With unfolding news developments this afternoon regarding the MediSecure cyber security incident, Tesserent has issued the following advice for organisations to enhance third party supplier review and risk management.
Mark Jones, Senior Partner, Tesserent, a Thales Australia cyber security company highlights the importance of reviewing third parties’ information risk management.
“It’s important for organisations to protect sensitive information, safeguard intellectual property, maintain supply chain integrity, ensure compliance with regulations, and mitigate operational risks.
“Organisations should not only focus on internal controls, but also put a strong focus on managing their third-party suppliers and understand and assess the security risks they may pose. This process can be resource-intensive and time-consuming, and something that we are always assisting our clients with,” he says.
Mark says it is crucial to consider the cybersecurity risks that relationships with third parties can introduce to your environment. “Even the most robust internal security measures can become irrelevant if third parties present potential vulnerabilities,” he warns.
Tesserent’s Third Party Assessment as a Service (TPAaaS) aims to develop the processes and methodology for assessing third party supply chain risk, conduct evaluations of third-party suppliers identified as posing risks, and provide ongoing management and monitoring of third-party risks to remediate and reduce potential business impact. By evaluating each supplier’s security, Tesserent helps its clients to gain a deeper understanding of the level of risk each supplier poses.
“This information can then be used to determine the nature of the relationship with the supplier, assist in negotiating contract terms and expectations, or implement additional layers of security to mitigate risks as much as possible,” explains Mark.
Mark highlights that a proactive approach is crucial to identify and close vulnerabilities before cybercriminals can exploit them.
Tesserent is one of the largest cyber security providers in Australia and New Zealand to all levels of Federal and State Government along with more than 1000 clients in the corporate sector. Tesserent and Thales Australia work on many of Australia’s most sensitive defence programs, with critical infrastructure operators, government departments and the corporate sector.
