Prevalent - Third-Party Risk Management

Our team at Prevalent is thrilled to announce that we've been acquired by Mitratech. Mitratech is the industry-leading Enterprise Risk Management platform and the combination of our technologies, teams, and AI innovation makes this a perfect fit today - and for the future. Read our press release and our blog post on the acquisition: https://lnkd.in/ebHPnPVJ https://lnkd.in/eP9ssdPM #TPRM #EnterpriseRiskManagement

In today's hyper-connected business environment, responding to cybersecurity incidents is more challenging than ever, especially when the breach originates from third-party vendors or suppliers. Third-party incidents are rising as businesses increasingly rely on external partners, leading to more severe financial and operational consequences. According to IBM's research, the average data breach cost has surged 15% over the past three years. This makes it crucial for organizations to develop a robust third-party incident response plan. By proactively preparing to handle vendor-related breaches, companies can minimize damage, streamline their forensic investigations, and ensure timely, effective remediation. Third-party incident response is the process of identifying, investigating, and reacting to data breaches, natural disasters, or other external adverse events that affect an organization via its vendors or other business partners. The goal is to maintain operations - or at least quickly recover - when business disruptions occur in a vendor ecosystem or supply chain. A well-prepared third-party incident response plan ensures operational resilience. A solid response plan is essential to protect your organization when a critical vendor is breached. Start with these steps to build an effective third-party incident response plan: 👩💻 Form a cross-functional team 🗃️ Build a centralized vendor database 📞 Establish communications procedures and SLAs 🪪 Profile and tier all vendors 📝 Assess vendor incident response capabilities By preparing in advance, establishing communication channels, and having a comprehensive incident response plan, your organization will be better equipped to handle third-party data breaches. https://buff.ly/4dsyKD4 #TPRM #VendorRisk #RiskManagement #IncidentResponse

Many TPRM teams leverage common frameworks such as the NIST CSF. Now that the NIST CSF version 2.0 has been finalized, significant changes will impact how you design and implement your TPRM program to address these risks. The three most impactful TPRM updates are: 💻 The new Govern Function, illustrating critical cybersecurity governance is to managing and reducing cybersecurity risk. ⚖️ Increased roles for legal and compliance teams requiring accurate and timely reporting from third parties. 🚚 Enhanced guidance on supply chain risks, including new provisions that incorporate cybersecurity into contracts, as well as continuous risk monitoring. CSF version 2.0 can help organizations better incorporate comprehensive TPRM and C-SCRM into their operations, from governance to risk management and cybersecurity. By formalizing governance structures around third-party relationships, ensuring accountability, developing robust policies, and promoting continuous oversight, CSF 2.0 provides a comprehensive framework for addressing the complex risks posed by third parties. https://buff.ly/4cmLz2A #TPRM #VendorRisk #RiskManagement #NIST #CSF

How would your company respond if one of your critical vendors experienced a breach? The first 24 hours after discovering a third-party incident are critical for setting the tone of your response efforts. https://buff.ly/4gL3IJB On average, third-party breaches cost 11.8% more and take 12.8% longer to resolve, with a breach lifecycle extending to 307 days. Faster detection and response times are crucial to reducing damage, as longer delays give attackers more time to exploit systems. Therefore, third-party risk management programs, like internal security programs, must be optimized for rapid response to emerging threats. The following steps are a quick list of actions to take should your organization be affected by a third-party breach: ☎️ Communicate with the third party 🕵️ Gather information ⛔ Isolate the affected systems 🚩 Remediate 🔎 Monitor behavior ✅ Check your threat intelligence A third-party incident can severely impact your organization. Immediate, informed, and decisive actions are essential to mitigate these impacts. Head to our blog for more details on these six steps and how they can help mitigate the damage and lay the groundwork for a thorough recovery process. #TPRM #VendorRisk #RiskManagement #IncidentResponse

Risks are inevitable at every stage of the vendor lifecycle, from before a contract is signed to long after a business relationship ends. Unfortunately, many organizations overlook the importance of measuring risks and performance during onboarding and offboarding processes, which can impact business outcomes. Join third-party risk management expert Tom Garrubba on October 9 as he explores the best practices for creating robust vendor onboarding and offboarding strategies, KPIs, and KRIs to implement in your TPRM program. https://buff.ly/4gGXwC2 In this webinar, Tom will explore: 🧭 How to navigate around common onboarding and offboarding measurement challenges 📊 Key risk metrics to evaluate in vendor sourcing and onboarding 📋 Performance and risk considerations when terminating and offboarding ⚡ Recommended processes for a comprehensive approach to the vendor lifecycle It's crucial to begin – and end – vendor relationships the right way to effectively minimize and manage risks posed to your organization. #TPRM #VendorRisk #RiskManagement

