Which "Friends" Do I Trust? Realities of 3rd Party Risk

Think Tank - 4:15 pm - 4:40 pm

It is not a matter of if, but a matter of when. Organizations, more and more, and are outsourcing business activities to 3rd-parties because of cost-savings, revenue opportunities, expertise, etc. Thus collaborating with our business partners early to select the right 3rd-party vendor(s) with the appropriate security posture is essential, especially for vendors hosting, processing and/or transmitting sensitive/regulatory information, or having access to our IT assets.

Takeaways:

Regardless of the reasons, outsourcing some business functions to a 3rd party seems inevitable in today's world
It is critical to have a proper vetting procedure of 3rd parties before engaging them as business partners who have access to company systems and data