Organizations increasingly rely on a diverse range of third parties, including vendors, service providers, and partners, to support their operations. However, this ecosystem of third-party relationships also expands the attack surface, making organizations more susceptible to cyber threats and data breaches. A single security lapse in a third party’s systems can have devastating consequences for the organization, including financial losses, reputational damage, and regulatory non-compliance. Moreover, with the rise of supply chain attacks and the evolving regulatory landscape, TPSRM has become a critical necessity for organizations across all industries. By proactively managing third-party security risks, organizations can safeguard their sensitive data, maintain business continuity, and build trust with their stakeholders.

A GRC Assessment Platform like Isora streamlines Third-Party Security Risk Management (TPSRM) by offering a centralized system for teams to collaboratively conduct and manage third-party security risk assessments. It features user-friendly surveys and questionnaires to streamline evidence collection and response gathering from third parties. Additionally, Isora supports the creation and maintenance of a comprehensive third-party inventory, allowing organizations to systematically track and evaluate the security posture of each external partner.