Third Party Cyber Risk Management

These talents and resources will be in short supply in a marketplace where new ideas, goods, resources, and capabilities are launched quickly; as a result, organisations will look to third parties for assistance. Organisations may unintentionally expose their secure organisation to an insecure third-party by neglecting to implement appropriate third-party risk management.

Every third party carries a set of hazards with them that need to be recognised, measured, and controlled. At the technology and people levels, there must be mechanisms, policies, and procedures that must be followed before granting the third party access to the organisation's resources, just as there are legal considerations, contractual obligations, and related penalties at the organisational level.