Page 177 - Cyber Defense eMagazine April 2023

Also, consider implementing robust role-based access control. Make sure the only vendors with access
rights need it to do their job. Depending on the nature of their service, vendors may need to access data
or systems only for a limited period of time. Make sure their access rights are withdrawn once the job is
done.

Have a response plan

No amount of security precautions can make your system 100% immune to cyber security threats.
Cybercriminals are coming up with more sophisticated methods to penetrate the system. This means that
despite the best effort of your third-party vendors and partners, cyber security incidents may still occur.
You should have a detailed response plan in place that outlines the steps to take in the event of a security
breach involving a third-party vendor.

An incident of security breach can be messy, and it can confuse your employees as well as the vendors.
Make sure all your employees know their roles when such incidents happen. Your response plan should
include procedures for notifying affected parties, mitigating the impact of the breach, and conducting an
investigation into the cause of the breach.

Takeaway

In today’s complex business ecosystem, businesses need to take proactive steps to manage and mitigate
cyber security threats by implementing an effective third-party cyber security risk management strategy.
The steps mentioned here will help create a secure environment for businesses to run their operation
and minimize security vulnerabilities and threats that arise from third-party vendors, suppliers, or
partners. By following these best practices, companies can improve their cyber security and productivity
and can quickly recover even if a security breach incident occurs.

About the Author

Sananda is a writer at Coloco where she writes on tech industry and cyber
security. She works as an independent writer and works with diverse range
of clients. Her writings are regularly published on various online blogs and
magazines. Sananda can be reached online at [email protected]
or https://www.linkedin.com/in/sananda-dasgupta.

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