Third-party risk: How secure are my business partners and suppliers really?

July 9, 2023

Cyber Security Council Germany e.V. founds new hub for risk management

Cyberattacks on business partners and suppliers confront organisations with complex challenges. To answer the associated questions, the Cyber Security Council Germany e.V. is founding a new Hub on Third Party Risk Management, which met for the first time this week.

“Continuous digitalisation and growing data exchange with globally distributed partners increase the risk of security incidents, mainly due to a lack of transparency regarding their security practices. These challenges, compounded by limited resources for proper auditing, often lead to inadequate safeguards and precautions. The Third Party Risk Management Hub therefore focuses on the effective and reliable identification as well as mitigation of information and data security risks at third party providers,” said President Hans-Wilhelm Dünn at the launch session.

In his keynote speech, Arslan Brömme, National Information Security Officer at the energy supplier Vattenfall, pointed out the importance of the topic for internationally active companies: “Contractors, subcontractors, suppliers – the complex global structures of value chains create risks for business processes, but also for the reputation and information security of companies. This makes it all the more important to also ensure the security of third-party suppliers strategically and in the long term.”

Together with stakeholders and competence partners from the CSRD e.V. membership, methods and handouts will be developed in the following sessions to provide practical assistance in the field of third-party risk management.

“Companies must ensure, in their own interest, that the same high standards for cyber security are maintained at their business partners as in their own house. Shaping this ongoing process is a major challenge in which we will support demand drivers,” says the Hub’s Thibault Lapédagne, Head of Cybersecurity Research at CyberVadis.

The Cyber Security Council Germany e.V. was founded in August 2012 by renowned personalities. The Berlin-based association is politically neutral and advises companies, authorities and political decision-makers in the field of cyber security. The association’s members include large and medium-sized companies, operators of critical infrastructures as well as federal states and federal institutions, experts and political decision-makers with a connection to the topic of cyber security. Through its members, the association represents more than three million employees from the business sector and almost two million members from associations and societies.

V.i.S.d.P.: Hans-Wilhelm Dünn, President, Cyber Security Council Germany e.V.

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