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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'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
We bring intelligence and mindset together.
Transform your cyber security strategy and make it your competitive advantage. Drive cost efficiency and seamlessly build a roadmap. Let’s do it right the first time!
Call 020 3336 7200
What our clients say about us
Clients in over 20 countries have secured their businesses from online threats with our cybersecurity services. Excellent customer support and cost-effective pricing are just a few of the reasons we’ve established long-lasting, highly successful relationships with our varied clients. Read our company testimonials to learn more about our unique capabilities and why so many clients have chosen us as their go-to provider for security solutions.
Practice Manager - Amsel and Wilkins LLP
Microminder's in depth and broad scope pen testing truly provided us with some valuable insights that uncovered key business risks and highlighted necessary actionable intelligent changes that needed to be implemented within our business to combat any potential cyber-attacks from adversaries and prevent any breaches. This exercise helped us to enhance our cyber security posture and test our system’s resilience. We are quite pleased with our engagement with Microminder.
Head of Operations - InfinityBlu dental
Microminder's 24/7 managed security services got deployed with such ease and immediately gave us an eagle eye view into our security logs and events, highlighting any indicators of compromise, effectively automated our response and correlated the incidents with full context, thereby triaging and eliminating all false positives. Our team are amazed at the speed and accuracy of Microminder’s Open XDR technology and skilled staff.
Head of Integrations – Dental Beauty Partners
Our priority is business continuity and security, especially considering our operations across our 30+ practices. Microminder helped us with a tailored managed security services that aligned with our business needs. Their technology is at the forefront of the industry and that allows us to fully put our trust in their cyber security experts. We are glad to have Microminder as an extension of our technology team!
Security Engineer & solutions consultant – Anonymous
Due to the fact that we work a lot with sensitive data in a business context, information security plays a big role for us. Due to the difficult labour market situation and the urgency to improve our security, we have chosen Microminder's CISO as a Service model and are very happy with it. Our virtual CISO manages to ensure stability and quality on the security side as well as legal requirements and compliance. I can only recommend Microminder's service.
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