Risk Management

Why Should CISOs Invest in Supplier Risk Management?

Often companies invest in a third-party vendor to produce quality deliverables at a lower cost. However, it may turn hazardous for the confidential information of your potential clients. You may face the grim consequences of a data breach in case the third-party vendor misplaces essential details. In this article at EC-Council Blog, you will learn about supplier or vendor risk assessment. Aspirants can consider it as a sustainable career choice with a promising future.

Definite Description

Supplier risk assessment is an emerging exercise of operations management that can address unidentified vulnerabilities. The move can help you achieve credible business growth, reduce budget, and get the market expansion. The evaluation can identify the risks that could prevent a data breach, bankruptcy, operations shutdown, or acquisition of the vendor business.

Defense Mechanism

A cybersecurity breach due to a third-party vendor is a common and expensive issue. Observe the checklist to protect your loyal clients from security vulnerabilities:

  • Make sure the vendors you hire have high-security ratings.
  • They participate in data protection and intelligence.
  • Their security ratings are benchmarked per the industry.
  • They administer RBAC-like access control and have a framework for the IT system.
  • Your third-party hire must have a risk assessment checklist with no history of data breaches.
  • They can sustain a suitable penetration testing result.
  • The supplier staff must regularly participate in security awareness training.
  • Make a surprise visit to the vendor to review the security arrangement yourself.

Chief Information Security Officer’s Job

It is the CISO’s job to analyze and confirm whether the shortlisted vendors are reliable for the contract. Learn about their primary responsibilities in this regard:

  • Ensure the vendor’s company is compliant with internal and external policies. The CISOs must also initiate developing a vendor risk management program to ensure data security controls operate efficiently.
  • Your CISO is also responsible for conducting intelligence checks, susceptibility scans, and other technical operations. They are also responsible for arranging compliant and regulatory standards.
  • They must maintain transparency with the information security team. CISOs play a significant role in maintaining a healthy relationship with all the vendors working with the company.
  • The Chief Information Security Officer must enroll for supplier risk management certifications. Those would help you acquire real industry insights and experience.

Click on the following link to read the original article: https://blog.eccouncil.org/security-checklist-for-supplier-risk-management/

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