Cyooda Security - Leading provider of cyber security services in Australia

Third Party Risk Management (TPRM)

Meet legal and regulatory compliance obligations through expert guidance to manage and assess your third party risks.

We know that every organisation is different, so our services can be tailored to suit your unique requirements.

Third Party Risk Assessments (TPRA)

Third-party risk assessments play a vital role in ensuring the security and integrity of your business operations. By evaluating the security practices and vulnerabilities of your business partners, suppliers, and vendors, these assessments help you identify potential risks and implement effective mitigation strategies.

What's involved in a Third Party Risk Assessment?

Third-party risk assessments involve evaluating the security posture and practices of external entities that have access to your sensitive data or systems. By conducting thorough assessments, you can identify vulnerabilities in your supply chain and address them proactively. These assessments provide valuable insights into the security controls and protocols of your partners, enabling you to make informed decisions about risk management strategies and mitigation measures.

Prioritise your key suppliers

If you have many key suppliers to your business it's a good idea to tier them based on risk. This could be assessed on the type of data they transact or store as well as the jurisdiction they operate it (e.g. offshore).

Resources

Benefits

Risk Reduction

Third Party Risk Assessments provide assurance that your organisation is reducing its exposure to cyber threats, legal obligations and is effectively managing risk to the organisation.

Compliance

Regularly assessing the risk to your business from third party suppliers will instill confidence in stakeholders, including customers, partners, investors, cyber insurers and regulatory bodies, by demonstrating the organisation's commitment to maintaining a robust security posture.

Continuous Improvement

Conducting regular Third Party Risk Assessments allows you to proactively manage security risks and minimise the impact of security incidents on business operations. By identifying vulnerabilities in third-party relationships early on, organisations can implement effective mitigation measures to strengthen their defenses against cyber threats.

Competitive Advantage

The commitment to security excellence can also serve as a competitive advantage to all businesses where data privacy and security are top priorities. This will reduce the likelihood of costly data breaches, lawsuits, regulatory fines, and reputation damage that often result from cybersecurity incidents.

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