Thursday 4th May 2023
BLOG: Leveraging Technology to Enhance Your Third-Party Risk Management Program
In today’s interconnected business landscape, third-party relationships are a critical component of many organizations’ operations. Third-party vendors provide services and products that enable organisations to achieve their business goals. However, these relationships also bring a range of risks, including cybersecurity threats, regulatory compliance, reputational risks, and supply chain disruptions. As a result, organisations must have a robust third-party risk management programme in place to identify, assess, and mitigate these risks.
Leveraging technology can enhance your third-party risk management programme by providing better visibility, automation, and data analytics capabilities. Technology solutions can help streamline the processes and procedures involved in third-party risk management, enabling organisations to manage their third-party risks more efficiently and effectively.
One of the main benefits of technology in third-party risk management is improved visibility. A good technology solution can help organisations gain better insight into their third-party relationships by providing a centralised repository of information about vendors, including their contract details, compliance status, and risk assessments. This visibility enables organisations to monitor third-party risks and identify potential issues before they become problems.
Automation is another key benefit of technology in third-party risk management. Technology solutions can automate many of the manual processes involved in third-party risk management, such as risk assessments, due diligence, and monitoring. Automation can help organisations save time and resources while also reducing the potential for errors or oversights. For example, automated workflows can be used to trigger risk assessments, track remediation activities, and monitor compliance with contract terms and service level agreements.
Data analytics capabilities are also essential for effective third-party risk management. Technology solutions can provide organisations with the tools they need to analyse and interpret large amounts of data from multiple sources, such as vendor performance data, compliance data, and cyber threat intelligence. This analysis can help organisations identify trends, patterns, and outliers that may indicate potential risks. Data analytics can also help organisations develop more robust risk models and predictive analytics to better understand and manage their third-party risks.
How can Orpheus Cyber help?
Leveraging technology can be a game-changer when it comes to enhancing your third-party risk management programme. At Orpheus Cyber, we have developed a unique, threat-led approach to Third-Party cyber risk management. Our platform leverages our expertise as a cyber threat intelligence company in combination with an assessment of the attack surface of your Third Parties to deliver an accurate cyber risk rating.
Our approach enables continuous monitoring of your Third Parties as both the threats they face and their attack surface changes over time. The platform displays all of the organisations you wish to monitor in a heat map, quickly highlighting organisations that pose the highest level of risk. By continuously monitoring your third-party vendors as both the threats they face and their attack surface change over time, we can provide you with a comprehensive view of your third-party cyber risk exposure.
One of the unique features of our platform is that it displays the most critical vulnerabilities that your Third Parties have, and we link those to our intelligence reports and Orpheus’ CVE scoring to highlight why they are problematic. By providing the risk context of the attack surface issues we can see your Third Parties have, it makes it easy to work with them to improve their security, and by association yours.
Our platform displays all of the organisations you wish to monitor in a heat map, quickly highlighting organisations that pose the highest level of risk. The most critical vulnerabilities that your third-party vendors have are also clearly displayed, and we link those to our intelligence reports and Orpheus’ CVE scoring to highlight why they are problematic. By providing the risk context of the attack surface issues we can see your third-party vendors have, it makes it easy to work with them to improve their security, and by association yours. Our approach requires no input from third-party organisations, making the platform quick and easy to set up.
Leveraging technology to enhance your third-party risk management programme is essential in today’s dynamic threat landscape. At Orpheus Cyber, we are committed to helping organisations manage their third-party cyber risk more effectively. Our unique, threat-led approach to TPRM combines cyber threat intelligence with an assessment of the attack surface of your third-party vendors to deliver an accurate cyber risk rating. Our platform provides a comprehensive view of your third-party cyber risk exposure, making it easy to work with your vendors to improve their security and reduce your overall risk profile. To learn more about how Orpheus Cyber can help you enhance your TPRM programme, click here to witness our platform in action.
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