Third Party Cyber Risk Management
Discover And Mitigate Third Party Cyber Risks
Increasingly, organisations are using third parties in order to meet their business goals. These third parties can play various roles in the supply chain, from the provision of products through to the delivery of information technology services.
Any breach of a contracted third party’s systems has serious impacts on the operational, legal and reputational standing of the contracting organisation. Countries including Australia and New Zealand continue to tighten their regulations, with stiffer penalties for information security and privacy breaches.
Enterprise risk frameworks that encompass third party information security risk, and overall best practice in line with internal policy and international standards such as ISO31000 and ISO27005, are important in complying with the regulatory requirements and overall management of third party information security risk.
It is therefore critical that organisations regularly review their risk profile as associated with the use of these external parties, who handle customer information, financials, Personally Identifiable Information (PII), and Protected Health Information (PHI). Key to this is to identify, assess, mitigate, and continuously monitor third party information security risk in line with the enterprise-wide risk framework.
The Kaon Security team have the capability to assist organisations with a comprehensive Third Party Cyber Risk Management service.
Objective
The Third Party Cyber Risk Management service:
- Assists the organisation to build their third party risk profile
- Assists in developing mitigations for third party information security risks
- Integrates third party information security risk into enterprise risk
- Improves the organisation’s visibility of third parties
- Reduces information security risk associated with the use of third party providers
- Helps to identify information security gaps in the third party’s environment
Deliverables
The Third Party Cyber Risk Management report includes the following:
- An executive summary
- Details from the workshop
- Key findings and recommendations in line with best practice
- A copy of the third party supplier questionnaire
Frequently Asked Questions
Working with suppliers and partners can create new risks. Here are some of the most common questions we hear about Third Party Cyber Risk Management, with clear answers to guide you.
Third Party Cyber Risk Management is the process of identifying, assessing, and reducing the cyber security supply chain risks posed by external suppliers, vendors, contractors, and service providers. Any organisation that connects to your systems, handles your data, or supports your operations can introduce vulnerabilities that need to be understood and managed.
A significant number of cyber incidents and data breaches stem from weaknesses in the supply chain. Even with strong internal security, a vulnerable supplier can be an entry point for attackers. Managing these risks helps you:
- Protect sensitive data
- Maintain business continuity
- Build stakeholder and customer trust
- Meet regulatory and contractual obligations
Our service provides a clear view of supplier-related risks and how to address them. This typically includes:
- Mapping supplier relationships and dependencies
- Identifying high-risk suppliers
- Reviewing contracts and policies
- Assessing supplier security practices
- Delivering a risk register with actionable improvements
We use a governance-focused approach, considering:
- Supplier access to systems and data
- Criticality of the service
- Existing oversight and monitoring measures
- Alignment with recognised security standards
Assessments may include documentation reviews, stakeholder interviews, and evaluation against frameworks such as ISO 27001, ISO 27036, and NIST.
Yes. We categorise your suppliers by risk and criticality, helping you focus on those who present the highest risk to your organisation. This targeted approach ensures resources are used efficiently while maintaining appropriate oversight across your supply chain.
Yes. We deliver a clear, structured risk register that documents key supplier risks, their potential business impact, and recommended actions for mitigation, monitoring, or further review. This becomes a practical tool for managing ongoing supplier oversight.
Supplier risk management is required under many frameworks and regulations, including:
- ISO 27001
- Government Information Security Manual
- NIST Cybersecurity Framework
Our process aligns with these standards, helping you demonstrate due diligence and meet audit, regulatory, and contractual expectations.
We assess suppliers and service providers such as:
- IT vendors and managed service providers
- Cloud service providers
- Data processors and storage providers
- Outsourced service desks and consultants
- Contractors with system or data access