Toyota’s factories, which pump out over 10 million vehicles every year, screeched to a halt in February 2022. The culprit? A cyber attack on one of their third-party vendors—a plastic supplier named Kojima. To prevent hackers from levying serious damage, the automotive giant had to suspend 28 production lines at 14 different plants, losing an untold amount of money.
Regardless of how tight an organization’s internal cybersecurity measures are, like Toyota, nearly anyone can fall victim to an attack via one of their vendors. This highlights the need for a scalable third-party cyber risk management (TPCRM) program that systematically addresses the risk posed by the vendors you use to keep your business running.
We partnered with cyber risk experts to dive into what it takes to build a scalable TPCRM program, breaking it down into four pillars. The panel for our webinar consisted of Gideon Rasmussen, CISSP at Virtual CSO, Shay Colson, Managing Partner, Cyber Diligence at Coastal Cyber Risk Advisors, Gary Phipps, VP, Risk Solutions at CyberGRX, and moderator Peter Finter, CMO at CyberGRX. Listen in to the discussion now:
Pillar 1: Strategy
On average, the typical enterprise uses around 5,800 third-party tools. Each of these presents a unique entry point for hackers. As a result, organizations need a strong strategy to limit the risk of attacks. Often, however, a TPCRM program is born out of a reactive, instead of proactive, approach.
An audience poll reveals security practitioners are using a variety of tools to manage TPCRM, with spreadsheets topping the list.
Our panelists expressed concern over the 30% with no formal TPCRM program in place currently, especially given the rise in cyber threats.
As Shay Colson explains, the inflection points that spurn a TPCRM program typically falls into one of three buckets:
- An organization sees the effects of a breach on another company and decides to take action.
- An enterprise experiences a close call and decides to take steps to prevent a more serious incident.
- Regulatory pressures force a company to tighten their defenses against third-party breaches.
Regardless of what inspires an organization to take action, according to Gideon Rasmussen, the focus of your strategy should be business continuity. “I’m always focused on operations risks, including privacy fraud and insider threats,” Mr. Rasmussen begins. “ So when looking at third party risk from an operational risk perspective, there are vendors companies have to work with, but at the same time, they have to be evaluated.”
However, according to a poll taken during the webinar, the ways in which companies go about doing this vary considerably. 46% informally or inconsistently tier or prioritize vendors as they assess the cyber risks they pose, 17% do so with only rough metrics, 33% tier in a systematic way, and 4% don’t tier vendors according to risk at all.
Pillar 2: Process
The process of implementing a TPCRM program has to center around getting the right stakeholders on board. This is a challenge for many companies, with 38% of respondents reporting that executive team support is their biggest TPCRM implementation challenge.
According to Gary Phipps, the stakeholders you have to engage vary depending on your industry, but in most cases, “the security officer usually has to make the decision as to what they’re going to do with whatever data they get from the third party.” The importance of executive buy-in can’t be overstated. As Mr. Phipps continues to explain, “The business can veto what the security officer offers as an opinion.”
However, once you have the right stakeholders on board, and your system is on its feet, it’s important to take an objective look at the data you get from each vendor. This is crucial because the ways in which companies report their security measures may be less than 100% forthright. Gideon Rasmussen highlights the problem this way: “The way auditors scope their assessment—they rely on the services report, which is written by the client.”
Mr. Rasmussen provides the following example: “ If I post a web app that you put sensitive data into and I don’t have a web app firewall, all I have to do is not indicate that on the service report, and it won’t show up on the profile for my company.”
This is why it’s so important to ask specific questions of each vendor as part of your TPCRM implementation process. This includes requesting artifacts that prove the veracity of their responses.
Pillar 3: Governance
Governance of your TPCRM program involves putting it in the hands of someone with a vested interest in its success. An audience poll showed most respondents have tasked third-party cyber risk programs to the risk management or security teams. A smaller percentage designates ownership to the IT team.
