With the on-going pandemic situation, the companies have to be vigilant across touch-points as the data breach can happen anywhere. Third party vendors are a crucial element of this chain as they handle sensitive data for the organization.
Challenges faced by Financial Services due to Current Pandemic:
- In times of health pandemic organizations security posture should also consider the risks arising from issues associated with their vendor/3rd party remote workforce.
- Organization shall be focusing on ‘inherent risk’ for their suppliers as it will be critical to ensure that innovation in new ways of working isn’t outweighed by risks
- Reassess communication risk as the vendor workforce will also be collaborating on data over emails and collaboration services (chat etc.)
- Visualize contractual obligations of your vendors along with securing the liability via cybersecurity insurance
HCL’s third-party risk management (TPRM) as-a-Service expertly identifies and measures risks of your third parties by assessing engagement scope, business profile risk and control risk through powerful assessment tools, a logical workflow, industry-specific standards and applicable regulatory & contract compliance requirements.