5 Questions to Ask Yourself About Your Third-Party Risk

Posted: 16th September 2020

From lawyers, to marketing agencies, to office supply providers, your organization relies on third parties to keep the business in business. While critical to continued success, every vendor introduces risk to your organization.

Multiply that risk by 583 (the number of vendors the average company shares confidential information with), and it’s easy to see why third-party risk teams have their hands full. Growing regulatory mandates, a surging skills shortage, ineffectual procurement and vendor assessment practices, and dangerous visibility gaps create a perfect storm for security issues stemming from supply chains.

To tackle these challenges, third-party risk management teams need a way to understand, monitor, measure, and reduce their organization’s real-time exposure to third-party risk. They also need to take a critical look at their current exposure, coverage, and controls in order to chart their path forward. This begins with asking some tough — but important — questions, such as, Which vendors are most critical to my organization?” And, “If I bring this vendor on board, what are we legally accountable for if there’s a breach?”

Benefits of Elite Third-Party Intelligence

Positioning security intelligence at the core of your third-party risk mitigation strategy enables you to track dynamic changes to your vendors’ risk profiles, understand which relationships are the riskiest, and prioritize efforts to amplify impact.

Elite third-party intelligence from Recorded Future enables teams across your organization to address the many security challenges that third-party relationships present to the business, including:

Use this short e-book to explore five critical questions about your approach to third-party risk. Answering each question honestly is your first step to effectively defend your organization against the weakest links in your supply chain. Download the e-book now to close your visibility gap and reduce risk to your organization.