Most Influential Cybersecurity Leader to Follow in 2024 July2024

Human Error: The Achilles' Heel of Cybersecurity

Cybersecurityhasbecomeapressingconcerninourtechnology-driven

era.Ascyberthreatsbecomemorecomplexandwidespread, organizationsfacedauntingchallengesinsafeguardingtheirsensitive dataandsystems.Cybersecurityleadersareattheheartofthisbattle,playinga pivotalroleinprotectingbusinessesandinstitutionsfromtheseemerging dangers.

Theseprofessionalsareattheforefrontofdevelopingandimplementingrobust securitystrategies.Theymeticulouslyassessvulnerabilities,implementcuttingedgetechnologies,andcreatecomprehensiveincidentresponseplans.By stayingonestepaheadoftheever-evolvingthreats,cybersecurityleadershelp organizationsbuildresilienceandfortifytheirdefensesagainstattacks.

Moreover,theyfosteracultureofsecurityawarenesswithintheirorganizations, educatingemployeesaboutbestpracticesandpotentialrisks.Theirexpertise extendstoensuringcompliancewithdataprotectionregulationsandindustry standards,whicharecrucialinmaintainingthetrustandintegrityofdigital ecosystems.

Cybersecurityleadersalsocollaboratewithlawenforcementagenciesand industrypeerstosharethreatintelligenceandimproveoverallcybersecurity postureacrosssectors.Theirtirelesseffortsareinstrumentalinmaintainingtrust indigitalecosystemsandensuringthecontinuityofbusinessoperationsinan ever-changingthreatlandscape.Theirdedicationandexpertisearevitalin safeguardingthedigitalfutureoforganizationsandindividualsalike.

Aswesailthisdevelopingdigitalbattlefield,implementingmulti-factor authentication,regularsecuritytraining,andAI-driventhreatdetectionwillbe crucialformitigatingrisksandsafeguardingsensitivedata.

Initslatestedition, "Most Influential Cybersecurity Leaders to Follow in 2024," InsightsSuccessshowcasesSharizaUmiraPuteriKamarozzaman,who exemplifiestheprinciplesofinnovativeleadershipincybersecurity.Asthe SectionHeadofInformationSecurity,SecurityOperationsCenter Kamarozzamanhasbeeninstrumentalinimplementingprogressivesecurity protocolsandfosteringacultureofcyberawareness.

Have a great read ahead!

16.

Shariza Umira Puteri Bin Kamarozzaman: Leading the Charge in Cybersecurity

18.

Digital Forensics: Tools and Techniques for Cybercrime Invesgaon

20.

Cybersecurity Awareness and Educaon: Empowering Employees to Protect Against Threats

Challenges of Third-Party Risk Management and How to Overcome Them

Leading the Charge in Cybersecurity

Thecybersecurityindustryplays apivotalroleintoday’sdigital economy.Itprotectsrational property,ensuresbusinesscontinuity, facilitatesdigitaltransformation,and createsjobsandeconomic opportunities.Asorganizations increasinglyrelyontechnologyto streamlineoperations,accessnew markets,andinnovateproductsand services,cybersecurityenablesthemto embracedigitaltransformation securely,minimizingtherisks associatedwithadoptingnew technologiesandexpandingdigital capabilities.

Onesuchindividualwhohasmade significantcontributionstothisfieldis SharizaUmiraPuteriBinti Kamarozzaman.Sheisadedicated professionalwhohasdevotedherself tothefieldsofITInfrastructureand Cybersecurityforover13years.Her journeyhasbeenmarkedbyconsistent hardworkandresilience,guidedbya philosophythatresonatesdeeplywith her:‘Successisn’talwaysabout greatness.It’saboutconsistency. Consistenthardworkleadstosuccess.’

SharizacurrentlyservesastheSection HeadofInformationSecurity, SecurityOperationsCenter.The company’sITInfrastructure departmentisextensiveanddedicated toprovidingastableinfrastructurefor theapplicationteam.Theirgoalisto offerthebestplatformpossibleto thousandsofcustomersacrossAsia. TheITSecurityandCompliance departmentcollaboratescloselywith infrastructuretoensureasafe,secure, andcompliantenvironmentthereby safeguardingbusinesscontinuity.

