As we discuss on our Cyber Security Services page, InfoTech Innovators has many security services to help small and medium size businesses (SMBs) to improve their security hygiene. For those SMB’s that are engaged in B2B services with other companies, this helps them with their Third Party Risk Management posture ( and helps them to retain B2B relationships.)
On the other side of the B2B relationship, organizations increasingly rely on third party suppliers to deliver business-critical products and services to their clients and customers. Organizations are also finding that failures by third parties can significantly impact their ability to operate effectively and tarnish their societal trust and reputation.
Bad actors are compromising third parties to access organizations, their customers and steal data. Target is one example, Rite Aid another example and the list is long ( and getting longer).
As a result, organizations are beginning to develop a clear strategy for the selection, approval and management of third parties. Organizations are learning there are a many stakeholders involved, from the business as well as the procurement, legal and risk functions, developing and implementing this strategy can continue to be highly challenging.
InfoTech Innovators has seen a number of key challenges that have been identified that exist across third party and supplier risk management that we have deep insight to:
The overall picture of supplier risk gets more complex as you drill down into the above categories:
InfoTech Innovators can provide consulting assistance to help an organization to develop their Third Party Risk Management (TPRM) strategy and approach. It is also important that supplier agreements/contracts contain language to limit risk liability with third party vendors, insure an organization has the right to audit a vendor to insure security compliance , insure a vendor is performing their security due diligence internally to protect their environment ( and their client) and much more. Developing a sound foundation and framework to address TPRM is vital to insuring security and business goals are meet for an organization.
InfoTech Innovators is ready to offer our customers the consultative insight/help they need secure their environments. Contact us today!
