Every third-party relationship adds a layer of complexity and potential risk to your organization. Third-party risk refers to the potential negative impacts your organization faces by relying on external vendors, suppliers, partners, or service providers.
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A third-party risk assessment analyzes the risks these relationships introduce to your business along the supply chain.
Third-party threats can include
1.
Data Breaches
Third parties with access to your data are potential entry points for hackers. A breach can expose sensitive information and damage your reputation.
2.
Operational Disruption
If a critical third party fails, your operations can grind to a halt. Downtime and lost productivity can severely impact your business.
3.
Financial Losses
Fraudulent activities by third parties or contractual disputes can lead to financial losses.
4.
Reputational Damage
Associations with unethical or compromised third parties can harm your brand image and customer trust.
5.
Regulatory & Compliance Issues
Failure to comply with regulations due to negligent third-party practices can lead to hefty fines and penalties.
6.
Legal Liability
You may be held liable for the actions of your third parties, even if they are unintentional.
Effectively managing these risks is crucial for protecting your business and ensuring its smooth operation.
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At KomodoSec, our Third-Party Risk Management Services can help you mitigate these threats effectively. Whether you're managing a sprawling web of vendors or just starting to build your ecosystem, our TPRM services model is tailored to help you navigate the third-party landscape with confidence.
OUR APPROACH
Method used by our cyber security consultants to conduct
supply chain risk assessment
Understanding the
Customer’s Requirements
Every activity begins with understanding the customer’s needs. Then we tailor our assessment to meet your requirements’ metrics and service levels and the agreed processes.
Security Questionnaire
Review
When considering new vendors, they must complete a short questionnaire. Our cyber security consultant will analyze the vendor’s responses to detect security-related gaps, pitfalls, and compliance issues.
Scanning
Our team will scan the third-party vendor’s exposed assets with dedicated tools to detect potential risks and attack vectors. The team then eliminates false-positive results and investigates the risks that may threaten the customer’s integration process and data. We use standard tools such as Panorays to handle the process.
Komodo will performan integration analysis with all the relevant parties. We will discuss the integration process, architecture, and technologies. We will also discuss potential security gaps and findings identified during the previous procedures, understanding that each integration and data flow is unique and exposes the customer to different risks.
At the end of the security assessment, the team will formulate a report documenting the main findings and gaps discovered while focusing on the integration process between the customer and the third-party vendor. The final report summarizes the third-party's security maturity, further recommends how well this supplier fits the customer's requirements and informs if we approve or not.
SECURITY ISSUES COVERED
in the Supply Chain Security Assessments
Our third party vulnerability assessment
provides complete coverage of the following
API Evaluation
Evaluating API integrations, authentications, and implementations.
Policies and Regulations Compliance
Detecting a lack of compliance to security policies that may expose businesses to regulatory violations and fines.
Endpoint Protection
Evaluating vendor's endpoint security policies.
Exposed Services
Discovering sensitive vulnerable external web console or administrative services.
Encryption
Lack of encryption, missing HTTPS/vulnerable TLS version.
Missing Policies
Detecting lack of policy and procedures best practices.
Sensitive Information Exposure
Detecting sensitive information on exposed services.
Outdated and Vulnerable Technologies
Detecting outdated and vulnerable versions of exposed services
Benefits of Our TPRM Services
Enhanced Risk Visibility
Gain deep insights into potential vulnerabilities across your entire third-party network. Identify, assess, and prioritize risks before they impact your business with our TPRM solutions.
Streamlined Compliance
Navigate complex regulations with confidence. Our expert guidance and robust third-party risk management services ensure your practices align with industry standards, saving you from costly penalties and reputational damage.
Optimized Resources
Free up valuable time and resources by streamlining third-party management processes. Focus on your core business while we handle the heavy lifting.
Executive-Level Insights
Gain a panoramic view of risks and performance across your extended enterprise. Make informed decisions based on clear, actionable data.
Enhanced Security Posture
Mitigate the risk of data breaches and other security incidents by ensuring your third parties have robust security practices.
Improved Operational Continuity
Minimize disruptions caused by third-party failures by proactively identifying and addressing potential issues.
We've been working with Komodo, our trusted advisers on application security and penetration testing, for over six years now. They consistently provide us with invaluable insights, briefings, and value. I wholeheartedly recommend them to any company needing first-class application and cyber security services.
Amir Levi, CTO, Harel Insurance
Why Us?
Komodo Consulting is a high-end cyber security firm specializing in Application Security, Black-Box Penetration Testing, Red-Team Exercises, NIS2 Compliance, SOC 2/ISO 27001 Compliance, TPRM, Cloud Security Assessment, serving Fortune 500 companies in Israel, Europe, and the USA.
Founded by leading consulting experts with decades of experience, the team includes seasoned security specialists with worldwide information security experience and military intelligence experts.
Trusted by the World's Best Companies
What Our Clients Say
Great Job! I am very pleased with the results. Komodo’s team and work are super professional, as always.
Ari Margalit, Chief Technology & Product Officer, Kape Technologies
Working with Komodo Consulting has always been a streamlined, efficient process. Results are always to the point and right on time, accompanied by valuable insights and advice.
Eldan Ben-Haim, CTO, Trusteer (IBM)
Third-Party Risk Assessment FAQs
1. What is a Third-Party Risk Assessment?
A Third-Party Risk Assessment analyses the risks that relationships along the supply chain introduce to your business. These third parties can include vendors, service providers, software providers, and other suppliers. Risks to be considered include security, business continuity, privacy, and reputation harm, as well as the risk that regulatory compliance obligations might require you to stop working with a party until the issues are resolved.
2. Why are Third-Party Risk Assessments crucial?
Third-Party Risk Assessments are crucial for every Third-Party Risk Management Program (TPRM). They help to identify and manage potential risks that could impact your business due to the actions or inactions of third-party vendors or suppliers. These assessments may be conducted in-house or by an independent safety or cybersecurity professional working on your behalf.
3. What is the approach of Komodo Consulting for conducting a Third-Party Risk Assessment?
Komodo Consulting's approach to conducting a Third-Party Risk Assessment involves understanding the customer’s requirements, reviewing security questionnaires, scanning the third-party vendor’s exposed assets, performing an integration analysis, and reporting the results. This comprehensive approach helps to detect potential risks and attack vectors that may threaten the customer’s integration process and data.
4. What security issues are covered in Komodo Consulting's Third-Party Risk Assessments?
Komodo Consulting's Third-Party Risk Assessments provide complete coverage of several security issues. These include API Evaluation, Policies and Regulations Compliance, Endpoint Protection, Exposed Services, Encryption, Missing Policies, Sensitive Information Exposure, and Outdated and Vulnerable Technologies.
5. What is included in the final report of a Third-Party Risk Assessment?
The final report of a Third-Party Risk Assessment documents the main findings and gaps discovered, focusing on the integration process between the customer and the third-party vendor. It summarizes the third-party's security maturity, recommends how well this supplier fits the customer's requirements, and informs if the supplier is approved or not.
6. Why choose Komodo Consulting for Third-Party Risk Assessments?
Komodo Consulting is a high-end cybersecurity firm specializing in Third-Party Cyber Risk Assessment, Application Security, Black-Box Penetration Testing, and Red-Team Exercises. They serve Fortune 500 companies in Israel, Europe, and the US, and their team includes seasoned security specialists with worldwide information security experience and military intelligence experts.
7. How can I secure my business supply chain network?
You can secure your business supply chain network with Komodo Consulting's bulletproof third-party security management solutions. They help organizations detect risks and plug the gaps in their supply chain, ensuring robust security and compliance.