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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.

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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.

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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?

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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.

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    Better security posture

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    Enhanced consumer experience

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    Improved operational efficiency

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    Greater consumer trust

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    Reduction of business disruption

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    Higher sales, projections and profitability

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    Third party performance meets your expectations

ThirdParty

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

Microminder Cybersecurity

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