Is your organization prepared to handle third-party risks effectively? Developing a robust Third-Party Risk Appetite Statement (TPRAS) is crucial for aligning your risk management practices with business objectives. We developed a step-by-step process for building a comprehensive TPRAS that ensures your organization stays resilient in today's complex risk environment. https://buff.ly/3N1YXO5 Download the 18-page guide to: 👀 Explore best practices for defining your organization's risk tolerance for vendor and supplier relationships. ⚡ Discover 10 essential steps for developing and implementing a third-party risk appetite statement. ✏️ Draft your own tailored TPRAS with our easy-to-use statement template. Our white paper is ideal for third-party risk management leaders, enterprise risk managers, compliance officers, information security teams, procurement professionals, and others responsible for overseeing vendor and supplier relationships. Equip your team with the knowledge to develop a TPRAS that strengthens vendor relationships and mitigates critical risks. Register now and gain instant access to a customizable TPRAS template document, as well as our expert-led webinar, "5 Essential Criteria for Calculating Third-Party Risk Appetite." #TPRM #VendorRisk #RiskManagement #RiskAppetite

Every mature third-party risk management TPRM program relies on risk assessment questionnaires to collect information on vendor controls and spotlight potential exposures. With various questionnaire options to choose from, how do you know where to start? When building your TPRM program, one of the most significant decisions is determining which questionnaire(s) to use and when and how to operationalize them. https://buff.ly/3WfDEwC A vendor risk assessment questionnaire is a structured document used to evaluate the risks associated with third-party vendors and partners. It helps organizations identify potential weaknesses in their vendors' security, privacy, and compliance practices. They're integral to TPRM programs, enabling companies to ensure their vendors meet security and compliance standards. Risk assessment questionnaires are a great way to get an inside-out, trust-based view of a vendor's security, privacy, and compliance controls. They address a plethora of TPRM concerns, such as: 👍 Is risk control acceptable? 🚩 Does a risk need remediation? 🔎 For an identified risk, is a compensating control in place? 🚧 In areas where there isn't a risk identified, what is the effectiveness of the control? While questionnaires are just one part of the third-party risk management equation, they're the best mechanism for obtaining a detailed internal perspective of vendor risk. Organizations should combine these questionnaires with real-time security monitoring, automated risk management tools, and ongoing vendor assessments to manage third-party risk effectively. #TPRM #VendorRisk #RiskManagement

A clear third-party risk appetite can support your TPRM due diligence efforts, decision-making processes, and more. But with the seemingly endless variables to defining third-party risk appetite and risk tolerance, how do you know what the best approach is for your organization? In this on-demand webinar, Bob Wilkinson, CEO of Cyber Marathon Solutions and former CISO at Citigroup, leverages his experience to show you how to calculate a third-party risk appetite that's right for your business. https://buff.ly/3XEaLe2 #TPRM #VendorRisk #RiskManagement

Properly assessing the potential hazards from third parties is a crucial element of any risk management strategy. Third-party risks can include cybersecurity threats, data privacy concerns, compliance issues, and operational risks – as well as ESG, financial, and reputational risks. https://buff.ly/4gr1w9X By conducting thorough third-party risk assessments tailored to a specific risk profile, your organization can identify and mitigate unacceptable risks throughout the lifecycle of its vendor and supplier relationships. They're typically conducted throughout the vendor risk lifecycle to holistically assess the organizational risk posed by specific vendors and suppliers. When working with third parties, the risks to consider are profiled, inherent, and residual. These risk types inform the level of depth your assessment process should take and the remediation actions you should require from vendors based on their information security and business practices. We recommend these these steps: 👩💼 Assemble internal stakeholders 📑 Define your acceptable level of residual risk 📌 Build your process 📝 Send third-party risk assessment questionnaires 📡 Continuously monitor your vendors' risk 🗃️ Categorize and remediate risks By implementing a robust third-party risk assessment process, your organization can deepen its understanding of its third-party supply chain and holistically assess risks. These steps also strengthen your company's resilience during crises, enabling it to make intelligent, informed business decisions. #TPRM #VendorRisk #RiskManagement

Although many organizations have a third-party risk management program in place, they still face a plethora of challenges. Our 2024 TPRM study found that half of organizations still use manual methods and spreadsheets to assess their third parties, leading to missed risks and struggles with pre-contract due diligence. With these challenges in mind, how do you build a strong TPRM program? Join Bob Wilkinson on October 2 as he leverages his expertise to answer the top questions on TPRM that we've received. https://buff.ly/4etQ7V6 In this interactive webinar, Bob will answer questions such as: ⚡ How much due diligence should be done before choosing a third-party vendor? ⚡ Is it better to calculate the inherent risk based on the business use case of third parties or their technical controls? ⚡ What risk categories do - and don't - lend themselves to risk quantification? ⚡ How can you influence TPRM stakeholders to adopt a more comprehensive program? ⚡ ...and more! You'll have the opportunity to submit your questions to Bob before the webinar and during our live Q&A. Register now to gain insights from a leading TPRM expert! #TPRM #VendorRisk #RiskManagement