Fourth Party Risk
Fourth Party Risk refers to the risk associated with the activities of entities that are not directly involved in a business relationship but may impact it. These entities are "fourth parties." They can include subcontractors, vendors, suppliers, and other service providers used by a third-party vendor or service provider that a company is directly doing business with.
The concept of fourth-party risk is crucial because it highlights the need for organizations to consider the risks posed by their extended network of business relationships. Organizations must have a comprehensive understanding of the risks associated with their third-party vendors and service providers and the risks associated with the third parties' extended network of service providers. Failing to manage fourth-party risks can result in negative consequences, such as reputational damage, financial losses, and regulatory fines.
ThreatNG Security helps manage fourth-party risk by providing a comprehensive view of the organization's extended network of business relationships:
Identify Fourth Party Relationships: ThreatNG's external attack surface management capabilities can help identify and map out an organization's digital footprint, including all third-party vendors and service providers it does business with, helping identify fourth-party relationships and providing insight into the risks posed by these entities.
Monitor Fourth-Party Security: ThreatNG's digital risk protection capabilities monitor the security of an organization's fourth-party vendors and service providers: data breaches, vulnerabilities, and other security risks that may impact the organization.
Assess Fourth-Party Risk: ThreatNG's security ratings solution assesses the security posture of an organization's fourth-party vendors and service providers, including evaluating their overall security posture, identifying weaknesses, and providing remediation recommendations.
Continuous Monitoring: ThreatNG can continuously monitor fourth-party risks, ensuring that any changes to the organization's extended network of business relationships are quickly identified and assessed for potential impact.
