Third-Party Risk Management
The Protection Your Business Desperately Needs
In today's interconnected world, 60% of all data breaches involve a third-party vendor.
The scary part? Many businesses have no idea where their vulnerabilities lie until it's too late.
Let us handle this for you. At Crisp Security, we offer the expertise of big enterprise firms but at a fraction of the cost. Your vendors are handling sensitive data and systems—but are they secure enough?
Failure to vet your third parties properly not only exposes you to data breaches, but cyber insurance claims can be denied if you don’t do the bare minimum to protect your business. Can you afford that risk?
Don’t wait for the next breach to happen. Act now.
What We Offer
Our Third-Party Risk Management Services are designed to prevent disaster before it strikes. Here's how we keep your business safe:
Comprehensive Vendor Audits: We audit your third-party vendors, checking their cybersecurity protocols
and compliance status. If they have weak spots, we’ll find them.
Regulatory Compliance: Non-compliance can cost you millions. We ensure your vendors meet standards like HIPAA, GDPR, and NYDFS. You don't want to be caught off guard when the regulators come knocking.
Custom Reports and Recommendations: After auditing, we provide you with clear recommendations. Are your vendors safe to use? Do they meet regulatory requirements? We give you the answers, so you don’t have to guess.
Ongoing Monitoring: Regulations change, and so do risks. We continuously monitor your third parties so you can stay compliant and mitigate risks long after our initial audit.
How It Works
Initial Questionnaire: We assess your third parties using enterprise-grade questionnaires to evaluate their security practices and compliance with standards like NIST and PCI-DSS.
Vendor Evaluation: Based on the questionnaire results, we do a deep dive to determine whether your third-party vendors are compliant and safe to continue working with.
Reporting and Recommendations: We provide a comprehensive report that outlines your vendor’s compliance status, risks, and areas for improvement.
Continuous Monitoring: We don’t just audit once and walk away. Our team keeps monitoring your vendors, ensuring they’re staying compliant with ever-changing regulations.
Why Your Business
Can’t Afford to Skip This:
Our services ensure that you don’t get blindsided by regulatory gaps in your vendor’s operations.
Denied Cyber Insurance Claims: Cyber insurers can and will deny your claim if your third-party risk management doesn’t meet the minimum standards. Are you willing to risk
millions in uncovered losses?Data Breaches Can Kill Your Business: 60% of companies close their doors within six months of a data breach. Many of these breaches happen because of weak third-party
security.
Regulatory Fines: Non-compliance with regulations like NYDFS can cost your company up to $14.82 million per incident.
How We Compare
to the Big Players:
We offer the same enterprise-level expertise as the big consulting firms, but without the huge price tag. Here's why we're different:
Hands-On Approach: While many large firms rely heavily on automated AI tools, we take a personal, hands-on approach. Our team manually audits and assesses your
third-party vendors, ensuring a thorough, tailored analysis that automation alone cannot provide.
Cost-Effective: We know small and mid-sized businesses can’t afford the prices of enterprise consulting firms. That’s why we provide the same high-level services for a fraction of the cost.
Tailored Solutions: Unlike big firms, we tailor every solution to fit your exact needs. You get personalized service and advice instead of a cookie-cutter package.
FAQ
Do I Need Third Party Risk Management Services?
Yes! If your business relies on third-party vendors for services, data handling, or anything else, you’re exposed to their risks.
Without proper management, third-party issues can lead to data breaches, non-compliance fines, or operational failures. Plus, if your business is subject to regulations like NYDFS, HIPAA, or GDPR, regulators will eventually find any gaps in your vendor management practices and could shut you down or impose heavy fines.
Our service helps you stay ahead of these risks, ensuring compliance and security at every step.
What Types of 3rd-Party Risks Will You Help Me Manage?
We help you manage a broad range of third-party risks, including:
Cybersecurity Risks: We help ensure your vendors follow best practices to prevent breaches.
Compliance Risks: We make sure your third parties meet required regulatory standards like NYDFS, HIPAA, GDPR, and more. If they don’t, regulators will eventually discover non-compliance, which can lead to business closure or fines.
Operational Risks: We assess financial stability and performance to avoid service disruptions.
Contractual Risks: We will review agreements and SLAs to protect your business and hold your vendors accountable.
What value will I gain from using CRISP over someone else?
With Crisp Security, you get a hands-on, personalized approach that larger firms often lack.
While many rely solely on automated tools, we manually audit and assess your third parties, catching risks others might miss.
Additionally, if your business must adhere to regulations like NYDFS or HIPAA, non-compliance can lead to significant fines or shutdowns. We help ensure your third-party relationships are compliant, and we offer these services at a cost-effective rate—giving you enterprise-level expertise without the hefty price tag.
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Some or all of the services described in this engagement may not be available to certain clients, including those who have affiliations or relationships with audit firms or related entities.
The information provided herein is of a general nature and is not intended to address the specific circumstances of any individual or entity. While we strive to offer accurate and up-to-date information, we cannot guarantee its accuracy at the time it is received or in the future. No action should be taken based solely on this information without seeking appropriate professional advice tailored to your particular situation. CRISP does not provide legal or tax advice.
This information is not intended to constitute “written advice concerning one or more Federal tax matters” as defined by section 10.37(a)(2) of Treasury Department Circular 230.
Contact Us
Let’s discuss your unique security needs and address any other questions you may have. Contact us today for a free consultation and take the next step towards strengthening your company’s defenses.
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