Tech Innovation > Security > Third-Party Risk Management & Cyber Risk Ratings
Third-Party Risk Management & Cyber Risk Ratings
According to World Economic Forum (WEF) 2024, 41% of security incidents that had a significant impact originate from the weaknesses of third parties, including suppliers, IT service providers, and business partners. Supply chain attacks such as ransomware, fake domain-based phishing, and third-party API exploits continue to increase.
Without this solution, organizations face the following challenges:
Lack of Visibility into Vendor Risk
Many organizations have no way to verify the security level of their suppliers.
Increased Supply Chain Attacks
Hackers target third parties who have access to key organizational data or systems.
Difficulties in Assessing Vendor Compliance with Regulations
Vendor non-compliance with security standards can lead to compliance violations.
Key Features & Capabilities
Third-Party Risk Management & Cyber Risk Ratings** identifies and mitigates vendor-related security risks.
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a. Continuous Risk Monitoring & Vendor Security Scoring
- Attack Surface Intelligence & Risk Scoring: Using AI to assess cyber security of suppliers, vendors, and business partners.
- Continuous Monitoring & Threat Intelligence Feeds: Monitor evolving threats across the digital supply chain.
- Risk-Based Prioritization & Vendor Tiering: Classify vendors based on risk level and urgency of mitigation.
b. Threat Intelligence & Dark Web Monitoring
- Leaked Credentials & Breach Exposure Detection: Identifying vendor credentials and sensitive data that has been leaked on the dark web.
- Domain Spoofing & Phishing Risk Analysis: Monitoring fake domains used to target organizations and their business partners.
- Zero-Day Threats & Exploit Intelligence: Detecting vulnerability exploits affecting the digital supply chain.
c. Compliance Management & Regulatory Risk Assessment
- Automated Compliance Audits (ISO 27001, GDPR, PCI DSS, PDP Act, etc.): Provides automated compliance reporting for vendors.
- Third-Party Cyber Risk Questionnaires & Risk Reporting: Simplify vendor onboarding & risk evaluation.
- Real-Time Incident Alerts & Remediation Playbooks: Provides alerts and mitigation recommendations to affected vendors.
Business Benefits
Third-Party Risk Management & Cyber Risk Ratings** strengthen security by assessing vendor risks effectively.
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a. Improving Supply Chain Security & Reducing Vendor Risk
- Automatically monitor vendor security status & provide real-time risk scores.
- Reduces the potential for exploitation from unsecured third-party access.
b. Ensuring Compliance with Global Security Regulations
- Compliant with ISO 27001, NIST, PCI DSS, GDPR, and PDP Act standards with risk monitoring of sustainable vendors.
- Provide accurate audit evidence for compliance & risk mitigation purposes.
c. Improve Operational Efficiency & Reduce Security Costs
- Reduce time spent assessing vendor risk from weeks to hours.
- Reduce the need for manual vendor audits by automating risk assessments.
d. Improving Business Trust & Resilience
- Prevent supply chain attacks like the ones that hit Toyota & Okta due to vendors who are less secure.
- Reduces the possibility of incidents that could damage a business's reputation and cause financial loss.
Use Cases
Third-Party Risk Management & Cyber Risk Ratings offer proactive risk assessment across sectors.
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a. Banking & Finance
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Securing payment service providers & fintechs from digital supply chain attacks.
b. Health Services
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Prevent patient data leakage from medical service vendors & electronic medical record systems.
c. E-Commerce & Retail
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Securing APIs and digital infrastructure used by logistics & payment partners.
d. Government & Critical Infrastructure
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Avoiding attacks on vendors handling sensitive state data.
How We Can Help
As vendor agnostic system integrator, PT Trinet Prima Solusi helps organizations in:
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a. Third-Party Cyber Risk Assessment & Supply Chain Visibility
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Provides insight into vendor & business partner security risks.
b. Cyber Risk Ratings & Vendor Security Integration
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Connecting vendor risk monitoring systems with existing security infrastructure.
c. Continuous Monitoring & Incident Response
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SLA based monitoring service with 24/7 SOC.
d. Compliance Management & Cyber Risk Awareness Training
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Providing education about effective vendor risk management strategies.
Contact our experts for further information
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