Scaling Third-Party Risk Management Despite the Odds
Despite best efforts to accommodate third-party risk management (TPRM) processes that correspond with increased use of third-party vendors, incident outcomes seem to grow as well. The 2023 global average cost of a data breach was USD $4.45M, a 2.3% year over year increase. In the United States, the average cost of a breach is higher at USD $9.48M. With the rate of attacks doubling and the associated costs growing, all companies benefit from robust risk assessment and evaluation processes for both the organization and its vendors. Without it, your organization could be among those who experience security incidents with major financial losses.
It can be daunting to plan a security program for third-party risk management. Manual processes require large time investment, both in training and resource allocation, yet manual workflows are still the norm in third-party risk management. Constricting budgets and smaller teams result in less time available for managing these new vendors and for collaborating across teams to incorporate the most relevant details about each vendor.
How can you account for resource-intensive processes in a changing risk environment with a growing reliance on third-party service providers?
We've put together a curated set of practical advice to help you scale your third-party risk management program, sharing tips from UpGuard users and security experts. With this guide, you'll evaluate how to generate cross-functional support for your TPRM needs, methods to improve your third-party vendor assessments, and questions to ask when considering a managed TPRM service.
Highlights of this guide include the following:
- Current state of the cyber risk landscape
- How to maximize the impact of your TPRM program
- How to promote organizational buy-in
- How to segment vendors by risk severity
- How to collect high-quality assessment materials
- How to set up automated workflows
- How to run actionable assessments
- How to plan for incidents
- How to work with a managed service
Scaling TPRM with UpGuard
UpGuard's feature-rich solution will help you save time and increase productivity in your third-party risk management program. By automating the administrative tasks, your team can drill into specific risks and remediation planning. Our real-time scanning data, paired with comprehensive reports and customizable notifications, will keep you up-to-date across your vendor portfolio.
UpGuard Vendor Risk includes the following features designed to help you scale your TPRM program:
- Automated workflows: Comprehensive workflows to streamline risk assessments and facilitate quick remediation
- Real-time monitoring Around-the-clock data feeds that provide real-time notifications and risk updates
- Security questionnaires: Flexible questionnaires to accelerate assessment, including compliance-mapped questionnaires for regulatory adherence
- Third-party security ratings: Objective, data-driven measurements of an organization’s cyber hygiene
- Reporting templates: Tailor-made templates that support security performance communication to executive-level stakeholders
- Powerful integrations Application integrations for Jira, Slack, ServiceNow, and over 4,000 additional apps with Zapier, plus customizable API calls
- World-class customer service: Plan-based access to professional cybersecurity personnel that can help you get the most out of UpGuard