Let us learn more about her journey:

OvercomingChallengesand ThrivinginITSecurityOperations

Shariza’searlyyearsresembledthose ofatypicalfamily;sheistheeldest childandtheonlydaughteramongfive familymembers,includingherparents. Shecanconfidentlysaythatshehas alwaysbeencherishedbyhermother, whohasprovidedherwithinvaluable guidanceonhowtobeindependent andaleader

ShegraduatedfromtheUniversity KualaLumpur–MalaysianInstituteof InformationTechnologywitha BachelorofComputerEngineering (Hons)in2011.Followingher graduation,shesecuredapositionasa WintelEngineeratHewlettPackard Malaysiathatsameyear.However, aftereightyears,shedecidedto embarkonanewjourneyinSecurity Operations,drivenbyhereagernessto explorenewopportunities.

DuringhertransitiontoSecurity Operations,shediscoveredaprofound interestinthecybersecurityfield, whichhasbecomeherpassion.Over her13yearsofstudyingandworking inITandSecurityOperations,she encounterednumerouschallenges.One significanthurdlewasadaptingtothe newrealmofSecurityOperations, particularlywhileservingasa RegionalSPOCforMetLifeAsia.

Despitethedifficulties,shewas fortunatetoreceiveunwavering supportfromherManager,theCTOof MetLife,whopatientlyguidedherand remainedaconstantsourceofadvice evenaftershechangedcompanies.He hasbeenakintoamentorora cherishedconfidant,akintoher mother.

Herinnercircleincludesaselectfew closefriends,oneofwhomworksin thesamefield.Theyshareabondakin

tosiblings,offeringmutualsupport throughbothprofessionalandpersonal challenges.Thiscompanionshipis especiallyimportantinthemaledominatedITsecurityenvironment, wherecooperationcanbechallenging, particularlywhenworkingwithmale leadersorsubordinates.

Despiteencounteringinstancesof disrespect,particularlywhenassigning tasks,sheremainsresilient.Overtime, she’slearnedtonavigatethese dynamicsandassertherleadershipas theHeadoftheSecurityOperations Center,fosteringcollaborationwithin theteam.

Despitethechallengesofbeinga femaleleaderinamale-dominated field,Sharizaisgratefulforthe opportunitiesforgrowthandlearning. Shefirmlybelievesthatwith confidenceandself-trust,onecan overcomeanyobstacle.Aquoteby DwayneJohnsonresonatesdeeplywith her:‘Successisn’talwaysabout greatness.It’saboutconsistency Consistenthardworkleadstosuccess.’ Thisphilosophyhasbeenaguiding principlethroughoutherjourney.

JourneyandGrowthintheFieldof Cybersecurity

SharizabeganhercareerasaWintel Engineerin2011attheageof25.After fouryears,shetransitionedtotherole ofInfrastructureEngineer.Itwasn’t untilanotherfouryearshadpassedthat sheembarkedonanewcareerpathasa SecurityOperationsSpecialist–VulnerabilityManagementwith MetLifeAsia.

Inthisrole,sheservedastheirsingle pointofcontactandoversawthe managementof10countriestoensure theirvulnerabilityscoreremainedin thegreen.Collaboratingcloselywith CountrySecurityOperations,she

ensuredthehealthoftheirAPAC region’sSecurityOperationsandtools.

ThedecisiontotransitiontoSecurity Operationsstemmedfromherdesireto explorenewopportunities,with Securityemergingasapromising avenue.In2019,shesoughtadvice fromaseniorregardingacareerin Security,andtheirsupportproved invaluable.

HerpassionforSecurityflourished duringhertenureatMetLife, particularlyundertheguidanceofher previousmanager,ChanKwokSan, whoprovidedunwaveringsupportas shedeepenedherinvolvementinIT Security Withaspirationstobecomea ChiefInformationSecurityOfficer (CISO)inthefuture,herkeeninterest inCybersecuritycontinuedtogrow

Uponembarkingonanewjourneyata differentorganizationin2024asa SectionHeadofInformationSecurity, SecurityOperationsCenter,shedelved intoSOC(SecurityOperationsCenter) andtheentireCybersecurity frameworkunderthementorshipofher HeadofDepartment,StevenChan ChengHong.

