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Cyber Third-Party Risk Management (C-TPRM)

A third-party is defined as an extern entity which provides a company with various products or services. This includes consultancies, partners, vendors, or suppliers for example. Companies try to identify and mitigate all kinds of risks, which could be caused by their commissioned third-party. If those third-party risks are cyber-related, the term “Cyber Third-Party Risk Management” is widely used.

A chain is only as strong as its weakest link

Why is C-TPRM important for your company?

Companies are securing their own infrastructure more and more, making direct attacks on their own infrastructure nearly impossible. Therefore, attackers are choosing the route via third-parties, which do not have the required resources to prevent attacks on their cyber-infrastructure. Numerous examples of cyberattacks in the last years clarify the significance of the inclusion of a third-party security perspective. The severe direct and indirect consequences of such a cyber-attack include ransom demands, reputational damage, publication of confidential data, and long-lasting business interruptions with a corresponding loss of revenue.

Do not learn safety by accident

Significance of TPRM

"Organisations need to update their cybersecurity methodology with supply chain attacks in mind and incorporate all their suppliers in their protection and security verification.” 
 
 

- European Union Agency for Cybersecurity

"Especially if you’re not currently doing much by way of third-party due diligence, it’s important to start by concentrating on the high-risk engagements.” 
 

- Mark Snyderman, 
  Senior Advisor on UN Global Impact

"Third-Party Risk Management requires continuous insight.” 

- Forrester Research
 

"3rd party risk is probably the gratest threat any company faces today when dealing with cyber security threats.” 

- Cybersecurity and Infrastructure Security 
  Agency (DHS)

It takes leadership to improve safety

Main C-TPRM Challenges 

Agnostic Intelligence offers the leading global agnostic platform for cyber & company risk analytics by automating and connecting tools, information and data in order to create a holistic and transparent overview of company cyber risks

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