In today’s business environment, protecting only your data and systems from cyberattacks is not enough. The increasing number of third-party breaches has made it more important than ever to ensure your third-parties are secure. As your third-party network expands, so does the attack surface available to hackers. Any third party that has access to your sensitive data or systems poses a potential security risk. You need a way to make informed decisions about third-party relationships, manage risks more effectively, and protect your business from potential harm caused by third-party entities. Third party risk tools can help.
Purpose of Third Party Risk Tools
Third-party risk tools are designed to help organizations manage and mitigate the risks associated with their relationships with third-party vendors, suppliers, and partners. The purpose of these tools is to provide an efficient and effective way to identify, assess, and manage potential risks that can arise from working with third-party entities. Third party risk tools have advanced risk intelligence capabilities, assessing vendor risk data to align risk tolerances, prevent data breaches, avoid compliance issues, and reduce supply chain vulnerabilities. Utilizing these tools can help protect your organization rom security risks within your vendor network and provide automated processes for third-party risk management.
Benefits of Third Party Risk Tools
- Establish your organization’s third party risk profile
- Identify risk posture of new or existing vendors
- Automate risk monitoring
- Centralize storage of risk data
- Increase vendor visibility
- Create a common standard of security for all vendors
- Track security controls and compliance
- Document remediations and improvements to security posture
- Continuous monitoring of vendor security
- Reduce errors
Choosing Third Party Risk Tools
The right risk tools for your organization will meet your current risk management needs with flexibility to scale with your business in the future. Risk management is an ongoing process that can be made more efficient and accurate with the appropriate tools. Ideal third party risk tools must have features like built-in questionnaires, remediation tracking, audit logs, and reports and dashboards.
Security Rating Tools
Security rating tools measure an organization’s cybersecurity performance sourced from open-source intelligence (OSINT) assessments. These tools provide a quick, high-level overview of an organization’s risk posture.
Third-Party Cyber Risk Management (TPCRM) Platforms
TPCRM platforms have a broader focus on managing all types of third-party cyber risks and incorporate a wider range of risk assessment methodologies, such as self-assessment questionnaires (SAQs), vulnerability assessments, penetration testing, and compliance audits. These platforms provide a more comprehensive solution for managing third-party cyber risks.
Vendor Management Platforms
Vendor Management software typically focus on the operational and business risks of vendor relationships. Cybersecurity is an element of consideration, but features mostly focus on managing vendor performance, monitoring compliance with regulatory requirements, and tracking vendor contracts and agreements.
myCYPR’s TPCRM Platform
myCYPR provides organizations with a customizable third-party risk management solution that offers increased visibility of risk for both an organization and its vendors. Easily identify vulnerabilities and security gaps and track progress in its interactive dashboard. This comprehensive solution combines the open-source intelligence of risk scoring tools with the in-depth risk insight of SAQs, and vulnerability assessments. With myCYPR, organizations can see, score, and secure their operations with a single third party risk tool.
To discover how third party risk tools can improve your risk management efforts, request a demo.
