Reliance on third-parties increases the complexity of your digital ecosystem, multiplying your risk exposure.
Outsourcing business functions can provide scalability, business knowledge, and efficiencies that can provide a strategic advantage; yet, if your third-parties don’t have the proper safeguards and controls in place, or appropriate oversight can’t be provided, you could be exposed to increased fiscal, operational, regulatory, or reputational risk.
According to the Ponemon Institute, involvement or breach by a third-party was the most impactful factor in increasing the per capita cost of a data breach. Additionally, the single most effective way to reduce the likelihood of a data breach caused by a third-party was to perform an evaluation of the security and privacy practices of all third-party vendors. Therefore, it is imperative to have capabilities to monitor and manage third-party risk and performance.
Our approach to managing third-party risk is straightforward and versatile. Combining our auditing skills with our knowledge of the regulatory landscape, we can provide you scalable and sustainable solutions. We help you achieve clear visibility into your business relationships and ensure each party understands their accountability.