The document outlines effective strategies for managing third-party cyber risks, emphasizing the importance of inventorying vendors, classifying them by risk, and ensuring compliance through risk questionnaires. It also discusses developing a third-party incident response plan, continuous monitoring of vendor activity, and creating a streamlined onboarding and offboarding process. These measures aim to prevent data loss and operational disruptions due to cyberattacks on third-party providers.

1. Effective Ways to Manage
Third Party Cyber Risks
A cyberattack on a third-party provider can
cause businesses to lose important data or
experience operational disruption.
Here are some effective ways for third
party risk management:
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Create an inventory of your vendors, starting
with the ones providing critical services
and supplies.
Classify the vendors based on the risk they
pose based on the level of data they access.
Ask vendors to fill in risk questionnaires to
check if they adhere to standard frameworks
& compliance requirements.
Prepare a list of threats relevant to your
business & develop an effective third party
incident response plan.
Enable continuous activity monitoring to
ensure compliance by third party vendors.
Understand the level of access every vendor
requires & formulate effective access
management strategy.
Develop a streamlined vendor onboarding &
offboarding strategy.
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