A leading bank needed to understand the level of cyber related risk that Third Parties and Cloud Service Providers introduced into their business, and also wanted to understand how to mitigate these risks. Mobius assisted the bank by designing and developing a Third Party Cyber Risk Management (TPCRM) approach that was tailored to their unique requirements and environment.
The solution we developed and implemented for them included the following:
The development of a Third Party Cyber Risk Management process and framework that enabled the bank to manage Third Party Cyber Risk.
The implementation of Triplicity, a Risk Management tool, which enables the bank to collect and manage Third Party risk related data.
The process and systems were then used by Mobius to perform an analysis of the bank’s TPCRM landscape with a focus on Cloud Service providers.
Through a combination of the process, the Triplicity tool, and the analysis exercise, the Mobius team was able to develop a remediation plan which outlined to the bank how best to address the identified Third Party Cyber Risks going forward.