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Why Third Party Identity Risk & Lifecycle Management Matters

81% of all breaches exploit identity according to a study from Centrify and Dow Jones Customer Intelligence, CEO Disconnect is Weakening Cybersecurity

U.S. based breaches are the most expensive globally, costing on average $7.91M with the highest global notification cost as well, $740,000. 2018 Cost of a Data Breach sponsored by IBM Security with research independently conducted by Ponemon Institute LLC.

 ” …75% believe that risks from third parties is increasing.”

In recent years, countless organizations have suffered data breaches as the result of a security failure at a contractor, vendor, supplier, partner or other third-party with access to their network.

At many organizations, full-time employees are controlled by an internal identity system, which among many benefits, helps with preventing data breaches when tied to a solid IAM strategy. But what about the non-employee population which has more complexity due to the number of different population types, and for on-boarding and lifecycle management?

The traditional approach to managing identities with homegrown solutions, customized IAM/IGA products, or HR systems is no longer enough. Identity orchestration for 3rd party or non-employees is more complex than ever. Managing the business processes for identity lifecycle is critical for these identities, as two-thirds of all data breaches today occur because of a third party.

In the 2017 Ponemon Institute survey, fifty-six(56%) percent of organizations say they had experienced a data breach stemming from a third-party security failure. More than 4-in-10 (42%) of the respondents say that attacks on their third parties resulted in a misuse of their organization’s sensitive and confidential data and 75% believe that risks from third parties is increasing*. “It’s relatively recent that C-level executives have begun to acknowledge that some of their third-party relationships are creating unbelievable risk,” said Larry Ponemon, the research firm’s founder, in the report.

Businesses need a solution for managing, identifying, and assessing the risk of all people that touch the corporation, including non-employee identities. While many organizations have begun to address third party risk, few are taking it to the identity level. In fact, many companies have yet to even design IAM programs specifically for third parties, particularly when it comes to governance, risk and monitoring, according to Gartner Inc.

Why a 3rd party Identity System?

With a successful implementation of a 3rd party identity solution you should be able to easily answer a few questions:

  • How many 3rd parties are in our environment?
  • Who is the sponsor of a particular 3rd party?
  • What partner does a particular 3rd party work for?
  • What is the risk this individual poses to our organization?
  • Does this third party still work for said partner, and are they still engaged with us?

If you can’t answer these questions, it is likely you should not be providing access to sensitive data for these individuals!

SecZetta specializes in 3rd Party Non-employee Identity Lifecycle Risk Management solutions and provides an authoritative source and system of record for managing all non-employees.

We are currently conducting an educational initiative, if you are looking into a 3rd party identity risk management solution that includes a single system of record for managing third party identity lifecycle and risk, which easily installs into any IAM system, including SailPoint, RSA, OIM, Ping, SecureAuth/Core, etc., please click here to be connected with one of our identity experts.

NE Profile DEMO
Join us on November 15th at 11am EST for a live demo of our NE Profile and NE Access Identity Risk & Lifecycle Management Products.
About the Author
Mark Barry
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