• CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • PARTNERS LOGIN
  • CONTACT US
  • PRIVACY POLICY

Vendor Risk and the Regulatory Response

Published by Guest Writer on July 18, 2017
Categories
  • Blog
Tags
  • TPRM Best Practices
Vendor Risk and the Regulatory Response

The attacks of 2016 & 2017 revealed the scope of cyber warfare is limitless, that no individual, no organization and no region is impenetrable. Over these past two years, hackers have targeted a diverse array of institutions. The National Security Agency, the Federal Bureau of Investigation, and the presidential campaigns in both the United States and in France are a few of many organizations to have experienced data breaches.

Corporations of all sizes have been breached, and in our connected and outsourced world, according to Soha Systems, 63% of data breaches are in some way connected to the vendor ecosystem. But still only 2% of IT professionals surveyed consider vendor risk management a top IT priority.

The problem is not going away; in fact it is getting worse. 87% of IT respondents report their organization’s use of vendors has increased 49% since 2013, and 40% expect it to increase even more during the next 3 years.

20160704PHT35022_original.jpg

THE POLITICAL RESPONSE

Cyber warfare is increasingly being tackled through international organizations and globalized collective action. In response to Petya’s attack on Ukraine, NATO assumed a more aggressive role in approaching cyberterrorism. Jens Stoltenberg, the NATO Secretary general, pledged to invoke the alliance’s mutual defense clause, Article 5 of the North Atlantic Treaty, to help better Ukraine’s cyber defense.

The European Union has also pushed initiatives to become more invested in enhancing global cybersecurity. In July of 2017, the EU pledged to spend €450 million in cybersecurity research under its innovation program Horizon 2020.

In step with international organizations, the United States government is taking greater measures to combat cyberattacks. In May of 2017, the Trump Administration passed a long awaited executive order designed to improve the nation’s cybersecurity. The order outlined three key priorities:

  • Protecting federal networks
  • Updating outdated systems
  • Directing all department and agency heads to collaborate and consolidate information.

Furthermore, states are passing legislative action to minimize data breaches, specifically breaches by third party vendors. The New York Department of Finance implemented stringent cybersecurity regulations, outlined in Act 23 NYCRR 500, which requires identifying and assessing the risk of third party vendors with access to sensistive informations, minimum cybersecurity practices to be met by third party vendors, due diligences processes used to evaluate the cybersecurity practices of third party vendors, and periodic assessments of the third party’s cybersecurity practices.




To learn more about how ThirdPartyTrust can help you manage third-party risk, request your free trial now:


Trial Account Sign-Up
Guest Writer
Guest Writer
  • Phone
    |+1-617-245-0469
  • Address
    |
    111 Huntington Ave, Suite 2010, Boston, MA 02199
  • Sales
    |sales@bitsighttech.com
  • Contact Us
Laika_SOC2_TypeI_PurpleIris        CSA_Trusted_Cloud_Provider

©2022 ThirdPartyTrust, LLC and its Affiliates. All Rights Reserved. | 111 Huntington Ave. Suite 2010 Boston, MA 02199
  • PARTNERS LOGIN
  • CONTACT US
  • PRIVACY POLICY
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Reject AllAccept
Cookie Settings
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT