Financial Operations Networks (FON)’s Post

Vendor Management Risks and Solutions: Enhancing Resilience with Technology Effective vendor management is essential for organizations to ensure compliance, protect financial assets, and maintain smooth supply chain operations. However, vendor management processes are fraught with risks, such as payment fraud, compliance breaches and communication inefficiencies. The growing complexities in global supply chains and increasingly sophisticated cyber threats compound these challenges. Risks often stem from manual processes, inadequate oversight and lack of visibility across the vendor lifecycle. Leveraging innovative technologies can mitigate these risks while streamlining operations and enhancing vendor relationships. Read the rest of the article here: https://lnkd.in/g_meEY2t

Vendor Management Risks and Solutions: Enhancing Resilience with Technology Effective vendor management is essential for organizations to ensure compliance, protect financial assets, and maintain smooth supply chain operations. However, vendor management processes are fraught with risks, such as payment fraud, compliance breaches and communication inefficiencies. The growing complexities in global supply chains and increasingly sophisticated cyber threats compound these challenges. Risks often stem from manual processes, inadequate oversight and lack of visibility across the vendor lifecycle. Leveraging innovative technologies can mitigate these risks while streamlining operations and enhancing vendor relationships. Read the rest of the article here: https://lnkd.in/g_meEY2t

🌟 Exciting News Alert! 🌟 We are thrilled to announce that LendAPI has partnered with Secureframe to achieve and maintain SOC 2® compliance, marking a significant milestone in our commitment to security and trustworthiness. As part of this partnership, LendAPI has chosen Secureframe as our compliance automation and monitoring platform, starting with the SOC 2 framework. Working in close collaboration with Johanson Group LLP, our selected auditing firm, we are confident in our ability to streamline the compliance process efficiently. "Secureframe is our go-to compliance automation platform with the latest technology and integrations to our cloud as well as our physical endpoints. We are extremely pleased with the performance of the platform and various integration points that give us the confidence to work with our auditor to complete our SOC 2 audit on time and on budget," said Timothy Li, CEO & Co-Founder of LendAPI.com. At LendAPI, we understand the importance of maintaining the highest standards of security, especially in the financial and banking sectors. With Secureframe's robust platform, we are equipped to meet the stringent requirements of various security frameworks, ensuring that our clients' data and processes remain protected. "We measure our success by our customers’ success, and we are proud to help customers like LendAPI enhance their overall security posture by achieving and maintaining compliance to the most rigorous global standards including SOC 2,” said Shrav Mehta, CEO, and founder of Secureframe. As we continue to prioritize security and performance, we are committed to testing our systems rigorously and making auditing reports readily available to our clients. Our ongoing collaboration with Secureframe and Johanson Group LLP ensures that any issues are promptly identified and addressed, further strengthening our information security program. "We are continuing to work with Secureframe and Johanson Group LLP’s auditor to test and remedy issues that arise from our continuous team effort. All three teams are working in concert to provide all of the necessary information in the Secureframe platform and prepare for Johanson Group’s review of our internal controls. The group effort streamlined our SOC 2 audit process and continually improved our information security program," added Timothy Li At LendAPI, we remain dedicated to upholding the highest standards of security and compliance, and this partnership with Secureframe reaffirms our commitment to our clients' trust and confidence. #SecurityCompliance #SOC2 #PartnershipAnnouncement #LendAPI #Secureframe #JohansonGroupLLP https://lnkd.in/gGkZDVc4

The cost of a data breach can be crippling to any business continuity plan. Strategic third-party suppliers can weaken or strengthen an organisations resilience from likely disruption. ⏰ 53% of organisations experience data breaches cased by a third or Nth party ⚠ 85% of organisations are unaware of their data being accessed by Nth party processors who they have no direct relationship with ⁉ 57% of organisations don’t know if their vendor safeguards are sufficient to prevent a breach 😡 71% of organisations say a primary third-party vendor would NOT contact them about a data breach 🚀 P3 AUDIT Software will help you identify data and cyber risk you are not aware of. Contact us to find out how. 

Think ahead of building a solid and continuous compliance with complex DORA regulations - ServiceNow GRC can support YOU to manage effectively all compliance gaps and mitigate ICT and cyber related risks exposure across Business and IT and become more resilient, transparent and trusted company for Regulator and Customers.