For those in the early stages of launching a TPCRM program, Mr.Rasmussen offered this advice, ”It begins with drumming up enthusiasm through a very simple presentation. It may be best to use only a single slide during a presentation that outlines the most compelling reasons why your organization needs a TPCRM program,” he said.
Then, the governance system needs to include controls that allow for at least some flexibility. This may involve two simple questions:
- Based on the information we have about the risk a third-party presents, can we use them?
- If we use them, do we need compensating controls to mitigate the risks they introduce to your organization?
Pillar 4: Sustainability
Ensuring the sustainability of your TPCRM program may depend on your forward-thinking strategy. As Shay Colson explains, “You have to look at the delta function of time—thinking about what you’re going to do next year or next quarter and what the mechanics are for triggering those assessments or next phases. The sustainability of your TPCRM program will also depend on how you deal with each vendor you work with, specifically, how you’re going to onboard vendors that come on with your organization.”
Similarly, Mr. Rasmussen says you need to plan out your chess moves well in advance. “I’m always thinking about program architecture. I try to think of a multi-year—three-year—plan.”
To ensure adequate funding, you need a little empathy, putting yourself in the shoes of decision-makers with limited funds. As Mr. Rasmussen puts it, you should “try to talk with the executive core about their thoughts on CAPEX versus OPEX. It’s important to both get as many resources as you can and also be sensitive to how your program will impact CAPEX and OPEX.”
Start or Improve Your Scalable TPCRM Program Today
By focusing on the four pillars—strategy, process, governance, and sustainability—you can ensure your TPCRM program is not only effective but scalable. Be sure to get the right decision-makers behind your efforts by presenting compelling reasons why you need to build or improve your TPCRM program. Then plan ahead, making sure you have a well-defined system in place for onboarding each of your vendors.
By using objective data points gathered by a system that doesn’t depend solely on the input of third-party vendors, you can gain a more accurate understanding of the risks they introduce. Learn more about how this works by reaching out to CyberGRX today.
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3 Questions Healthcare Organizations Should Consider...
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Company experiences three-digit customer and revenue growth in Q1 alone; brings first-of-its-kind features to market..
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Webinar: Cyber Risk Intelligence and the...
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How Remote Work Has Changed On-Site...
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CyberGRX Product Guide
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Understanding Your Cybersecurity Risks During the...
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War in Ukraine: Monitoring Resiliency in...
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Log4j Vulnerability: A Lesson in Third...
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Log4Shell and Threat Profiles
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Predictive Risk Profiles Data Sheet
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Expert Interview: Continuous Monitoring of Third-Party...
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ProcessUnity Team Kicks Off National Day...
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UK PRA Guidelines: New Strategies for...
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ESG Reporting Mandates to Know for...
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Ransomware Vendor Ecosystem Visibility Report
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Supplier Risk Management Strategies for Healthcare...
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Risk Assessment Methodology Data Sheet
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Checklist: TPCRM in the Retail Industry
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The Importance of a Flexible Cybersecurity...
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EBA Guidelines and Supplier Risk Management
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Cybersecurity Risk has Changed the Chief...
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What is a Cybersecurity Framework?
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CyberGRX modernizes and streamlines redundant and inefficient processes that come with shared and static..
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In May of 2017, it was discovered that an exposed data repository, an AWS S3..
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Third-Party Risk Management Best Practices
New Guide Offers Expert Advice for Effective and Efficient Vendor-Risk Processes A robust, effective, and..
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Blackstone ROI One-Pager
Contact us today CyberGRX’s platform has helped Blackstone create a more efficient third-party risk management..
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Blackstone Case Study
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TPCRM 101 Guidebook
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Gartner Names ProcessUnity a Leader in...
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Why Vendor Risk Management Should Be...
As the severity and cost of data breaches continues to increase, Vendor Risk Management has never been..
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Auto Inherent Risk Data Sheet
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Compliance Week Recognizes Abercrombie & Fitch’s...
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Pandemic Questionnaire Guidance & Vendor Assessment...
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How Third-Party Risk Management Can Help...
This post originally appeared on LinkedIn. To view the original article, click here. We understand the..
