By Rob Sutherland
Understanding cyber risks in general, and data protection risks in particular, is difficult enough when you consider just your own internal systems. When you also take into account the external organisations you work with and partner with, and you start to consider their partners, and their partners’ partners, the complex web of relationships and dependencies makes it even harder to understand your exposure.
The forthcoming General Data Protection Regulation (GDPR) obliges organisations to take appropriate measures to safeguard personal data on EU citizens. Where relevant data is shared with third parties – for example, for credit-risk scoring, market research or payroll – the primary organisation has joint responsibility for it, and can be held jointly liable in the event of a breach or misuse of data.
Organisations have always needed strong and effective approaches to due diligence and security when entering into partnerships. The introduction of the GDPR and the growing threat from cybercrime are upping the stakes, making it vital for organisations to better understand their cyber risk profile both internally and across their network of partners, suppliers and other third- and fourth-parties.
Using a manual approach to understand third-party relationships and the cyber security risks they entail is no longer tenable. For many organisations, especially in financial services, this can leave decision makers short of the information they need at critical moments.
To enable informed decisions and help the organisation operate securely in an open and collaborative digital world, you need a more automated way to integrate third-party risk management into your enterprise risk management strategy.
Northdoor has built a comprehensive framework for identifying and managing risks across digital ecosystems, backed by powerful machine-learning tools that can determine cyber risk exposure across multiple degrees of relationships. Featuring clear dashboards that provide an executive view of risk in real time, our solution tackles the broader topic of cyber risk and includes GDPR-specific functions around third-party risk management.
For more information on how Northdoor can help you understand third-party risk in time for the introduction of GDPR, contact us now.