Third-Party Risk Management:
Cloud services are services and infrastructure, provided by a third party, that are accessed remotely. Third-party cloud vendors can provide companies flexibility and increased productivity due to their nature, yet they can also create unique vendor risks to the company utilizing them.
Due to a business environment evolving with a consistent need for technological advances, cloud computing and cloud services are must-haves for many companies.
However, because cloud providers can host, process or provide access points into customer, employee or confidential data, you need to be sure that they have the right cybersecurity and data privacy policies and controls in place. Confidential and proprietary information is often stored on these applications, and if a data breach were to occur, this information could be left vulnerable. While a third-party cloud service may have been the target of a breach, the overall responsibility for protecting customer and confidential data is still on the hands of the organization utilizing the third-party vendor and may be left liable.
Further, cloud-providers are often critical to the operations of a company, so you need to understand their financial health, disaster recovery plans, business continuity management, and operational resilience. Failures here by cloud providers, can become your failures.
There are other important considerations with cloud providers, such as off-boarding which are frequently overlooked. When you terminate your engagement with a cloud service provider you need to ensure that the separation process is handled appropriately, including attestation of there is no longer access to your data.
With Aravo, you can manage the engagements you have with cloud providers, throughout the lifecycle of the relationship. Aravo integrates with tools such as the Standard Information Gathering Assessment (SIG) that acts as a holistic tool for risk assessments of your cloud-providers’ IT, data security, cyber security, privacy and business resilience practices. It is aligned with multiple security controls and standards to ensure that cloud applications and other IT infrastructure remain compliant and proactive in terms of managing risk. The system allows you to identify any issues and remediate them with the vendor.
Additionally, Aravo’s integrations with cybersecurity ratings providers like SecurityScorecard and BitSight provide an outside-in view of cyber health and vulnerabilities that can provide additional intelligence for monitoring, identification and mitigation of security issues.
Aravo for Information Security is a pre-configured application designed to help companies stand up a best practice IT Vendor Risk Management program, quickly and confidently.
Share with Your Friends:
