It has become the next big cybersecurity challenge many organisations face. Digital risks to your organisation, but not the ones coming from your own systems. No matter how well-protected your IT infrastructure is, your systems are connected to that of your suppliers and third parties in one way or another. And this is the route threat actors take to get to your data. The difficult thing is that you don’t know what to protect against, as you cannot see what supplier assets pose the biggest these supply chain risk.
Supply chain risk: where do you start?
Organisations increasingly outsource parts their IT infrastructure and service. This generates more business opportunities and productivity, yet it also brings new risks that cannot be easily mitigated, as explained in our third-party risk study. It increases the digital attack surface of your own organisation without having the direct insights and control.
So where do you start? First of all, do you have a complete overview of all third parties connected to your organisation? This isn’t much different from your overall asset inventory. There are always some that slip past the watchful IT eye. Maintaining such a list manually is therefore no lasting solution if you don’t know where to look. And after that, how can you detect and mitigate the vulnerabilities in your suppliers?
If you don’t have such a process in place, the Third-Party-Risk solution will figure this all out for you. It builds on our Digital Footprint platform, so it automatically detects, identifies and maps the organisations in your supply chain. This generates a comprehensive overview of third parties and the nature of their service.
Which suppliers are critical to your business operations? And which have become less applicable? Once you have a continuous overview, you can make data-backed decisions to manage your supply chain more effectively. Still, that is only the first step to minimising your attack surface and preventing risks.
What if you already have a third-party risk solution?
Ultimately, your data-protection goal for tackling supply chain risk is to be able to start a conversation with third parties based on identified risks in the shared footprint. This will help both organisations increase their security maturity. You could do this by means of the traditional audits. That allows you to investigate whether your suppliers adhere to the security compliance standards you agreed upon when signing the contracts.
However, enforcing this right to audit is usually a long and cumbersome process, resulting in a snapshot picture of a dynamic environment. And doing this for your entire supply chain is too time-consuming.
Our Third-Party Risk solution uses continuous monitoring and risk scanning of the assets in your overlapping digital footprints – starting the moment it finds a third party. The platform does the work for you, automatically and continuously. It provides you with the insights and data to start a conversation with your suppliers, working together to strengthen your cybersecurity. It saves precious time and resources on both sides by not having to enforce audits and questionnaires.
Our Third-Party Risk solution provides suggested mitigation actions for each asset in need of repair, helping your third parties to repair vulnerabilities and reduce threats. And as the platform is based on continuous detection and monitoring, it allows for risk-over-time reporting and audits. Do your suppliers adhere to the security compliance you have set? And how do they act on the data you have provided them with? The platform’s possibility to automate workflows and alerts for third-party risks will accelerate these processes.
Linking digital risk to business risk
The platform’s strength lies in the fact that you don’t need to tell us where to start looking and which third parties are connected to your organisation; it does that autonomously. It only requires your brand name to start the discovery and assessment of your digital footprint, including that of your third parties. The zero-scope and continuous approach is what separates the platform from other risk scoring solutions.
It provides you with the data to make informed decisions, as it links digital risk to business risk. This is your input to helps prioritise risk, streamline processes, allocate resources where they are needed most, and manage your third parties more effectively.