Managing vendor risks means thoroughly assessing their security practices, setting clear expectations in contracts, and regularly reviewing their compliance to protect against vulnerabilities.

To mitigate such risks relating 3rd party vendors, we have to follow some strict steps: Conduct detailed security assessments before onboarding. Enforce strict contracts with security clauses and penalties. Limit vendor access to necessary systems only. Regularly audit vendors for compliance with our security standards. Use monitoring tools to track vendor activities continuously. This proactive approach ensures 3rd party vendors align with our security policies and reduces potential vulnerabilities and risks.

Assessing the risk of third-party vendors is crucial to maintaining your organisation's security posture. Supply-chain tracking is an absolute necessity in business today and using the principles of cyber-resilience and ISO/IEC 27001:2022. Even if you are not an ISO27001:2022-certified organisation, you can still use similar principles to help protect your business. Here are some steps to guide you: 1. Identify and Document Assets 2. Evaluate Vendor Security Policies 3. Conduct Risk Assessments 4. Review Compliance and Certifications 5. Monitor and Audit 6. Establish Clear Contracts and SLAs 7. Develop Incident Response Plans 8. Train and Educate

"But we trust our vendors!" That's what I hear from clients all the time. Trust is good. Verification is better. Here's a sobering fact: 60% of data breaches involve third-party vendors. Your vendors could be your biggest security liability. So how do you mitigate this risk? 1. Create a vendor inventory 2. Classify vendors by risk level 3. Use standardized security questionnaires 4. Implement real-time monitoring 5. Develop an incident response plan Security is a team sport. Your vendors are on your team. Coach them well. What's your biggest vendor security concern?