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Security Current Publishes CISO-Authored Research Report on Third-Party Risk Management

Enterprise Security Magazine | Monday, July 20, 2020

CISOs investigates that third-party risk management is a peer-driven buyer guide for security professionals.

FREMONT, CA: Security Current has announced its CISO-authored report, CISOs Investigate: Third-Party Risk Management (TPRM). As a part of the exclusive CISO-authored research series, this report offers security leaders real-world insights as they make business-driven technology decisions when they engage partners, vendors, suppliers, and other third parties.

CISOs Investigate: Third-Party Risk Management includes contributions from security leaders who build third-party risk programs, both in-house and deployed, or are looking to implement a third-party risk management solutions. Spanning the verticals, the CISO contributors share first-hand use cases and guide their experience and expert knowledge.

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CISO Mike Davis, together with the series executive editor, higher education CISO Bob Turner is serving as the lead researcher, and author of the report is alliantgroup

"Third Party Risk Management is an essential component of an effective cyber-security risk management program. This report is different than anything available, as my peers and I applied our know-how building and maintaining TPRM programs. We talk about our challenges and use our real-world experiences, what has worked for us and what hasn't, to provide information on what an effective program should look like," states lead researcher and author Mike Davis. "CISOs Connect: Third Party Risk Management was a collaborative effort like none other that will provide CISOs who have yet to build a program as well as those who have existing programs useful insights that will assist them in their TPRM, which is paramount to securing their organizations."

Executive Editor Bob Turner says, "This CISOs Investigate report helps the CISO answer the questions from the C-suite and Board when they need to know the company's data is safe and secure. TPRM is an important topic, as many are moving from the premise data center to services offered by third and sometimes fourth parties. Mike Davis and the CISOs who contributed to this report are eager to help other CISOs solve their greatest challenge, knowing how corporate assets are secured wherever the data lives. Trust comes from understanding."

The report also consists of sections on the technology and programs, whether designed and built in-house, outsourced to a TPRM vendor, or a combination. Additionally, it reviews staffing implications, recommendations for TPRM to the C-Suite, and possible obstacles.

"For any CISO looking to understand how to build a TPRM program or how to enhance one already in place, this CISOs Investigate report will help them answer many of the questions they may have. From Legal implications, Board questions, to what makes up a complete program, the CISOs Investigate report has answers and demonstrable information for a TPRM program owner and/or stakeholder," said Marc Crudgington, CISO and SVP Information Security of Woodforest National Bank. "The collaborative effort put into the report was from individuals across a number of industries each adding a different perspective to the report as well as backing up the input of other contributors. Third Party Risk Management is a key component to a robust Information Security/Cybersecurity program in which the importance cannot be overstated. The CISOs Investigate report is a comprehensive guiding document that will add value to one's TPRM program."

Al Ghous, CISO of ServiceMax, says, "The CISOs Investigate: Third Party Risk Management (TPRM) report was the result of a broad cross section of security industry leaders coming together to provide insight into what it takes to build and manage a successful TPRM program. Considerations were raised and discussed among the CISOs who held varying points of view. We had contributions from healthcare, automotive, higher education, SaaS, financial services, and other industries, so it's safe to say we did not leave any stone unturned. I think this report will be beneficial to security leaders in a wide array of industries."

"Third Party Risk Management is an important part of an enterprise risk management triad with security and privacy, providing cost savings, efficiency, compliance and business value protection. TPRM's role in contract management and service assurance also minimizes business risk," said Arun DeSouza, CISO of Nexteer Automotive. "CISOs Investigate TPRM provides real-world information on setting up and or maintaining a program as well as the value and insights gained by various components."

The vendor-neutral report consists of RFIs designed by the Editorial Board and offered to the TPRM vendors to complete at no charge.

NormShield, a leader in TPRM, is the platinum sponsor. "While conducting research for the paper, we spoke to a number of TPRM vendors and we want to thank them for their valuable insight. We want to give a special thank you to NormShield for their support and to CEO Paul Paget for his exceptional guidance for CISOs looking to achieve risk based TPRM that meets corporate risk tolerance without the churn," said Marcos Marrero, H.I.G. Capital CISO.

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