In an interconnected business world, third-party partnerships are essential for growth and innovation. However, they also introduce new risks to your organization. At Cyraf, we provide comprehensive Third-Party Risk Management services to help you identify, assess, and mitigate risks associated with your external vendors and partners

Our Approach

Our Third-Party Risk Management services are designed to give you a clear understanding of the potential cybersecurity risks posed by your partners and vendors. We offer a systematic approach to evaluate and manage these risks, ensuring that your business operations remain secure and compliant.

Using third parties, whether directly or indirectly, have an impact on your cybersecurity posture. Third parties increase the complexity of your information security for several reasons:

1. Every business relies on third parties, as it’s often better to outsource to an expert in a given field.
2. Third parties aren’t typically under your control, nor do you have complete transparency into their security controls. Some vendors have robust security standards and sound risk management practices, while others leave much to be desired.
3. Each third party is a potential attack vector for a data breach or cyber-attack. If a vendor has a vulnerable attack surface, it could be used to gain access to your organization. The more vendors you use, the larger your attack surface and the more potential vulnerabilities you could face.
4. The introduction of critical infrastructure protection laws like TS 50701, Cyber Resilience Act (CRA) have dramatically increased the reputation and regulatory impact of inadequate third-party risk management programs.

What Types of Risks Do Third-Parties Introduce?

There are many potential risks that organizations face when working with vendors. Common types of third-party risks include:

• Cybersecurity risk:The risk of exposure or loss resulting from a cyberattack, security breach, or other security incidents. Cybersecurity risk is often mitigated via a due diligence process before onboarding a vendor and continuous monitoring throughout the vendor lifecycle.
• Operational risk: The risk of a third-party causing disruption to the business operations. This is typically managed through contractually bound service level agreements (SLAs) and business continuity and incident response plans.  Depending on the criticality of the vendor, you may opt to have a backup vendor in place, which is common practice in the financial services industry.
• Legal, regulatory, and compliance risk: The risk of a third-party impacting your compliance with local legislation, regulation, or agreements. This is particularly important for financial services, healthcare, government organizations, and business partners.
• Reputational risk: The risk of negative public opinion due to a third party. Dissatisfied customers, inappropriate interactions, and poor recommendations are only the tip of the iceberg.
• Financial risk: The risk that a third party will have a detrimental impact on the financial success of your organization. For example, your organization may be unable to sell a new product due to poor supply chain management.
• Strategic risk: The risk that your organization will fail to meet its business objectives because of a third-party vendor.

Key Benefits

• Risk Identification: Uncover potential risks and vulnerabilities in your third-party products before they impact your business.
• Continuous Monitoring: Stay informed about changes in third-party risk profiles with our ongoing monitoring and assessment services.
• Compliance Assurance: Ensure that your third-party partners adhere to regulatory requirements and industry standards.
• Risk Mitigation: Develop and implement effective risk mitigation strategies to protect your organization from third-party threats.

Why Choose Cyraf?

• Expert Analysis: Our team of experienced professionals is adept at identifying and managing third-party risks across diverse industries.
• Tailored Solutions: We work closely with your organization to customize our services according to your specific needs and risk tolerance.
• Proactive Approach: Our focus on proactive risk management helps you stay ahead of potential threats and maintain business continuity.
• Proven Expertise: With a track record of success, Cyraf is trusted by businesses to deliver effective and reliable third-party risk management solutions.

Our Services

• Vendor Risk Assessment: Evaluate the security posture of your vendors’ product based on cybersecurity standard such as IEC 62443-4-2 to identify and address potential non-compliance and attack vectors in their operations.
• Cyber Due Diligence and Onboarding: Conduct thorough due diligence during the onboarding process to ensure your partners meet your security and compliance standards and provide assurance of compliance on system level 62443-3-3
• Contractual Review: Analyze and recommend improvements to contracts and service level agreements (SLAs) to ensure adequate risk protection.
• Ongoing Monitoring: Continuously monitor third-party activities and risk levels to promptly address any emerging threats.
• Incident Response Planning: Develop and implement incident response plans to effectively manage third-party security incidents.

Get Started

Protect your business from the risks posed by third-party vendors and partners. Contact us today to learn more about our Third-Party Risk Management services and discover how Cyraf can help you secure your supply chain and partner ecosystem.