Companies are using more and more third-party products and services to keep pace with a rapidly growing digital world. These products and services are often cost-effective and the best available solution, but they also involve complex dependencies that take a lot of time and money to manage. TNO has now developed a unique tool to manage these dependencies in a joint research programme involving ING, ABN AMRO, Rabobank and De Volksbank.
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Critical dependencies identified
Although most major organisations invest extensively in cybersecurity, it remains a major challenge for them to assure protection against all threats. The use of third-party products or services does not only make an organisation dependent on that party for certain functionalities, but also for their security. Security vulnerabilities must be made transparent in order to effectively manage them and resources can only be prioritised and measures taken once this insight has been obtained.
Security at the highest level
The Third-Party Security Assurance Tool was developed to answer the need for an efficient way to identify these dependencies. The tool provides a rapid, up-to-date and complete overview of the situation with an easy step-by-step method, making the risks transparent and so facilitating cybersecurity at the highest level, even where third parties are involved.
Cybersecurity is a global market with an estimated turnover of over 150 billion US dollars. Third-party security management has developed into a major sub-domain that continues to grow and involves a wide range of stakeholders. Research has revealed that almost all major organisations will eventually have to deal with incidents resulting from dependencies on third parties. This will involve challenges for almost all businesses big and small, and will certainly not be limited to the financial sector alone.
Ready for market
The tool is currently in the final stages of technical development and is ready to be marketed by commercial actors such as software developers and security service providers. The potential customers of this tool are not only banks and insurers, but all companies that purchase products or services from third parties. The product can be brought to market via various routes, for example through a spin-off (with the continued involvement of TNO), a joint venture, a transfer of the IP or even an open source initiative.
Please contact TNO for more information about our third-party security management tool.