Your company might be one of those enterprises that regularly conducts or facilitates digital transactions and client outsourcing. Well, then it should not come as a surprise that your business is at a high risk of encountering third-party vulnerabilities and mismanagement. One of the prominent examples of such vulnerabilities could be the SolarWinds incident back in 2020. It not only impacted thousands of unsuspected customers, but it also affected several government agencies and global enterprises. In her article for IT Business Edge, Kaiti Norton talks about third-party vulnerabilities and how you can overcome them while leading your business.
Rising External Risks
Just like any technological advancement, risk management has also changed drastically in the last decade. With an alarming number of businesses relying on different service providers for cloud security and data transmission, they are at significant risk of being exploited by third parties. Tech giants that outsource a certain amount of work to other companies open a susceptible supply chain of vulnerabilities. In such delicate situations, a small mistake can snowball into a concerning fiasco that majorly affects the company.
Resolving Third-Party Risks
Norton suggests that to resolve third-party vulnerabilities, organizations should reassess their vendor risk assessments. She mentions that you should “dig deeper and inquire about specific results before considering an assessment complete. Organizations should specifically focus on the disaster recovery process for vendor failure — if something goes wrong, what’s the backup plan?”
Apart from that, companies should explore the option of offering more administrative controls to small-scale vendors. It does not mean that using big-scale vendors is wrong and riskier. Sometimes, the top vendors are not the exact solution to a problem. Also, if a vendor does not let you access contractual control of your resources, it is advisable to look for other third-party vendor options.
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