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APRA CPS 234: Everything You Need...
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Metrics to Avoid When Discussing Cybersecurity...
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2019 Was A Banner Year for...
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Outside-In Scanning Is Not Cyber Risk...
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ProcessUnity Scores Highest in Gartner 2019...
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CPG Case Study
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ProcessUnity Positioned as a Leader in...
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What the European Banking Authority Guidelines...
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Solix Case Study
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The vast majority of people get annual physical examinations and automotive tune-ups – why shouldn’t..
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CCPA and GDPR Compliance for IT...
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Hey Third Parties! Here's How to...
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Tips for Preparing For Your Third-Party...
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How Financial Ratings and Cybersecurity Scores...
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Poll: Over Half of Risk Managers...
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First GDPR, Now CCPA: Manage Your...
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Essential Technical Security Controls to Promote...
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Evaluating Third-Party Risk Management Software? Speed...
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It’s a Wrap: Four Takeaways from...
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Creating a Third-Party Cyber Risk Management...
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Cyber risk is a hot topic these days, and rightfully so. By 2025, Gartner estimates that “45%..
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The Cost of Third-Party Cybersecurity Risk...
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Trust, But Validate: Building Confidence in...
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How ComplySci Spends Less Time on...
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How Blackstone Assessed 3x More Vendors...
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5 Reasons to Accept a CyberGRX...
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Third-Party Management Maturity Model White Paper:...
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New Gartner Report: Evaluates Capabilities and...
Gartner Research recently published The 2018 Critical Capabilities for IT Vendor Risk Management, and we are extremely excited..
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Technology Case Study
After a technology company doubled the size of their vendor ecosystem, they sought to secure..
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Third-Party Risk: Reduce Vendor Fatigue &...
You’ve likely heard before that “one size does not fit all” when it comes to..
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ComplySci Case Study
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New Report Predicts Significant Market Growth
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Vendor Onboarding Best Practices: ProcessUnity Webinar...
Vendor Onboarding Best Practices: To contract a vendor is to initiate a relationship: when you..
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Think GDPR (General Data Protection Regulation)...
Do you collect, store or process EU citizen or resident data? Does anyone in your..
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Risk & Compliance – The Build...
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Incorporating Content Services into Your Vendor...
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Regulatory and Management Reporting for Vendor...
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SLAs and Vendor Performance Management
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Formalizing Vendor Risk Management - Keep...
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Six Tips for Building Effective Vendor...
A well-designed vendor risk assessment questionnaire is vital for a successful Vendor Risk Management program...
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The 2017 State of Third Party...
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eBook: 8 Reports for Effective and...
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The Top Policy and Procedure Management...
Corporate policies – from HR guidelines to pricing rules -- set the standards, outline the..
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How to Stay Ahead of Risk...
Managing risk through pre-contract vendor due diligence in a digitally connected world Thanks to increasing..
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Mitigating the CFPB Audit Process
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The Hidden Costs of Spreadsheets in...
While spreadsheets are a widely-accepted go-to for compliance and risk management activities, findings from Blue..
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The State of Third-Party Risk Management
Today, organizations are bombarded by new regulatory guidance, daily occurrences of cybercrime and data breaches,..
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45-Minute Executive Web Clinic: Offer Management...
You’ve probably heard: The sky is falling in the benefits industry. (Or should we say..
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FFIEC Cybersecurity Assessment Tool: What You...
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Case Study: Offer Management Revitalizes a...
A large Benefits Provider was facing major customer service and implementation challenges. The company provides..
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Change Your SOX: Next-Gen Sarbanes-Oxley Compliance
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and..
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Salesforce and Microsoft Office Integrations, plus a Whole New Look! The ProcessUnity Summer 2015 product..
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Channel Your Inner Regulator to Improve...
If you are like most banks and financial service companies, then chances are you outsource..
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Five Keys to Conducting Effective Vendor...
Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
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A Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
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Plan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
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Does Your Pre-Contract Due Diligence Leave...
Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
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Welcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.