How To Create A Third-Party Risk Management Policy
Search Security, Wednesday, February 5th, 2025
NIST's Cybersecurity Framework offers some helpful tips for organizations to fortify their third-party risk management strategies. Here's how to implement them.
Third-party risk management is the process of identifying and mitigating risks from entities that provide external products or services. These risks span a wide array -- among them data breaches, operational failures, regulatory noncompliance and reputational damage.
To manage these risks and prevent potentially devastating attacks, organizations need a well-structured third-party risk management policy. This formal document defines the processes, roles and responsibilities for managing risks posed by suppliers, vendors, partners and other third parties.