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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.
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!
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