Information Security

Third-Party Risk Management:

Frequently Asked Questions

Information Security

What is information security?

Information security refers to the controls that are put in place to protect information from unauthorized access, modification or removal to provide the right level of confidentiality, integrity and availability of that data.

It’s broader than another term that is commonly used interchangeably – cybersecurity – as it deals with the protection of data and information in any realm – be it cyber or physical.

Why is information security important for my TPRM program?

It’s very important to ensure that your third parties, particularly those that may house your data, process your data, or have access to your data, have the right controls in place to ensure that your data remains free of unauthorized access, disclosure, modification and disruption.

Without the right controls in place for information security, your third parties could expose you to risks associated with data breaches, exposure to malware and cyberattacks, and regulatory compliance breaches.

For this reason, it’s very important to understand which of your third parties have access to your data and information, what type of data they have access to, what they will do with it, and the controls they have in place for keeping it secure and safe. For instance, it’s common to ask for a SOC 2 report when conducting information security due diligence. This report is designed to provide assurances about the effectiveness of controls in place at third party in respect to the security, availability, or processing integrity of the systems used to process clients’ information, or the confidentiality or privacy of that information.

Organizations typically also conduct risk assessments of their third parties to understand which fall in scope the level of risk they may present, and what kinds of remediation activity may be required to ensure that they don’t present undue risk to your business.

In addition to assessments, there’s also security services and ratings that can help you monitor your third parties on an ongoing basis, and alert you if risks emerge (e.g., if they have had a breach, or if vulnerabilities in their controls are exposed).

Offboarding (link to offboarding faq page) is another important part of the relationship lifecycle of third parties, and an important consideration in information security.

How can Aravo my organization with information security?

Aravo for Information Security is a cloud-based solution that allows you to manage, understand, and mitigate the risks posed by third parties and vendors that provide your IT services and infrastructure, process employee or customer data, or have access to networks, systems or locations that hold your data. Aravo for Information Security helps you:

  • Understand and mitigate IT security risks associated with third parties and outside vendors
  • Implement a best-practice program quickly, and with confidence
  • Increase third-party onboarding efficiency
  • Monitor and report with complete visibility and transparency
  • Grow and adapt your program with ease
  • Offboard third parties in a compliant way

Aravo for Information Security reduces the time and cost associated with the due diligence process by combining the Standardized Information Gathering Assessment (SIG) with Aravo’s powerful workflow automation. This allows organizations to implement a best-practice program quickly and confidently.

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