2020 CCAR Resubmission
Best practices to reap the benefits of outsourcing to third party vendors while
defending against cyber threats
Understanding and addressing the cybersecurity risks posed by third parties has never been more important than now as modern organizations are increasingly outsourcing their business functions. Even with robust internal cybersecurity standards, it is impossible for organizations to ensure they are adequately protected against third party cybersecurity threats without a sophisticated Third Party Risk Management (TPRM) program. Due to the growing number of cybersecurity attacks via third parties in recent years, there is an urgent need for organizations to scrutinize the cybersecurity risks posed by the third party vendors they engage with.