What is a third-party risk management program

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Reference no: EM133682552

Assignment:

From being traditionally linear to highly connected ecosystems, supply chains are evolving to become the most externally networked operations in any company. Third parties are being added to the supply chain without proper cyber risk considerations.

The supply chain consists of more than just plants, warehouses and trucks. Any third party digital relationship needs to be considered part of the chain. For example:

Cloud provider
Facilities vendor
Benefits provider
Outsourced IT
Legal counsel
Office supplier

More than 60% of cyber attacks originate from entities that are part of the extended supply chain, or by external parties exploiting security vulnerabilities within the supply chain.

Cyber adversaries are targeting the weakest links, generally small to mid-sized suppliers with system exposures.
Suppliers' vulnerabilities become your firm's risk.

You will benefit from conducting research on the following topics (non-exhaustive):

How have organizations' extended ecosystems evolved from being linear to highly connected ecosystems?
What is a third-party risk management program?
What can organizations do to appropriately assess their vendor ecosystems before, during, and after partnership?
What is a vendor inventory and why do organizations need to maintain it?
What are some of the recent security breaches which can be attributed to third-party risks?

Reference no: EM133682552

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