{"id":12860,"date":"2023-11-22T01:01:30","date_gmt":"2023-11-22T01:01:30","guid":{"rendered":"https:\/\/contentsecurity.com.au\/?p=12860"},"modified":"2023-11-22T02:20:27","modified_gmt":"2023-11-22T02:20:27","slug":"the-role-of-security-awareness-training-in-third-party-risk-management","status":"publish","type":"post","link":"https:\/\/contentsecurity.com.au\/the-role-of-security-awareness-training-in-third-party-risk-management\/","title":{"rendered":"Strengthening the Chain: The Role of Security Awareness Training in Third-Party Risk Management"},"content":{"rendered":"\t\t
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Introduction<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The digital economy is changing the way organisations do business. The ability to collaborate with third parties is becoming increasingly necessary for success, but this also brings additional risk. A breach in a company’s systems can have serious consequences, including financial loss and regulatory penalties. Security awareness training helps organisations safeguard against the risks that come with external partnerships by fostering a proactive, vigilant approach to security throughout the extended network. By investing in the education and empowerment of employees, organisations can build a resilient defence against threats by creating an environment where everyone understands their responsibility for protecting data assets \u2014 no matter where those assets live or who owns them.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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As the digital world grows, collaboration with third parties is becoming increasingly necessary for success.<\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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In fact, many organisations rely on a multitude of third parties to provide services and products that are critical to their business operations. These could include cloud providers, outsourced service providers or other vendors (e.g., law firms). Third-party risk management is an important component of the overall enterprise risk management framework that helps protect an organisation from potential losses associated with doing business with these external entities. It involves identifying, assessing and mitigating risks associated with third parties before signing contracts; conducting periodic reviews throughout the lifespan of each contract; monitoring ongoing performance against contractual obligations; responding quickly when something goes wrong; taking appropriate remedial action if necessary (e.g., terminating contracts); reporting incidents internally as well as externally where required by regulatory bodies.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Security awareness training helps organisations safeguard against the risks that come with external partnerships.<\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Security awareness training is a key component of any third-party risk management strategy. It helps organisations identify, assess, and mitigate the risks that come with external partnerships. In addition to helping prevent cyberattacks and data breaches, security awareness training can also reduce the likelihood of other security incidents such as:<\/p>