3rd Party Risk Management

Organizations increasingly work with a variety of third parties that have different roles and responsibilities. However, a blanket risk assessment for all partners can lead to inefficient processes or even security breaches. The best approach to third-party risk management (TPRM) is therefore to assess the criticality of a partner and tailor the appropriate risk management approach to it. Less critical partners, for example, can be evaluated using an “outside-in” approach, while a comprehensive “inside-out” review is required for business-critical partners.
‍
To determine how critical a partner is to the organization, several parameters should be considered. For example, their importance to business processes, access to sensitive data, or available alternatives.

Assessment Exchange is revolutionizing third-party risk management by taking an efficient and standardized approach. Instead of each client requesting a separate security assessment, a third-party provider completes its assessment only once. This assessment is then made available to all eligible companies. Clients get instant access to up-to-date, validated security data, saving time and resources. At the same time, third-party providers benefit from reduced operational overhead. Continuous updates ensure that the risk assessment is always up to date. A central pool of assessments increases transparency and efficiency. Artificial intelligence and analytics support informed decision-making. The result is a dynamic, secure and scalable solution for all parties involved.

Third-party risk management is an important component of governance, risk and compliance (GRC) and, like other GRC processes, is ideally mapped in specialized tools. These solutions capture and evaluate risks in a structured way, present data clearly and facilitate monitoring. Automated workflows increase efficiency, reduce manual effort and create greater transparency. In addition, external data sources such as threat data, audit reports or certifications can be integrated to enable a more comprehensive risk assessment. Companies benefit from a better basis for decision-making and optimized processes. There are various GRC tools on the market with different focuses, the selection of which depends on the individual requirements. A well-integrated system improves security and increases efficiency in the long term.

Pentesting, or penetration testing, is the term used for simulated cyber attacks that are used to uncover weaknesses in an organization's systems. Autonomous pentesting involves the use of automated tools and algorithms that independently detect security vulnerabilities and uncover potential points of attack. This is done without the direct interaction of a security expert during the test, which makes the process more efficient and saves resources.
‍
A decisive advantage of autonomous pentesting in the context of third-party risk management lies in the regularity and depth of the tests. In particular, continuous and in-depth tests are used to collect extremely precise and detailed information from critical partners whose security vulnerabilities could have serious consequences for their own organization. This information is indispensable for identifying risks in a timely manner and taking appropriate countermeasures. Since the pentest is carried out autonomously, there is little additional effort for all parties involved. This means that organizations regularly receive in-depth insights into the security of their partners without having to depend on external experts to carry out each test or to make heavy use of internal resources. This enables a scalable solution in which a large number of partners can be tested without any loss of efficiency.

Reducing risks with third-party providers is a complex but necessary task to ensure an organization's IT security and data protection. An important step in this process is to work closely with the procurement department. They should not only pay attention to costs and delivery capability, but also include security criteria. Potential partners must be evaluated in terms of their security practices, compliance with data protection regulations and the handling of sensitive data. This ensures that only partners with an appropriate level of security are selected.
‍
Another crucial aspect is the contractual anchoring of security measures. Contracts should include specific clauses on security audits, penetration testing, incident response planning and compliance with data protection requirements. This protects the organization from potential risks and ensures that the partner meets its security obligations. In the event of an incident, the contracts govern liability and compensation, which can prevent legal disputes.
‍
In addition, active dialog with the partner is of great importance. Security is an ongoing process that requires regular adjustments. Organizations should therefore continuously communicate with their partners to ensure that the security measures are always up to date and effective. Open collaboration helps to identify possible vulnerabilities together and find solutions that work for both sides.
‍
Regular audits and monitoring are also essential. By continuously monitoring the security status of partners, potential risks can be identified and addressed at an early stage. Security reviews should be part of the contractual framework to ensure that all partners meet the agreed standards.

Ein wesentlicher Vorteil unseres Ansatzes ist die signifikante Reduzierung von False Positives. Während viele herkömmliche Sicherheitsscanner eine Vielzahl an Schwachstellen melden, die in der Praxis nicht ausgenutzt werden können, überprüft unsere Plattform jede identifizierte Schwachstelle auf ihre tatsächliche Ausnutzbarkeit. Dies bedeutet, dass nur realistisch ausnutzbare Lücken in den Berichten erscheinen, wodurch die Anzahl der falschen Alarme drastisch gesenkt wird.

Unsere Lösung bietet zudem nachstellbare Beweise für jede Schwachstelle, die als kritisch eingestuft wird. Dadurch können IT-Teams genau nachvollziehen, wie eine Schwachstelle ausgenutzt werden könnte, und sich gezielt auf die tatsächlichen Risiken konzentrieren. Dies erhöht nicht nur die Effizienz der Sicherheitsbewertung, sondern reduziert auch den Aufwand für die Behebung unnötiger oder irrelevanter Lücken.

Durch die Eliminierung von False Positives sparen Unternehmen wertvolle Zeit und Ressourcen, die andernfalls für die Bearbeitung von nicht relevanten Schwachstellen aufgebracht würden. Stattdessen können die Teams ihre Anstrengungen auf die tatsächlichen Bedrohungen konzentrieren und die Sicherheitslage gezielt verbessern.