The Risk Posed by Your External Service Providers
Third-Party Security
Did you know that attackers can usually infiltrate your IT security with ease, even when you’ve implemented comprehensive measures?
This is precisely why so-called third-party risk is one of the top risks.
To adequately address this risk, you must assess (or have assessed) your external service providers’ security levels and work to ensure that appropriate IT security measures are implemented. Otherwise, there is a high risk that a hack targeting your external service providers will also result in a hack against you.
Third-Party Security Review
We assess your external service providers’ IT security levels and help you appropriately evaluate and track any deficiencies found, as well as work to ensure that your service providers address them in a timely manner.
This review should be conducted not only before onboarding but also at regular intervals.
Since this risk cannot be outsourced, you remain responsible for your data at all times—regardless of where it is stored or who manages it. It should be in your best interest to ensure that your data is protected as effectively as possible.
We won't let you down
A Strong Partner
We don’t just leave you to deal with the results of third-party security reviews on your own; instead, we support you in communicating with your external service providers, assessing the risks to your company, and exploring potential mitigation strategies or risk acceptance options.
To give you an idea of our successfully completed projects and our expertise, we have compiled a few anonymized client testimonials for you.
Third-Party Security Reference Projects
Industry:
Private Banking / Financial Services
Position:
Project Manager
Areas of Responsibility:
- Project Management of Third-Party Security Reviews
- Writing Secure Coding Guidelines (DevSecOps)
- Project Management / Stakeholder Management / Escalation Management
- IDV Management
- Data Security Optimization
- Process Optimization
- Adaptation of Policies
Industry:
Small and Medium-Sized Businesses / Retail
Position:
Consultant
Areas of Responsibility:
- IT risk management and development of controls
- Development of processes related to party security audits
- Review and definition of security policies
Industry:
Banking / Finance
Position:
Consultant
Areas of Responsibility:
- Conducting third-party security reviews, taking into account the level of protection required
- Classifying the results according to security requirements (e.g., confidential, high, critical)
- Developing recommendations and measures for risk mitigation
Industry:
Insurance
Position:
Project Associate
Areas of Responsibility:
- Patch Management – Definition & Control:
Definition and coordination of a company-wide patch management process, including standard and emergency patching, risk acceptance, escalation, and exception processes; integration of third-party patch management requirements and coordination with external service providers; Development of guidelines and work instructions for control and documentation. - Patch Management – Implementation:
Implementation of the defined target state across various system landscapes (SAP, internal systems, external service providers); Integration of specific requirements and adjustments during ongoing operations; Definition of reporting metrics in the context of the company’s risk appetite. - Patch Management – Optimization:
Identification and prioritization of opportunities for process optimization; Conducting regular coordination meetings with stakeholders; Preparation and presentation of interim reports. - Hardening – Definition of Target State:
Identification of relevant asset types and definition of hardening measures for each type; cross-subproject coordination to harmonize requirements; development of comprehensive hardening guidelines. - Hardening – Implementation:
Comparison of target and actual states to identify deviations; documentation of deviations and collection of KPIs and KRIs for performance monitoring.
Do you have any questions, would you like us to call you back, or would you like a quote?
Frequently Asked Questions About Third-Party Security
Third-party security (or supplier security) encompasses all measures a company uses to manage IT security risks posed by external service providers, suppliers, and third-party IT vendors—from selection and contractual requirements to ongoing monitoring.
Attacks are increasingly occurring through the supply chain. In addition, regulations such as NIS2 and DORA explicitly require third-party risk management. Organizations that fail to vet their service providers risk security incidents and compliance violations.
A review assesses a service provider’s security—for example, through questionnaires, certifications (e.g., ISO 27001), technical audits, and contract analyses. The result is a risk rating accompanied by specific recommendations for action.
Risk is assessed based on criticality (access, data types), the provider’s security level, and contractual commitments. Providers are classified so that the depth of the audit and the controls are appropriate for the respective risk.
We are establishing a pragmatic third-party risk management framework: registries, classification, audit processes, contract clauses, and monitoring—compatible with NIS2, DORA, and ISO 27001, and tailored to the size and maturity level of your company.
This depends on the number and criticality of the service providers, as well as the desired level of audit detail. We’ll propose a tailored solution and provide a clear breakdown of the costs involved. Just contact us.