Supply Chain Vulnerabilities and TPRM
Supply chain management and Third Party Risk Management (TPRM). Is there a difference? Companies often don’t realize how frequently security breaches happen with their suppliers and third party companies, and more importantly, how much of a risk they’re left at when these breaches occur.
It is important to review the kinds of breaches that occur and different risk management programs before it’s too late!
The types of common supply chain attacks
There are three types of supply chain attacks that you should be aware of:
– Compromising commercial software
– Compromising open source software
– Embedding malware during the physical production of technology
How to prevent a third party/supply chain breach
It is essential for your company’s safety to check with your third parties and review their cyber risk profile . Many organizations can have thousands of third parties, so the task of contacting each one can get to be extremely tedious. We recommend setting priorities based on each third-party’s risk inherent risk to your organization. Once this is complete, then you can go behind and assess those high risk companies and their cyber security procedures.
There are a variety of methods to do this today, but our digital world is constantly and rapidly expanding, so it’s ideal to find a sustainable way to keep up. We personally believe that the best way to accomplish this is by hiring a third party risk manager. Secure Halo offers these services, making it an easier way for your business to analyze the risks put before you by other companies.
Secure Halo provides your organization with the ability to establish requirements prior to granting access, identify outliers for remediation, and track improvements over time covering the end-to-end processes necessary for third-party risk evaluation and management.
- Simplify your third-party risk management process
- Quickly distribute assessments to your third parties
- Track their assessment progress in real-time
- View prioritized risks within your third-party ecosystem
- Compare the security posture of your third parties’ security posture with your own
- Make faster and better-informed decisions
In this era of digital transformation, we know you won’t succeed and grow without your third-party partners. However, it is only by knowing THEIR risk can you make the right decisions to reduce YOUR Risk.
ABOUT SECURE HALO
Third Party Risk Management
Secure Halo has emerged as a critical solution for third-party risk management (TPRM). Our platform provides individual risk profiles of each of your third parties and aggregates this information into a dashboard so you have a comprehensive view of all the third parties within your ecosystem. This critical capability delivers an all-encompassing, real-time analysis of your third-party cyber risk. To read more about us and our service, click here!