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What is Third-Party Risk Assessment
Businesses exchange data with third-party service providers and subcontractors to enhance customer experience and lessen expenses.
But with outsourcing to a third party comes the possible risk of data breaches and cyberattacks.
A third-party breach can lead to significant economic losses, inconvenience, exposure of confidential data, reputational damage, penalties, and other legal obligations.
Common Types of Third-Party Risks
Microminder can help you identify and mitigate these risks.
It is important to understand the specific nature of the vendor's activity and how it could impact your business. Third-party risks to a business can range across six primary areas:
Cybersecurity risks are the most common risk posed by third-party partners and represent a significant challenge for companies. A data breach may result in the disclosure of private data, fines, and other legal requirements.
This involves the risk of third-party vendors disrupting normal business operations. Contractually binding service level agreements (SLAs) are signed to reduce the impact.
Risks that directly influence your company's finances. For example, if you rely on a third party to handle your supply chain and they fail to deliver, your business may suffer losses.
Data privacy risks concern how the partner organisation handles personal data. These risks could lead to legal action or unwanted publicity.
Negative publicity associated with a data breach can damage a company's reputation but benefit the third party.
The possibility that your company may fail to accomplish its business objectives because of a third-party provider.
It's also worth noting that these areas can overlap. For example, if a company suffers a cybersecurity breach and customer data is stolen, it faces operational, reputational, and financial risks. Microminder can help you identify and mitigate these risks. Our team of experts will identify which partners pose the most significant risk to your business and how best to protect your data.
Microminder Fast Facts
11K+
Web & Mobile Apps tested
7M+
Users secured globally
99%
Of our recent pen tests identified vulnerabilities
59%
Of them contained critical and high risks.
9K
Business risks were remediated last year.
40%
Were access and authentication related issues.
Microminder's Third Party Assessment Process
Third Party Assessment can give you peace of mind from knowing your partner's cybersecurity posture is sound.
When a cyberattack impacts your client's data, it doesn't matter whether the root was a third party - your business will be liable for the damage. So how are you controlling third-party cyber risk when your reputation and income are at stake? Do you properly comprehend the cybersecurity and resilience of your third-party vendors?
We then classify the vendors depending on the severity of the damage they can do to your firm. To fully comprehend this, we first establish where the data is stored and if it is processed further. Our team also considers other aspects that may suggest the type of security evaluation needed.
We compile a list of all your third-party merchants. Our strategy is to start with the suppliers most consequential to your organisation's functioning and then move on to the lesser ones that provide assistance. We make sure not to exclude any seller, regardless of size, because you never know which one might jeopardise your entire business.
We then grade third-party providers depending on the amount of threat to your business. There are three risk levels: high, medium, and low. High and medium-risk vendors deal with critical operations or sensitive data, whereas low-risk vendors do not.
After thoroughly assessing the vendors and threats they may pose, we get a clear understanding that allows us to quickly increase the security of your third-party data transfers. We also regularly monitor your operations to secure your information and company image.
Better security posture
Enhanced consumer experience
Improved operational efficiency
Greater consumer trust
Reduction of business disruption
Higher sales, projections and profitability
Third party performance meets your expectations
Trusted by over 2500+ customers globally
We’ve been helping our customers with affordable IT and Cyber security services for
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Microminder: Alfanar's Top Choice for Penetration Testing Services
"After engaging and experiencing multiple Penetration Testing vendors, we highly recommend Mincominder services to companies looking to enhance their security measures. Their expertise and commitment to delivering outstanding results make them a reliable choice for securing your organisation."
Syed Murtuza Haneef
IT Security Manager
Moby2
"We had the pleasure of working with Microminder Cybersecurity for infrastructure pen testing and firewall configuration review, and I have to say, their work was nothing short of splendid. Firstly their onboarding process was so quick, the pre-requisites and availability of testing was agreed on the same day..."
Viktor Dimitrov
Product Owner - Moby2
Almarai
"Microminder's expertise and professionalism to carry out a comprehensive security assessment was impressive and that’s why we chose to work with them. The overall project was executed excellently. The project portal and secure document exchange was very smooth. For the investment we did, we received a smooth project and assessment assisting in our continuous improvement with Cybersecurity."
Gordon Bateman
Head of Enterprise Risk Management - Almarai
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Company at a glance
Microminder is a global holistic cyber security and cyber intelligence services provider which has been serving clients for past four decades.
Founded:
1984
Headquarters:
London | UAE
Employees:
100+
Global Offices:
6 Countries
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