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Defense in Depth
What's Working With Third-Party Risk Management?
Aug 29, 2024
Nick Muy, the Chief Information Security Officer at Scrut Automation, dives into the complexities of third-party risk management. He emphasizes the importance of measuring vendor risk while considering potential failures that could impact customer service. Nick advocates for a holistic approach to risk management, integrating governance and compliance for better resilience. He also discusses the significance of stakeholder collaboration and tailored risk assessments, ensuring businesses maintain operational integrity and trust with their vendors.
31:02
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Quick takeaways
- Effective third-party risk management requires continuous monitoring and measuring vendor criticality to ensure proactive security measures are in place.
- Adopting a lifecycle approach in vendor relationships emphasizes the importance of onboarding processes and regular reviews to mitigate potential risks effectively.
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Challenges of Third-Party Risk Management
Third-party risk management faces numerous challenges, as evidenced by the ongoing stream of cyberattacks linked to vendors. Traditional solutions like security questionnaires are often viewed as ineffective and contribute to a sense of frustration among security professionals. The podcast highlights a shift in perspective among industry experts who are calling for more innovative, thoughtful approaches to improving the processes. Engaging with the community revealed a wealth of ideas and suggestions for enhancing risk management, indicating a collective desire for change.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode