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Building a Third Party Risk Management Program
When looking at cyber security threats to Farm Credit, it is no longer sufficient to enlist the best practices for your institution without evaluating the practices of your vendors and partners. In consideration of some high profile cases of cyber breaches in the past few years—including major corporations such as Target, American Express, and Experian—it is evident how serious third party breaches can be.
Because these breaches cost a great deal to the organizations and customers affected, it is critical to move forward with plans to evaluate and mitigate the risks posed by vendors and other business partners.
Legal Implications of Ineffective Third Party Risk Management
Third party risk management programs are more than an obligation to your customers; these programs are being brought to the forefront and scrutinized by regulatory entities conducting oversight.
What are the Immediate Steps to Ensure Appropriate Third Party Cyber Security?
There are four key steps to take for a top-notch security program:
For more information on your BitSight Security Rating, contact us at https://www.bitsighttech.com/fcc-services.
BitSight Technologies is our newest National Discount Program supplier for Cybersecurity Ratings for Vendor Risk Management and Benchmarking. More educational resources and partner contact information are available at https://www.bitsighttech.com/fcc-services.
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