Third Party Risk Management – Be the Champion.

To thrive in the current cybersecurity threat landscape, AV and Digital Transformation solution suppliers must tool-up and support customer supply chain risk governance efforts.
Third Party Risk Management – Be the Champion.
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The rapid shift to remote and hybrid working occasioned by Covid 19 has opened new opportunities for Digital Transformation solution businesses. The market is enjoying a boom as enterprises upscale digitisation efforts to maintain operations.

Whilst this trend has been good for business for operators in the Digital Transformation space, it has also presented a different kind of challenge from a third party risk perspective.

Expanded network infrastructure, unprecedented investments in new collaboration space technologies, remote and hybrid working models has increased the risk and effectiveness of cybercrime. Threat actors now have a wider attack surface to target and there are more chances of zero day vulnerabilities. Cybercrime has never been this lucrative.

The World Cybersecurity Report of 2022 states - "Third-party attacks are on the rise. In the last several years, indirect attacks – successful breaches coming into an organization through third parties – have increased from 44% to 61%.31.

Audio Visual and Digital Transformation solution vendors must now adjust and take more responsibility for their own cyber defences first, if they must contribute to the protection of their valued customer information assets. Enterprises customers have become more risk averse with Supply Chain vulnerability a big concern to 40% of CEOs survey by the World Cybersecurity Report 2022.

Demonstrable competence and responsibility is the new currency for Digital Transformation Solution suppliers to gaining market share and competitiveness in a post Covid 19 market place.

What could be done?

Implement and certify your organisation to ISO / IEC 2013 27001 Information Security Management System.

Why ISO 27001?

ISO 27001 is the most recognised and only auditable Information Security Management System that defines the recipe for Implementing an Information Security Management System.

ISO 27001 is effective for mainstreaming an Information Security culture in your organisation to minimise the likelihood external threat actors or your staff compromising information assets in your care.

ISO 27001 is the surest way to protect your hard reputation. It portrays your seriousness and responsibility on Information Security, helps maintain a trust relationship with your customers and win new businesses.

ISO 27001 will help your organisation avoid fines and reputational damage from noncompliance with data privacy regulations such as the UK and EU GDPR.

ISO 27001 is anchored on continuous risk assessment and is designed to help your business maintain and mature its cyber defences over time.

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