Minimize your risks from third-party suppliers
Third-party data breaches account for nearly 20% of all data breaches. We help businesses assess risk and find partners that don’t put their operations in jeopardy.
For many companies, partnering with third-party vendors is an essential part of their business. It allows them to keep costs down, focus on core areas of the business, and reach larger segments of the market. But are you aware of the risks that those relationships could potentially expose your business to?
Risk assessment for vendor partnerships
Working with third parties might be highly beneficial, but sharing confidential and proprietary data does expose you to some risk. The consequences of having that data stolen, leaked, or shared intentionally or unintentionally could have catastrophic effects.
That’s why it is always in the best interest of your business to evaluate a potential partner before entering into a contract. Foresite’s vendor management services include a tested, risk-based approach to evaluating third-party vendor security in order to ensure that your business isn’t exposed to unnecessary risk.
Here’s how Foresite can help:
- Risk assessments. How much risk does working with a particular vendor expose your company to? We’ll work with your partners to assess risk and determine what steps need to be taken to mitigate potential risk for both parties.
- Security assessments. Does your potential partner have serious holes in their data security strategy? We will assess their operations and determine whether or not they are a good fit for your business, while making recommendations on how they can be brought up to speed.
- OCIE cybersecurity initiatives reviews. We will conduct a full review of their operations compared to OCIE cybersecurity initiatives, which outline proper access rights, data loss prevention, and vendor management practices.
- NIST SP800 guideline assessment. The NIST SP800 outlines the requirements for developing security plans for federal information systems. Whether or not you work with the government, the NIST SP800 is the industry standard for security planning, and we use that as a guideline when conducting our security assessment.
Our process is designed to provide a complete picture of a vendor’s operations. We provide in-depth reports of our findings and make recommendations for where improvements could be made. For most businesses, vendor partnerships are essential for the ongoing growth and health of their business, but those partnerships often expose businesses to risk. Evaluating that risk is a matter of due diligence that provides peace of mind within your organization and facilitates lasting agreements with your vendors.