A New People-Centric Approach to Determining an Organization's Exposure to a Third-Party Data Breach
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Presented at SecTor 2024 by
In this data-driven talk, we will make sense of third-party data breach risk using regression analysis. We will show that the largest component of this risk arises simply from the sheer number of vendors that can potentially expose your company's data. We will identify which elements of current Third-Party Risk Management (TPRM), do effectively manage this cumulative-risk and we will also analyze why questionnaires, SOC 2 reports and risk-scores, do not.Finally, we will introduce a new approach that empowers organizations to take control, enhance transparency, and effectively manage cumulative third-party data breach risk through:- Assessing organization structure and capability through certifications.- Determining the cumulative probability of a data breach – think Principle of least privilege.- Identifying and actioning Tail vendors.- Managing risk appetite by applying the fungibility Principle.This innovative approach will bring clarity on the risk posed by third-party data breach and enable your company to fully benefit from the value that third-party partnerships bring.