At Impact Outsourcing Limited, information security is not just a priority—it’s a cornerstone of the company’s operational strategy. Read our article below to learn more; https://lnkd.in/dz5zS4R7

Understanding Third-Party Security Third-party security refers to the measures and protocols implemented to protect an organization from risks associated with external vendors, suppliers, or service providers that have access to sensitive data and systems. These third parties can include cloud service providers, payroll processors, and various contractors. While engaging with these entities can enhance operational efficiency and scalability, it also introduces significant vulnerabilities. Importance of Third-Party Security Risk Exposure: According to a Verizon report, 62% of data breaches occur through third-party vendors1. This statistic underscores the critical need for robust third-party risk management (TPRM) practices to safeguard sensitive information. Regulatory Compliance: Organizations face potential regulatory repercussions if third-party vendors fail to maintain adequate security standards. This is particularly relevant in industries like finance and healthcare, where data protection regulations are stringent. Reputational Damage: A breach involving a third-party vendor can lead to severe reputational harm, affecting customer trust and brand integrity. High-profile incidents, such as the Target data breach, exemplify the risks associated with inadequate third-party security. Key Components of Third-Party Risk Management To effectively manage third-party risks, organizations should consider implementing the following strategies: Vendor Assessment: Conduct thorough assessments of all third-party vendors before engagement. Continuous Monitoring: Establish ongoing monitoring protocols to regularly assess the security posture of third-party vendors. Risk Register: Maintain a comprehensive risk register that documents identified risks associated with each vendor. Access Controls: Implement strict access controls to ensure that third parties only have access to the information necessary for their roles. Types of Risks Associated with Third Parties Organizations should be aware of several types of risks that can arise from third-party relationships: Cybersecurity Risks: External vendors can serve as entry points for cyber attacks if they do not adhere to strong security practices. Compliance Risks: Non-compliance by a vendor can lead to legal penalties for the organization, especially regarding data protection laws like GDPR. Financial Risks: Poor performance or failure by a vendor can result in financial losses due to disrupted operations or legal liabilities. Join us for your trainings, webinars and jobs. https://lnkd.in/gF-6vfyS Please watch this webinar on Third party security. https://lnkd.in/gMcTKqDk #isssuk #issswebinar

With the rise in third-party data breaches—nearly 29% of all breaches, according to Security Scorecard—SOC 2 certifications are more critical than ever. For companies outsourcing to service providers, SOC 2 compliance provides a robust framework ensuring data is managed responsibly and securely. This article explores the five Trust Services Criteria behind SOC 2 and offers a detailed approach to auditing vendor SOC 2 certification reports. Build trust and mitigate risks by understanding these key principles in data security. #SOC2 #Compliance #RiskManagement #DataSecurity

With the rise in third-party data breaches—nearly 29% of all breaches, according to Security Scorecard—SOC 2 certifications are more critical than ever. For companies outsourcing to service providers, SOC 2 compliance provides a robust framework ensuring data is managed responsibly and securely. This article explores the five Trust Services Criteria behind SOC 2 and offers a detailed approach to auditing vendor SOC 2 certification reports. Build trust and mitigate risks by understanding these key principles in data security. #SOC2 #Compliance #RiskManagement #DataSecurity

In many industry sectors, certain revenue and payment management Software as a Service (SaaS) providers have successfully worked themselves into a monopolistic position. Besides the obvious issues – e.g., potential price-fixing, creating barriers to entry, and stifling innovation – these also present a cybersecurity single point of failure (SPOF). We have already seen this in 2024 with two industry giants: Change Healthcare and CDK. In the Change Healthcare cyber-attack, 94% of all hospitals had financial repercussions due to delayed payments, and there were also concerns about millions of patients' data being exposed. Now, the ongoing CDK attack is causing disruptions in sales, vehicle inventory management, and payroll, crippling core functionality for more than 50% of auto dealerships. I experienced an impact last week when I took my car in for servicing. So, what are some mitigations for these SPOFs? (1) Validating that your third-party vendors are doing the right things. Ask for attestation reports, risk reports, or other info about how they are securing your data. (2) Leveraging a third-party risk management (TPRM) solution to keep tabs on your suppliers. Make sure their public-facing assets are not vulnerable and that they don’t have compromised credentials or access for sale out in the Deep and Dark Webs. (3) Performing business continuity planning and exercises that may involve manual workarounds, using alternative software for specific tasks, or partnering with other vendors. Don't wait for disaster – implement third-party risk management, diversify your vendors, and create robust business continuity plans to ensure a cyberattack doesn't grind your operations to a halt. Abacode Cybersecurity & Compliance can help. Contact us: info@abacode.com. #TPRM #Cybersecurity #BusinessContinuity