LikeChanKwokSan,Steven mentoredherandassistedin overcomingchallenges.Whileshe maintainsindependenceinherrole,she occasionallyseeksadvicefromher managerforasecondopinionor guidanceonSecurityOperations matters.

Thistrajectoryhasshapedherintoa Cybersecurityexpert,andrecently,she transitionedintotheroleofSection HeadoftheITSecurityOperations Center.Shehasbeeninthisnewrole forfourmonths,andshelooksforward tocontributingherexpertiseand drivingexcellenceincybersecurity withintheorganization.

Shariza Umira Puteri firmly believes that collective effort is essential for overcoming obstacles and achieving success in delivering projects. ,, ,,

EmbracingLeadershipand EmpathyinCybersecurity

Sharizapossessesastrongleadership character,thoughsheexhibitsa different,softer,andmoreloving personalityoutsideofficehours.One mightsayshehasadualnature, shiftinggearswhenshe’sworking versusduringherleisuretime.Asthe eldestsisterinherfamily,she’shadto bestrong,supportinghermother throughlife,especiallyconsidering theirmodestbackground.Hermother encouragedherindependence,urging hertotackledifficultiesandsolve problemsonherown,emphasizingthe importanceofwomen’sindependence.

Tosucceed,she’slearnedto differentiatebetweenrationaland emotionalthinking,recognizingthat womenoftengrapplewithheightened emotions.AsaCybersecurityHead, Sharizaprioritizesrationaldecisionmaking,consciouslysettingemotions asidetoensuresoundjudgments.This approachenableshertolead effectively,mentorcolleagues,and developtalent.

Herweaknessliesinthe unpredictabilityofheremotions. Colleaguesoftengaugehermoodfrom herexpressionstoavoidpotential issues.Whilethismayseemtrivial,it’s atraitsheacknowledgesandconsiders unique,asitmakesherharderto predictandlessordinary.

BornasaCancerWomanwith birthdaysinJulyandunderwatery signs,sheunderstandsthecomplexity ofemotionalwaves.Onlyspecial individualscomprehendandembrace thesetraits,recognizingthedepthof emotionsandtheinherentkindness within.

Despitethesechallenges,shebelieves hergenuineheartcaninspirekindness andunderstandinginthosearoundher Embracingbothherstrengthsand weaknesses,shestrivestoleadwith empathyandauthenticity.

DrivingSuccessthroughShared Workloads

Workingtogetherasateamand departmentmotivatesandempowers bothSharizaandherteamtoexcelin theirroles.IntherealmofSecurity Operationswithinthefinancial industry,collaborationwithkey stakeholdersfromvariousdepartments suchasInfrastructure,Security,Cloud, andApplicationsiscrucial.Security encompassestheentireinfrastructure andapplicationstoensurethe environmentremainssecureand customerdataissafeguardedfrom breaches.

Settingagoodexampleand demonstratingeffectiveleadershipby sharingworkloadstoensuresuccessful projectdeliveryiskeytoinspiringher teamandcolleaguestoachieve

success.Sheisfortunatetohave consistentlydemonstratedacademic excellencesinceherstudentdays,and thishascontinuedthroughouther13yeartenureasanemployeeinvarious organizations,whereshehas consistentlybeenrecognizedasatop performer.Herstrongacademic backgroundandexperienceworking withseveralgoodmanagersserveas motivationforherstaffandcolleagues astheycollaborate.

Inleadingtheteam,sheembodiesa dualnature,presentingherselfasan assertiveleaderduringworkhoursand adoptingasofterapproachduring leisuretime.Fromheracademicyears tohercurrentroleasHeadof InformationSecurity,sheconsistently motivatesherteamtoworktogether, guidedbytheprinciplesummarizedin thequotebyHenryFord:‘Ifeveryone ismovingforwardtogether,then successtakescareofitself.’Shariza firmlybelievesthatcollectiveeffortis essentialforovercomingobstaclesand achievingsuccessindelivering projects.

Sheencouragesherteamand colleaguestocontinuallyenhancetheir knowledge,explorenewopportunities, andconsideracareerpathinleadership andmanagementiftheyareinterested. Inherview,collaborationisessential inInfrastructureandCybersecurity,as teamworkisindispensablefor deliveringprojectseffectivelyand providingexcellentplatformsforusers andcustomerswhileensuringthe protectionoftheirdataintheir environments.

AcademicExcellencetoProfessional Success

BeingaCybersecurityHeadisthe greatestachievementshehasattained thusfar.Sheisimmenselygratefulto Godforguidinghercareerpathtothe

rightplaceandtime.Hergoalisto becomeaChiefInformationSecurity Officer(CISO),whichmotivatesherto continuallyenhanceherknowledgein theworkingenvironmentand cybersecurityfield.

Herjourneyofachievementsbeganat university,wheresheearnedDean’s ListHonorsforbothherdiplomaand bachelor’sdegreeincomputer engineering.Additionally,shewas honoredasoneoftherecipientsofthe MajlisAmanahRakyat(MARA) scholarshipduringherBachelorof ComputerEngineering(Hons)studies.

Sincegraduating,shehasreceived numerousaccoladesandrecognitions, withthepinnaclebeingherroleasa CybersecurityHead.Thefollowingisa listoftheawardsandrecognitionsshe hasreceivedfromtheuniversityuntil thepresent:

• InsightsSuccessBusiness Magazine-MostInfluential CybersecurityLeadertoFollow In2024

• PassionVista’sCollectors’ EditionMagazine–Achieversof AsiaandAfrica2024

• DigitalConfex–AwardofTop25 CybersecurityStaroftheYear 2023

• Manulife–Certificateof Appreciation2017

• CathayPacificAirways–CertificateofAppreciation2014

• Fonterra&EastHub–Certificate ofAppreciation2012

• UniversityKualaLumpur (MalaysianInstituteof InformationTechnology)-Majlis AmanahRakyat(MARA;Malay: People’sTrustCouncil) Scholarship(Dec2011)

• UniversityKualaLumpur (MalaysianInstituteof InformationTechnology)-Dean ListS1’2011

• UniversityKualaLumpur (MalaysianInstituteof InformationTechnology)-Dean ListS2’2007

• UniversityKualaLumpur(British MalaysianInstitute)-DeanList S2’2005

EmbodyingStrength

Shariza’sguidingprincipletowards growth,development,andsuccessis preciseinthequotebyMandyHale: ‘Strongwomendon’tplaythevictim. Theydon’tmakethemselveslook pitifulanddon’tpointfingers.They stand,andtheydeal.’

Firstly,itemphasizesthestrengthand resilienceinherentinwomen.Rather thansuccumbingtovictimhoodor portrayingthemselvesashelpless, strongwomenconfrontchallenges head-on.Theyrefusetodwellon misfortunesorseekpityfromothers. Instead,theyfaceadversitywith courageanddetermination,embodying resilienceinthefaceofobstacles.

Secondly,thequotehighlights accountabilityandself-reliance.Strong womendonotengageintheblame gameorpointfingersatothersfortheir circumstances.Instead,theytake ownershipoftheiractionsand decisions,acceptingbothsuccesses andfailures.Byembracing accountability,theyempower themselvestonavigatelife’schallenges withintegrityandgrace.

Finally,thequoteunderscoresthe importanceofactionanddecisiveness. Strongwomendonotmerelyendure hardships;theyactivelyconfrontand addressthem.Ratherthanwaitingfor circumstancestochangeorrelyingon externalassistance,theytakeinitiative andproactivelyseeksolutionsto overcomeobstacles.

OV E R S T R Y

Inessence,MandyHale’squote celebratestheresilience, accountability,andproactivenatureof strongwomen.Itencourageswomento embracetheirinnerstrength,confront challengeswithcourage,andtake chargeoftheirdestinies.

Hermessagetoviewersoutthereisto notgiveupandtokeepimproving yourknowledge,regardlessofthe field.Forher,it’sinCybersecurity becausesheaspirestobeaCISO someday Thishasbeenherambition sinceshechangedhercareerpathto CybersecurityorITSecurity.She encourageseveryonetocontinueto improvethemselves,keeplearning, andawaitopportunities.Opportunities willcomeattherighttime;youjust needtobepatientandmaintain consistencyinyourwork.

