect WFH arrangements have on network security, which can compound the stresses posed by your vendor network.
It’s important to keep in mind, here, that your vendors are likely facing the same issue.
Another issue certain companies grapple with is a lack of visibility into their security risks, especially those posed by their vendors.
Despite the sophistication of the technology available to us, many businesses still struggle to get a real-time understanding of their vendor security. In the absence of this kind of monitoring and evaluation, it’s easier for deep-rooted vulnerabilities and threats to go undetected.
How do our TPRM strategies need to change in a post-pandemic environment?
In the new normal we’re navigating, one of the most critical elements missing from our vendor security policies is agility.
To begin with, we need a powerful framework that guides the policies and procedures that help us mitigate real-time risks and manage third-party information.
Your strategy will need to be supported by up-to-date vendor information, which necessitates real-time risk assessment tools.
Using these insights, it’s easier to have a more dynamic view of your security posture, as it relates to your vendors, helping you become more responsive to any threats that emerge.
Beyond taking an exclusively external focus, however, it’s equally important that there’s a prioritisation on what’s happening inside your organisation as well.
Security professionals need to ensure that there are no blind spots within their operations that could otherwise compromise their efforts. This includes ensuring that information sharing and collaboration are taking place as well as increasing awareness on how working with third parties affects your risk profile.
What’s more, it’s also important to work with other parts of your organisation to take a more holistic approach to vendor relationship management.
This will ensure that your TPRM strategy will approach the challenge of supply chain security from multiple angles, instead of taking a traditional cybersecurity-only lens.
Save your seat at our webinar to catch the latest third-party security insights
To operate securely in the new normal, businesses need to stay up to date on the latest TPRM best practices.
It can be challenging, however, to identify which action items can help you address the gaps in your security.
When you tune in to our upcoming webinar, you can:
- Identify the internal causes for security gaps and learn how to mitigate them
- Protect your business from the consequences of a data breach
- Alleviate security standards and create a more secure environment for your data
- Mitigate evolving cybersecurity threats by taking a more sophisticated approach to your vendor security processes
Save your seat at our webinar to get ahead of the latest VRM insights!