Why Your Organization Needs a Strong Third-Party Risk Management Program
While third-party vendors are essential for efficiency and growth, they can also introduce significant security risk. Your security isn’t just about you, it’s about every vendor, partner, and service provider you rely on. If you’re not actively managing your vendor ecosystem, you could be blindsided by a breach that originates outside your organization but directly impacts you.
Do You Really Know Your Vendors?
Ask yourself these critical questions:
- Do you know how your vendors connect to your network?
- Are you aware of the security measures they have in place?
- Will you be notified if they experience a breach?
Many organizations assume their vendors are secure, but assumptions don’t prevent cyberattacks. A single compromised vendor can be a direct entry point for threat actors into your environment. That’s why having a structured Third-Party Risk Management (TPRM) program is no longer optional—it’s essential.
The Expanding Attack Surface
More businesses are outsourcing services, leveraging cloud-based platforms, and working with external partners than ever before. While this drives innovation and efficiency, it also expands your attack surface. Cybercriminals increasingly target third parties to infiltrate larger organizations. A vendor’s weak security controls could lead to:
- Supply chain attacks that compromise your sensitive data.
- Ransomware incidents that disrupt your business operations.
- Regulatory fines and legal issues due to compliance violations.
Without proper third-party risk management, you may not even know a breach has occurred until it’s too late.
How to Protect Your Business: A Proactive Approach
The best way to mitigate third-party risk is to stay ahead of it. A strong TPRM program should include:
Pre-onboarding Vendor Evaluations: Before bringing a vendor on board, assess their security posture. Identify red flags early instead of discovering them after an incident.
Continuous Monitoring: Cyber risks don’t stop after onboarding. Vendors should be monitored for security changes, breaches, or emerging threats that could impact your organization.
Incident Response Planning: Have a plan in place for handling vendor-related security incidents. Know who to contact and what actions to take if a vendor is compromised.
Regulatory Alignment: Ensure vendors comply with security frameworks relevant to your industry, such as HIPAA, HITRUST, or NIST guidelines.
Why Latitude? More Than Just a Checkbox Exercise
Many third-party risk programs rely on automated risk scores or check-the-box assessments. That’s NOT enough. At Latitude, we take a hands-on, critical-thinking approach to vendor risk management. Here’s what sets us apart:
Manual Review & Expert Analysis: We don’t rely solely on automation. Our team critically analyzes each vendor’s security posture to provide meaningful, real-world risk insights.
Beyond Risk Scores – Context Matters: While tools like SecurityScorecard help us track vendor security trends, we go a step further. Any major changes are flagged, reviewed, and investigated—not just logged.
Customized Risk Strategy: We tailor our assessments to your business’s unique risks, ensuring that you’re not just getting a compliance report, you’re getting a roadmap to impactful security improvements.
Proactive Vendor Monitoring: Our continuous monitoring program ensures that if a vendor’s security posture changes or they suffer a breach, you’ll know immediately, and we’ll help you take action.
Your Security is Only as Strong as Your Weakest Vendor
If you’re not actively managing third-party risk, you’re leaving a critical gap in your cybersecurity strategy. With Latitude, you get more than just a risk score—you get a team of cybersecurity professionals who analyze, investigate, and provide actionable security insights to protect your business.
Don’t wait for a vendor breach to impact you. Let’s build a third-party risk management program that keeps your organization one step ahead. Contact Latitude today to get started.
