+44 (0)1273 25 28 27Assessing supply chain information security
As outsourcing of services increases and the reliance of suppliers security grows, the need for third-party risk management (TPRM) becomes more critical. We offer TPRM as a managed service to help you safeguard your corporate information. Using a simplified and practical approach, our information security consultants help you identify your supply chain risks quickly and cost-effectively, ensuring efforts are focused in the right place.
Our third-party risk management service helps our customers understand the level of risk each third party supplier relationship exposes them to, and decisions can be made to reduce and manage those risks by conducting a third-party risk assessment along with continuous monitoring – using tools like Cyber Security Ratings.
We have worked with an array of organisations and over the years, we have developed a market-leading service in Third-Party Risk Management (TPRM). Our service covers the initial due diligence through to the on-going monitoring that incorporates Open Source Intelligence (OSInt) and our in-house algorithms to produce Cyber Security Ratings, similar to a credit risk score, to oversee information and cyber security in the supply chain.
Why is Third-Party Risk Management Important?
If you have outsourced services to suppliers, then you need to understand the vulnerabilities and threats that are introduced to your business information security.
Your suppliers are likely to have access to your corporate data and who your customers are. As part of an organisations’ Governance, Risk Management and Compliance (GRC) you need to confirm your vendors take information and cyber security as seriously as you do. Relying on contracts only goes so far, and is not much use, in the short term, if there has been a cyber security breach. You need to have an efficient approach to assessing and monitoring your relationships with the suppliers that have access to your information. Even with the most comprehensive and effective internal Security Management program for your organisation, if any one of your vendors falls short, then that means you are vulnerable.
Third-Party Risk Management Lifecycle
When implementing a TPRM program, a useful approach is to break up the processes based on the supplier lifecycle: preliminary supplier profiling, on-boarding suppliers, continuously monitoring suppliers, and eventually off-boarding suppliers. At each step in this life cycle, there are data security and privacy implications.
There are many aspects to a Third-Party Risk Management (TPRM) lifecycle made up of 2 main categories:-
- Information and Cyber Security related certifications/audits
- Supplier Self Assessment
- On-site Assessments/Audits
- Open Source Intelligence (OSInt)
- Cyber Security Ratings
Trusting your Supply Chain
Supply chains are complex and constantly changing. Our Third-Party Risk Management managed service relies on its highly experienced and skilled team to ensure your company data remains secure and protected. Using a simplified and practical approach, our cyber security consultants help you identify your Third Party risks quickly and cost-effectively, ensuring efforts are focused in the right place.
We work closely with the security, risk, IT and procurement teams and this collaboration builds confidence with our customers so they can manage their corporate risks better.
Working with us, together we can identify ALL of the suppliers in the chain, understand the service they are delivering, keep track of the third-party service provided, and who your suppliers outsource to.
As part of our Third-Party Risk Management service, we assess the level of access your suppliers have to your information assets, and identify (and prepare for) the potential cyber security events.
Contact us to gain assurance that your third-party suppliers protect your data to the same standard as you.
If you have an information security question or would like to hear from one of our consultants, please call us now
+44 (0)1273 25 28 27
info@astoninfosec.co.uk
Aston Information Security are Information Security consultants that specialise in assurance, audits, supply chain cyber security, data protection and risk management consultancy.
