Securing Modern Enterprise: IT Leaders Address Third-Party Risk Management

Vodafone Business recently hosted a webinar, ‘Thrive Anywhere: Securing the Modern Enterprise,’ featuring Bhupinder Singh, President of Asia Pacific and Middle East, and Andy Linham, Principal Strategy Manager, who both shed light on this critical topic.

Need for Third-Party Risk Management

Singh stressed that in a hyper-connected environment, security extends beyond internal measures. “We need to collaborate with third parties, which introduces additional risks that must be managed effectively,” Singh said. 

Linham likened businesses to fortified structures, where third-party partners are like the merchants and tenders coming in and out. “While we fortify the walls, we must also secure our interactions with these essential partners to avoid potential risks,” Linham explained.

Creating a Secure Ecosystem

Effective third-party risk management offers substantial benefits. Singh revealed that companies with strong programs experience 20% fewer data breaches and are 2.5 times more likely to meet regulatory compliance, aiding global expansion.

Linham highlighted that companies focusing on security in third-party relationships see higher trust and loyalty. “60% of these companies report better partner relationships,” he said.

Technological Solutions and Continuous Improvement

Linham emphasised the importance of API security, recommending both north-south and east-west API traffic protection. He also advocated for zero trust network access (ZTNA) and cloud access security brokers (CASB) to enhance security.

Singh advocated for continuous monitoring and reporting to ensure ongoing protection. “Growth relies on continuous assessment,” he said, suggesting rigorous vendor risk assessment and adherence to zero trust principles.

Actionable Advice for Enterprises

Linham advised tech leaders to scrutinise their providers' security policies. “Trusted partners should transparently show how they protect your data,” he said.

Singh stressed fostering a security-aware culture throughout the supply chain to mitigate risks. “Security fosters regulatory compliance, operational efficiencies, trust, and business resilience,” he concluded.

For more insights, register for the on-demand webinar here.