TheRoleofFaithinAchieving Greatness

Sharizaneveranticipatedreceiving multipleawardsstartingin2023and extendinginto2024.However,aquote aboutsuccesshasalwaysresonated withher:‘Successisn’talwaysabout greatness.It’saboutconsistency. “Consistenthardworkleadstosuccess. Greatnesswillcome.”Thesewords werespokenbyDwayne‘TheRock’ Johnson,anactorwhomsheadmires.

Sinceembarkingonhercareerin2011, Ms.Sharizahasneverwavered.Over thepast13years,shehasdevoted herselftothefieldsofITInfrastructure andCybersecurity,diligentlyworking towardsachievingsuccess.Alongthis journey,shehasbeenabletoshowcase herdedicationandhardworktothe world.

Sheacknowledgesallherformer manager,ChanKwokSanfrom MetLife,AdrianLimfromTune ProtectGroup,andhercurrent

manager,StevenChanChengHongfor theirsignificantcontributionstoher successinthefieldofsecurity Allof themhaveplayedcrucialrolesin shapingherskillsandabilities,andshe isgratefulfortheirguidanceand mentorship.Theyhavetrulyhelpedher becomeastarintheworldof Cybersecurity.

ShebelievesthatonlyGodcanrepay thekindnessandsupporttheyhave shownher,andshepraysthatHe blessesthemallwithgoodhealthso thattheymaycontinuetotrainand guideothers,justastheyhavedonefor her.

Digital Forensics

Tools and Techniques for Cybercrime Investigation

Today,whereinformationisthe newcurrency,cybercrimehas becomeapervasivethreat.To combatthis,digitalforensicsemerges asacriticaldiscipline.Itinvolvesthe meticulouscollection,preservation, analysis,andpresentationofdigital evidencetouncoverthetruthbehind cybercrimes.

WhatisDigitalForensics?

Digitalforensicsisessentiallythe applicationofinvestigativeand analyticaltechniquestogatherand preserveevidencefromcomputer systemsandnetworks.Itencompasses awiderangeofactivities,from recoveringdeletedfilestoanalyzing networktrafficpatterns.Thegoalisto reconstructthetimelineofevents, identifyperpetrators,andbuildastrong caseforprosecution.

KeyToolsandTechniques

Digitalforensicsexpertsemploya varietyofspecializedtoolsand techniquestounravelthecomplexities ofcybercrimeinvestigations.

• DataAcquisition:Thisinvolves creatingexactcopiesofdigital media,suchasharddrives, smartphones,andservers,without alteringtheoriginaldata.Tools likeFTKImagerandEnCaseare commonlyusedforthispurpose.

• FileRecovery:Evendeletedfiles canholdcrucialevidence.Tools likeRecuvaandPhotoReccan recoverlostdata,helping investigatorspiecetogetherthe puzzle.

• DiskImaging:Creatinga

completeimageofastorage deviceallowsforthorough analysiswithoutriskingdata corruption.

• NetworkForensics:Examining networktraffictoidentify suspiciousactivities,trackdata flow,andpinpointthesourceof attacks.ToolslikeWiresharkand NetFlowareinvaluableinthis process.

• MobileDeviceForensics: Extractingdatafromsmartphones andothermobiledevices,which oftencontainawealthof informationaboutusers' activities.

• CloudForensics:Investigating cloud-basedservicesand applicationstogatherevidence storedinthecloud.

• DigitalEvidenceAnalysis:This involvesscrutinizingrecovered datatoidentifypatterns, anomalies,andpotential evidence.ToolslikeAutopsyand Cellebriteassistinthisprocess.

• MalwareAnalysis: Understandingthebehaviorof malicioussoftwaretodetermine itsorigin,purpose,andimpact.

• SteganographyDetection: Uncoveringhiddendata embeddedwithinimages,audio, orvideofiles.

ChallengesinDigitalForensics

Digitalforensicsisaconstantly evolvingfield,facingnumerous challenges.Therapidadvancementof technology,theincreasing sophisticationofcybercriminals,and thevastamountsofdatatobeanalyzed posesignificanthurdles.Additionally,

thelegaladmissibilityofdigital evidencerequiresmeticulous documentationandadherencetostrict chain-of-custodyprotocols.

TheRoleofDigitalForensicsin CybercrimeInvestigation

Digitalforensicsplaysapivotalrolein combatingcybercrime.Byproviding concreteevidence,ithelpslaw enforcementagenciesapprehend cybercriminals,protectvictims,and deterfutureattacks.Moreover,itaids indevelopingeffectivecybersecurity strategiesbyunderstandingthetactics employedbyadversaries.

Asthedigitallandscapecontinuesto expand,theimportanceofdigital forensicswillonlygrow.By harnessingthepowerofadvancedtools andtechniques,investigatorscanstay aheadofcybercriminalsandensurea saferdigitalworld.

Conclusion

Digitalforensicsisacomplexand demandingdisciplinethatrequires specializedexpertise.By understandingthetoolsandtechniques usedinthisfield,wecanappreciatethe criticalroleitplaysinuncoveringthe truthbehindcybercrimes.As technologyevolves,sotoowillthe methodsemployedbydigitalforensic expertstocombattheever-changing threatlandscape.

CYBERSECURITYAWARENESS ANDEDUCATION

Empowing Employees to Prote Against Threats

Currently,wherebusinessesheavily relyontechnology,cybersecurityhas becomeanindispensablecomponentof operations.Whilerobusttechnological defensesareessential,thehuman elementoftenremainstheweakestlink inthesecuritychain.Thisiswhere cybersecurityawarenessandeducation comeintoplay.Byempowering employeeswiththeknowledgeand skillstorecognizeandrespondto cyberthreats,organizationscan significantlybolstertheiroverall securityposture.

TheHumanFactorinCybersecurity Cybercriminalsarebecoming increasinglysophisticatedintheir tactics,oftenexploitinghumanerrorto gainunauthorizedaccesstosystems anddata.Phishingattacks,social engineering,andotherdeceptive techniquesareprevalent,makingit imperativetoequipemployeeswiththe abilitytoidentifyandavoidthese threats.

TheImportanceofCybersecurity AwarenessTraining

Acomprehensivecybersecurity awarenessprogramisessentialfor creatingacultureofsecuritywithinan organization.Itinvolveseducating employeesaboutvariouscyberthreats, theirpotentialconsequences,andbest practicesforprevention.Key componentsofeffectivetraining include:

• UnderstandingCyberThreats: Employeesshouldbefamiliar withcommoncyberthreatssuch

asphishing,malware, ransomware,andsocial engineering.Theyshouldbeable torecognizethesignsof suspiciousactivityand understandthepotentialimpactof thesethreats.

• StrongPasswordManagement: Encouragingemployeestocreate complex,uniquepasswordsfor differentaccountsiscrucial. Promotingtheuseofpassword managerscansimplifythis processandenhancesecurity.

• SafeEmailPractices:Employees shouldbetrainedtoidentify phishingemails,avoidclicking onsuspiciouslinksor attachments,andreport suspiciousactivitypromptly

• DataProtection:Emphasizingthe importanceofprotectingsensitive informationisvital.Employees shouldbeawareofdatahandling procedures,accesscontrols,and theconsequencesofdata breaches.

• MobileSecurity:Withthe increasinguseofmobiledevices forworkpurposes,employees shouldbeeducatedaboutmobile securitybestpractices,including appsecurity,deviceprotection, anddatabackup.

• SocialMediaAwareness: Employeesshouldbemadeaware oftherisksassociatedwithsocial mediaplatforms,suchassharing personalinformationandfalling victimtoscams.

• IncidentReporting:Establishing clearproceduresforreporting securityincidentsiscrucial.

Employeesshouldbeencouraged toreportanysuspiciousactivity withoutfearofreprisal.

MakingCybersecurityAwareness EngagingandEffective

Toensuremaximumimpact, cybersecurityawarenesstraining shouldbeengaging,interactive,and tailoredtothespecificneedsofthe organization.Herearesomeeffective strategies:

• InteractiveTrainingModules: Employinginteractiveelements suchasquizzes,simulations,and role-playingcanenhancelearning andretention.

• Real-WorldExamples:Using real-worldexamplesof cyberattackscanhelpemployees understandtheconsequencesof theiractionsandtheimportance ofstayingvigilant.

