Fourth Party Risk Management: What You Need to Know Now

Fourth Party Risk Management: What You Need to Know Now

check

Okay, lets talk about Fourth Party Risk Management. Its kinda a mouthful, right? But trust me, its something you really need to be thinking about in todays world, especially if youre at all involved in, you know, keeping a company safe and sound.


So, you probably already know about third-party risk. Thats when youre worried about the companies you directly hire. Like, if you outsource your customer service to a call center somewhere, theyre your third party. You gotta make sure theyre not, like, leaking your customer data or doing anything else shady. Makes sense, yeah?


But what about their vendors? See, thats where fourth-party risk comes in. Its the risk that arises from the companies that your third parties use. (Confusing, I know).

Fourth Party Risk Management: What You Need to Know Now - managed services new york city

  1. managed service new york
  2. managed services new york city
  3. managed service new york
  4. managed services new york city
  5. managed service new york
  6. managed services new york city
  7. managed service new york
  8. managed services new york city
  9. managed service new york
  10. managed services new york city
  11. managed service new york
Its like a chain reaction, and if one link breaks (especially deep down the chain!) it can still totally mess you up.


Think of it this way: You hire a cloud provider (a third party) to store your data. They use a smaller company (a fourth party) for their data backup. If that smaller company has terrible security and gets hacked, your data is at risk! Even though you never even directly worked with them. Wild, huh?


Why is this important now? Well, supply chains are getting more and more complex. Companies are relying on each other more than ever. managed service new york And, frankly, cybercriminals are getting smarter. They know the weakest links are often buried deep in these chains. Theyre looking for those fourth parties with poor security to exploit!


What can you do about it? Its not easy, Ill admit. You cant realistically audit every single company that your third parties use. managed services new york city But you can ask questions! Due diligence is key. When youre onboarding a third party, ask them about their vendors. check What are their security practices?

Fourth Party Risk Management: What You Need to Know Now - check

  1. managed it security services provider
  2. managed service new york
  3. managed services new york city
  4. managed it security services provider
  5. managed service new york
  6. managed services new york city
  7. managed it security services provider
  8. managed service new york
  9. managed services new york city
Do they conduct regular risk assessments? Get some assurances!


Also, look for red flags. Does your third party seem reluctant to share information? managed it security services provider Are their security policies vague? managed service new york Trust your gut, people.


Fourth-party risk management is an ongoing process, not a one-time thing.

Fourth Party Risk Management: What You Need to Know Now - managed it security services provider

  1. check
  2. managed service new york
  3. check
  4. managed service new york
  5. check
  6. managed service new york
  7. check
It requires constant monitoring and adaptation. Its a challenge, for sure, but its one you cant afford to ignore. Ignoring it is like leaving the back door wide open! You gotta protect your business.

Fourth Party Risk Management: What You Need to Know Now