Managing Third-Party Risks: CISOs’ Success Strategies

Those risks, indeed, can be significant. For example, earlier this year, Indian IT outsourcing giant Wipro was targeted by hackers who in turn launched phishing attacks against its customers.

Among the toughest third-party risk management challenges are:

Keeping track of the long list of outsourcers an organization uses and making sure they’re assessed for security; Taking steps to minimize the amount of sensitive data that’s shared with vendors - and making sure that data is adequately protected; Holding vendors to a uniform standard for security. “For most organizations, there is still a long way to go in strengthening governance when it comes to vendor management,” says Jagdeep Singh, CISO at InstaRem, a Singapore-based fintech company. “We need to look at the broader risk posture that vendors bring in … which will determine the sort of due diligence you want to carry out.”