CyberSecurity Risk for Vendor Management

When talking about Vendor Security, we will be thinking about building an ecosystem where the vendor will cross path with enterprise or management to bridge the matrix by using the latest technology.

Latest Technology such as the Internet of Things(IoT) is been used by the vendor community to connect among themselves.

There are five(5) CyberSecurity Risk recommendation that the vendor can use for their assessment:

  1. Open your eyes and see into the Vendor EcoSystem.
  2. Aware of the Risk Owner
  3. CyberSecurity Strategy
  4. Know your technology well
  5. Improvement of Vendor Cybersecurity Risk

CyberSecurity Risk Number #1: Open your eyes and see into the Vendor EcoSystem

As we all know that if the vendor doesn’t have full visibility on the entire vendor ecosystem, the vendor will not be able to manage a wide community of the vendors.

From the study from 2017 Ponemon Institute about Vendor CyberSecurity, they did find out that 471 partners in the ecosystem will have access to all the sensitive data which this an increase from the previous year(2016) around 25 percent.

To recommendation for this Baseline, the Vendor will need to develop an inventory of the vendor network and re-map it into their data access.

CyberSecurity Risk Number #2: Aware of the Risk Owner

Any Risk assessment should have someone to take ownership where it will be included in an exercise that covers the entire matrix of the vendor ecosystem. CyberSecurity Risk is usually something that covers all vendors and sub-contractors.

For the vendor to determine all the risk model and aware of who is the risk ownership, the vendor will need to the mentioned step below:

  • Determine the vendor across the extended chain
  • Classify the vendors based on their relationship with your organization
  • Review the types of risk to the vendor
  • Risk level to the vendor will be assigned
  • Create a risk assessment model based on the above risk

CyberSecurity Risk Number #3: CyberSecurity Strategy

The risk and mapping understanding to access the information across the vendor network should be recorded on how the vendor protected their data.

The data security and privacy have been extended to the actions and measures of the vendor have been taken seriously by many regulations.

The vendor needs to carry out due to their diligence on the strategies have been in place while working with the vendors. This also includes the measure of privacy such as data integrity, security, and confidentiality that needed to be in place.

CyberSecurity Risk Number #4: Know your technology well

In the world of Cybersecurity, the most important that they should have is trust. This is due to cybersecurity attacks lately where it will need the technology to enforce the system and environment. The privileges to the system and environment can only be accessed by a rightful person.

The vendor needs to implement a layer of protection to all privileged access to the system with identified roles have been in place. The access that been given to the right person should include the following procedure:

  • Second Factor authentication
  • Risk-Based authentication

CyberSecurity Risk Number #5: Improvement of Vendor Cybersecurity Risk

The landscape that we have to be dealing might ever-changing and the threats will not stand-still. The vendor will need to continuously assess their network and security policies to ensure that those are updated with the expectations and compliance requirements.

As a result, the first-party issues will occur when the vendor security didn’t take the action to ensure security procedure secure for your organizations.

Author: Wan Ariff

He brings with him more than 2 years of working experience in Information Security filed which specializing in Penetration Testing and Digital Forensic. His passion is more to IT Security

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