Third Party Risk Assessment Tools

Most Important Third Party Risk Assessment Tools In 2020

Cyber Practices Third Party Security

Having the right tools also means having the best kind of work. Thus, opt for third party risk assessment tools. This also means the best kind of third party risk assessments.

Moreover, there are several tools to help you. Each claims to bring value to your third party cyber risk measures. But, consider the most important ones. Which tools should you give priority to? 

Asset Discovery Tool

This involves the inventory of your list of vendors. How does it relate to the assessment? Your primary goal is to know who your vendors are. Also, you should specifically indicate what services they do offer. This is an important facet of being as specific and thorough as possible.

However, some small companies undermine this factor. But this should be put into consideration. Because a study shows. That by 7 years from now, almost 90% of IT spending will be outsourced. 

Another caution is this. Some organizations do not highly consider low-risk third party vendors. When in fact, these ‘low-risk’ are also potential threat exposures. 

For instance, a data breach occurred with Evite. Just imagine the millions of users involved in text invitations. The case here is that the information on the business involved is put at risk. This data breach cost the data of 10 million Evite users.

Thus, any business involving another company is already a risk. That is why using an Asset Discovery Tool can help. Another step is to recognize the risk level of these vendors on the list.

Compliance With Security Standards

To have optimum cyber health. Every business industry today acknowledged the benefit of compliance with security standards. These standards also cover security risk assessments. And shall further affect your whole third party risk security processes.

Some of the widely known standards are the NIST and ISO. However, there is more to this. Also, make sure to be familiar with the CSA Cloud Controls Matrix. Another is PCI/DSS. 

It is important for businesses to be familiar with these best practices. These further provide the guidelines that fit your business’ needs. This should influence how you manage third party risk assessments also.

Questionnaires – A Very Helpful Tool

These questionnaires are sent to the vendors for their compliance. This further explains in detail of their internal security practices. For optimum onboarding of vendors, it is vital to conduct this beforehand. 

These questionnaires greatly reduce risks. In addition, these questionnaires can be customized. According to the vendor’s risk level.

A lot opt for automated tools today. This is especially helpful in the matter of speed and scalability. Plus, automation also creates fast movements. Such as easy tracking and easy responses.

Another tip in developing your questionnaire. It is to check for compliance regulations with the GDPR and CCPA. This should add better quality to your standards.

However, these questionnaires should not be the sole element of your risk measures. Also, acknowledge that levels of security are not constant. Thus, it is also encouraged to have a security rating evaluation. And to also implement continuous monitoring. 

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