We all know the difficulties associated with third party cyber risk. Organizations have no way to avoid using third parties, yet transparency into their security controls is limited. The third party risk assessment process can be lengthy and oftentimes only carried out on a portion of the organization’s third party providers.
So how can organizations better mitigate third party cyber risk?
By understanding the financial exposure associated with the risk. Use a business driven approach to mitigate cyber risks with insights into your financial exposure and proactively manage use of third party vendors.
Contingent Business Interruption
Third party service providers outage - Covers dependent income losses caused by a failure in a third party provider. Dependent income losses include losses sustained due to a failure or attack to a network provider's system.
Covers costs associated with an event in which customer data is compromised or exposed.
Covers costs for negligent acts, errors, or omissions. Also covers claims alleging failure to properly protect sensitive data stored on a computer system.
Covers fines or penalties imposed on a firm by regulatory agencies. Also covers legal costs associated with response to a regulatory proceeding.
Contribution of third party risk to your overall exposure.
Losses associated with specific third party providers.
Suggestions for security posture highlights that can limit damage from third parties.
Better understand the amount of cyber insurance your third party providers need to have in order to keep your business secure.Learn More