Cybersecurity consulting has become an essential aspect of the information and communication technology supply chain. There is a growing cyber risk associated with dealing with vendors that are not adequately vetted or audited for their cybersecurity capabilities. The prime focus of Vendor Risk Management is to mitigate risks related to vendors. It is a risk management discipline that assesses the issues in a company regarding cyber security.

Technology is evolving rapidly. New issues see the day of light every day, and VRM helps counter them. The tool empowers companies with the vision to acknowledge whether vendors have sufficient security control.

The cloud provider vendors are using VRM due to the increasing number of people opting to work from home following the pandemic. Thus, the digital transformation requires growing while simultaneously relying on vendors along with the cybersecurity consulting services from the experts.

The objective of the Vendor Risk Management Program

In a nutshell, VRM technology renders assistance to enterprises from third-party suppliers. The objective of vendor risk management programs may differ from company to company. The size, requirement, applicable laws, jurisdiction, industry type, and more.

VRM monitors analyze and manage the risk exposure of vendors or industries seeking services from TPS (third party suppliers), specifically IT products. Also, it serves help when to clients when their enterprise details are at stake. All this is a part of cybersecurity service that aims to protect a company.

For delving further into VRM, you should run through a list of topics:

  • Third-Party Risk Management Governance and Policy
  • Determining Third-Party Risk
  • Third-Party Inventory and Risk Rating
  • Third-Party Risk Assessment (Pre-contract and Post contract)
  • Issue Tracking and Corrective Action
  • Annual Due Diligence
  • Continuous Monitoring

Third-Party Risk Management Governance and Policy

The surging regulatory stress, the need for cybersecurity consulting services, globalization are forcing organizations worldwide to scrutinize their business processes and relationships for assessing the risk involved with third parties. That helps them comply with the applicable laws, regulate their requirements, and make better decisions. However, in the absence of governance and policy for TPRM, an organization can face operational risk, reputational damage, monetary losses, and government inquiry.

Outsourcing business activities expose organizations to risks like cyber, financial, legal, compliance, geopolitical, credit, and quality.

Determining Third-Party Risk

Assessing third-party risk is an essential cog in elevating the position of a company in the competitive marketplace. Here are the steps to determine them: –

Compliance requirement

It is pivotal to know the standards and regulations required to be met by organizations and vendors

Knowing potential risks

Identification of potential risks arising from third-party relationships as a part of end to end cybersecurity service.

Regular monitoring

It is essential for adapting to the changing environment.

Third-Party Inventory and Risk Rating

Any inventory located at the end of service providers or the premises of a third-party vendor is third-party inventory. For example, the third party includes employment agencies, mediators, brokers, or service providers.

On the other hand, risk rating means assessing or determining the risks involved while carrying out a business activity. Furthermore, the classification of the risks is also one of the vital parts. The compartments are high, medium, and low risks.

Thus, companies decide to deploy their employees and resources to work based on the severity and magnitude of risks.

Third-Party Risk Assessment (pre and post contracts)

The due diligence during the pre and post-contracts with third-party vendors aids an organization to keep abreast with potential risk. The assessment beside review of financial risk and Service Level Agreement at minimum must include the review of these controls;

  • Information Security Governance and Policy
  • Asset Management
  • Identity and Access Management
  • Authentication and Authorization
  • Software and Application Security
  • Infrastructure Security
  • Change Management
  • Threat and Vulnerability management
  • Remote Access
  • Mobil User Access
  • Incident and Disaster Recovery management
  • Third Party Risk Management
  • Training and Awareness
  • MIS and Reporting
As per PwC (a global network of firms), out of 71 percent confident companies, only 32 percent out of them require third parties to follow their policies.

Issue Tracking and Corrective Action

Tracking the issue is an essential part of giving it a corrective solution. Thus, corrective and preventive action and issue tracking go simultaneously for an organization. Once the issue is marked and tracked properly, it helps in getting to its root cause and finally resolves it.

All issues must be risk rated.

Tracking an issue has several advantages. Few are listed below

  • You can always go back and resolve the issue on its recurrence, thanks to the tracking.
  • The process saves time and money in the days ahead
  • The recorded jurisdiction can be helpful for initiating bigger CAPA (corrective and preventive action)

Annual Due Diligence

It is a process used by companies or organizations to confirm details or facts of a matter through audit, investigation, or review. Annual due diligence is conducted every year to know beside the financial status of a company and also if there are any changes to their information security practices, such as Data center relocation or outsourcing their support to a third party as an example. ADD will allow the enterprise to be aware of any changes that may impact them.

Continuous Monitoring

IT systems are categorized and defined by continuous monitoring of an organization. Here, every system is organized based on various parameters, including controlled application, risk levels, and effectiveness assessment on security hazards.

The continuous monitoring program along with the robust cyber security services ensures that your company does not get harmed by a cybersecurity attack. It identifies loopholes occurring due to changes in hardware, software, and technology.

How Can SVAM Help?

Vendor risk management program is essential for companies as it helps identify, assess, and mitigate the risks associated with third-party vendors. SVAM International Inc., through its expert team of cybersecurity consultants, ensures the protection of sensitive data, compliance with regulations, and the continuity of business operations.

By implementing a comprehensive vendor risk management program through experienced professionals, you can mitigate potential threats and minimise the impact of a breach or disruption. Get in touch with us today to learn how we implement a vendor risk management program coupled with robust cybersecurity services.

A common misconception for small businesses is that your business is too small to be a target, but unfortunately, this is not the case. According to a report by Cybersecurity ventures, worldwide cybercrime expenses are anticipated to increase by 15% each year, reaching around USD 10.5 trillion by 2025. Businesses’ risk of being targeted by a Cyberattack is increasing as they embrace more creative technology to simplify operations despite implementing the cyber security services.

In 2020, cyberattacks grew in large numbers and as per the estimates, the rise in attacks during the pandemic was approximately 100%. Now, businesses worldwide are confronted with unprecedented levels of risk. As a result, cyber security consulting remains the top priority for IT teams. Still, businesses that start at a small scale are not well aware of the Cyberattacks and as a result, they either fail or face huge financial losses. Following are some of the most critical types of attacks that every organization should be aware of.

Top CyberThreats That Every Business Should Be Aware Of

1. Phishing Attacks

The biggest and widespread threat facing small businesses are phishing attacks. Phishing accounts are responsible for around 32% of confirmed data breaches and 78% of all cybercrimes. Phishing attack occurs when a hacker pretends to be someone employees can trust, be it their manager or the CEO, and entices a user to click a malicious link, download a malicious file, or give them access to account details, credentials, payment information etc. Here, the most common scenario is when hackers start emailing from a slightly similar email ID and without the cybersecurity consulting services, it becomes fairly difficult to identify the threat. Typically, a hacker attaches a link or some file along with the mail so that people can enter their personal information.

2. Cloud Jacking

This is the process where cloud computing is infiltrated by a third party. Once the hacker gets into the organization’s cloud, they try to reconfigure the cloud code so as to manipulate the sensitive information, communication, & other data to expand their reach to take control of the entire cloud. Furthermore, cybercriminals use this opportunity to develop phishing schemes. This results in multiple mishaps like leakage of sensitive information, financial loss, etc.

3. Ransomware

Ransomware is one of the common and serious cyber attacks that involves encrypting company data so that it cannot be used or accessed, until a ransom is paid to unlock the data. The ransom’s immediate losses are merely the tip of the iceberg. The monetary costs of missed production and data loss are frequently most devastating to a firm. This is the reason why 60% of small firms fail within six months after a cyber intrusion. Cyber security consulting at the right time can save them from ransomware attacks which is one of the top cyber-attacks and a common method for criminals to target especially small firms.

4. Patch Management

One of the most common vulnerabilities exploited by bad actors is related to out-dated software or patches. As a result, failing to keep up with software patches exposes businesses to a variety of information security vulnerabilities. When attackers get aware of a software vulnerability, they exploit it to conduct a cyber assault. This trend in cyber security is exemplified by two large-scale cyberattacks that began in 2018. The attacks use a serious flaw in the Windows OS known as Eternal Blue. Organizations that failed to update their software were left exposed and ultimately, they face huge financial losses.

5. Deepfakes

Deepfakes are used to develop fake versions of an organization to lure in unsuspecting customers and also to gain access to the sensitive information of a business or an individual. This attack moreover contributes to an advanced form of phishing attack which impersonates the CEO’s reputation where a hacker gives wrong instructions to the employees. This Cyberattack has been used over the last several years against both individuals and organizations. Such attack is developed by AI that takes an existing voice recording, photo, video to manipulate an organization or an individual’s image to falsify their action of speech.

In the past, organizations have faced several Cyberattacks and security challenges. However, the advancement in security systems in conjugation with the right cyber security consulting services presents opportunities for significant security growth.

The passing year has demonstrated the fact that businesses must adapt to the modern world and this year’s advancements have resolved such problems to a great /extent. Taking assistance from SVAM International, a leading cybersecurity service provider is a great start to identifying and filling the security loopholes for the business. Get in touch with our professionals, discuss your concerns, and get the best possible solutions.