Managing third-party cyber risk is an attempt to measure the likelihood and negative impacts of a cyber event that could happen due to the third parties in your ecosystem, and working with those third parties to treat the risk they expose you to. Globally dispersed, highly networked, and digitized businesses now face new cybersecurity and resiliency risks that many businesses are just now beginning to address. As a result, both government and commercial enterprises are establishing third-party cyber risk management (TPCRM) programs to better identify, assess, mitigate, and oversee the risks created by third-parties, partners, and customers in their digital ecosystem.
Here is an overview of the five steps to successful third-party cyber risk management