• RegularRefreshers: Cybersecuritythreatsevolve rapidly,soit'sessentialtoprovide regulartrainingupdatestokeep employeesinformed.

• PhishingSimulations: Conductingsimulatedphishing attackscanhelpemployeeslearn toidentifyandreportsuspicious emails.

• LeadershipBuy-In: Demonstratingsupportfromtop managementiscrucialfor fosteringasecurity-conscious culture.

Conclusion

Cybersecurityawarenessandeducation arefundamentaltoprotectingan organizationfromcyberthreats.By investingincomprehensivetraining programsandpromotingacultureof security,businessescansignificantly reducetheirriskoffallingvictimto cyberattacks.Remember,employeesare thefirstlineofdefense,andempowering themwiththerightknowledgeandskills isessentialforsafeguardingsensitive informationandmaintainingbusiness continuity.

CHALLENGES OF THIRD-PARTY RISK MANAGEMENT HOWTOOVERCOMETHEM AND

Third-partyriskmanagement hasbecomeincreasingly importantforbusinessestoday. Withcompaniesrelyingmoreonthird partieslikevendors,suppliers,and partners,theyareexposedto significantrisksiftheserelationships arenotproperlymanaged.percentof businessesbelievethatthird-party missesactuallyresultedinoperational disruptions.

Whilethird-partyrelationshipscan providetremendousvalue,theycan alsoexposebusinessesto cybersecurity,financial,regulatory,and reputationalrisksifnothandled carefully.Thestakesaresohighthat moreandmorebusinessesare embracingrobustthird-partyrisk managementframeworksfortheir business.

Nowadays,therehasbecomeawebof interconnectednessthatlarge businessesrelyonthirdpartiesfor somefunctionswhilethirdpartiesrely onfourthpartiesforsomeoftheir functions.

TPRMChallengesandOvercoming Them

Thereisacomprehensiveand significantlistofchallengesposedin frontofeffectivethird-partyrisk management.Inthisblog,wewill discusssomeofthekeychallengesin managingthirdpartyrisksand strategiestoovercomethem.

LackofVisibilityintoThird-Party Practices

Oneofthebiggestchallengesfor businessesisthelackofvisibilityinto athirdparty’spolicies,procedures,and controls.Withoutanunderstandingof howthirdpartiesoperate,manage internalrisks,andhandlesensitive data,itisdifficulttogaugethelevelof riskexposure.Manythirdpartiesmay notbetransparentabouttheirpractices ormayhaveimmaturerisk managementprograms.Building visibilityintotheiroperations,cyber maturitylevels,andriskcultureis crucialbutdifficultwithouttheir cooperation.

Lackofvisibilityisoftenthefirst challengeofthird-partyrisk management.Theunclearandshoddy pictureofthird-partyethicsand practicesmakeitdifficulttoframeand scalethethirdpartiesaccordingto thirdpartyriskmanagement framework.

Businessescanovercomethisby conductingcomprehensivedue diligenceonthirdpartiesbefore partneringwiththem.Detailedrisk

assessmentsandquestionnaireshelp betterunderstandtheircontrols. Regularsitevisits,audits,andtesting proceduresalsoprovidevisibility Beingproactiveandaskingthird partiestogetindependentvalidations likeSOC2reportscanalsohelpgain assurance.Oncetheveilistakenoff fromthethirdpartiesandeverything becomescrystalclearthenitbecomes easierforbusinessestogradethird partiesintoriskcategories.

ResourceIntensiveRiskAssessments

Whileassessingthirdpartyrisksis critical,theprocesscanbequite intensiveintermsoftime,effort,and resources.Largeorganizationsmay havethousandsofvendorsand conductingin-depthriskassessments oneachcanbeextremelychallenging. Thedynamicnatureofthird-party relationshipsalsomeansthat assessmentshavetobeupdated regularly.

Businessescandealwiththisby adoptingrisk-basedapproaches,where

thirdpartiesarecategorizedbasedon criticalityandprioritizedfor assessmentsaccordingly Automation toolscanalsohelpstreamlineand speedupriskassessmentsbyproviding questionnaires,documentcollection, andstandardtemplates.Focusing assessmentsonvendorshandling sensitivedataorcriticalserviceshelps optimizeresources.

