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Third Party Thursday

OCTOBER 3, 2019

6 Best Practices for Managing Third Party Cybersecurity Risk

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You can respond, prevent and detect third party cybersecurity issues with proper vendor management processes in place. Listen to this 90-second podcast for 6 steps to take to manage third party cybersecurity risk.

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Podcast Transcript

Hi – my name is Gordon with Venminder.gordon-rudd

In this 90-second podcast, you’re going to learn some best practices for managing third party cybersecurity risk.

We have a team of certified cybersecurity professionals, such as CISSPs, who analyze cybersecurity risk on a daily basis.

Here are six best practices we recommend:

  • My first tip is to ensure that all third party vendors you outsource a product or service to are required to notify you of any cybersecurity incident. Better yet, make it mandatory that they notify you within a specific timeframe, particularly if your customer’s information is involved.

  • Second, trust but verify. It’s a common saying in the cybersecurity world. Always look for a sound way to verify your vendor’s cybersecurity footprint. Ensure your vendor does this for their vendors too.

  • Third, understand what information your third parties will have access to and who else they’ll be granting access to.

  • Fourth, look into how your third party vendor protects data from a data breach. If their procedures are unacceptable, request they increase their controls accordingly.

  • Fifth, be proactive and fully understand the type of vulnerabilities each type of third party vendor is most susceptible to.

  • Finally, my last tip is to make sure your vendors have a SETA program in place, which stands for security education training and awareness, and that cybersecurity training is ongoing throughout the year.

By implementing these 6 best practices into your program, you’ll greatly help mitigate cybersecurity risk. I hope you found these tips helpful.

Thanks for tuning in; catch you next time!

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