ComplexRegulatoryRequirements

Navigatingdifferentregulatory compliancerequirementsaroundthird partiesalsoposeschallenges.

RegulationslikeGDPRintheEU, CCPAinCalifornia,andothershave specificobligationsaroundvendorrisk managementanddataprotection. Understandingregulatoryexpectations andtranslatingthosetoworkflow processesandcontractualtermswith globalthirdpartiesmakescompliance difficult.

Partneringwithlegalcounseland complianceexpertsisimportantto interpretregulatoryguidelinesrelated tothirdparties.Monitoringregulatory changesandadaptingpoliciesand proceduresisalsokey.Implementing robustdataprotectionmeasures,audits, andduediligencealignedtoleading regulationscanhelpmeetglobal compliancestandards.

LackofStandardizationinRisk ManagementPractices

Whileregulatorystandardshelp provideguidelines,manybusinesses stillstrugglewiththelackof standardizationinthirdpartyrisk managementpracticesacrossthe industry.Riskassessment questionnaires,KRIs,audits,and contractsvarysignificantly.Thismakes benchmarkingdifficultandalsocreates additionalburdensforthirdparties workingwithmultipleclients.

Aligningwithindustryframeworksand standardsliketheISO27001orNIST cybersecurityframeworkcanhelp organizationsbenchmarkagainstpeers. Joiningindustrygroupstocollaborate onriskmanagementpracticesisalso beneficial.Partneringwiththirdparties tocreatestandardizedself-assessment questionnaireshelpsreducetheir burdentoo.Atest-oncephilosophyand mutualacceptanceofstandard certificationsandreportsenable efficiencies.

OversightofSubcontractors

Withlongandcomplexsupplychains, businesseshavetocontendwith'fourth partyrisk'createdbythirdparty subcontractors.However,companies oftenhavelittlevisibilityorcontrol oversubcontractors,makingrisk oversightverytricky.Fourthpartyrisk managementisalsoaneffective componentofarobustTPRM framework.Infactasenseofsafety andsecuritymustprevailthroughout thewholesupplychainecosystem.

Requiringthirdpartiestodisclosetheir useofsubcontractorsandincludeflows downofcontractualtermsisimportant. Conductingspotchecksorauditsof criticalsubcontractorsprovidessome visibilityeveniflimited.Exploring emergingtechnologieslikeblockchain toenhancesupplychaintransparency canalsohelpwiththeoversightof subcontractors.

IneffectiveatScalingAcrossLarge Network

Finally,addressingthirdpartyrisks oftenremainsafragmented,manual process.Thismakesscalingrisk managementacrossalarge,global networkofthirdpartiesnearly impossible.Lackofautomationand dataintegrationposeschallenges.

Movingtoplatform-basedsolutionsfor vendorriskmanagementintroduces automationinriskassessments, documentation,andanalytics.This approachscalesseamlesslyacrossthe networkandprovidescomprehensive visibilitythroughintegrateddata. Machinelearningalsoallows benchmarkingrisksandpredicting non-compliance.IntegratingGRCtools withprocurementandP2Psystems alsohelpsembedriskearlyduringthe sourcingstages.

Conclusion

Managingthirdpartyriskiscomplex butcriticalforbusinessresilience. Whiletherearemanychallenges, takingaproactive,pragmaticapproach focusedontransparency,automation, standardization,andsmartresource allocationcanhelpcompanies overcomeroadblocks.Thesolutionslie inassessingriskcontinuously, collaboratingacrosstheecosystem, utilizingenablingtechnology,and maintainingrigorousoversight.By makingthirdpartyriskmanagementa strategicimperativebackedbysenior leadershipsupport,companiescan effectivelyscaletheirvendorassurance programs.

Author Bio:

NagarajKuppuswamyistheCofounderandCEOofBeaconer,an esteemedenterprisespecializingin managedthird-partyriskusingthe cloud-nativeAI-basedsolution.With anextensiveportfolioofaccoladesand industrycertifications,Nagarajstands outasaseasonedexpert,boastingover 16yearsofdedicatedinvolvementin thefieldofCybersecurity Throughout theircareer,hehaspredominantly focusedonelevatingtherealmofthirdpartyriskassessment.Youcanconnect withhimthroughLinkedin.

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