Teramind

Third-Party Risk Management (TPRM)

Teramind Provides Third-Party Risk Management (TPRM), Threat Detection and Data Loss Prevention in a Single Platform

The Need for Third-Party Risk Management (TPRM)

Third-party vendors, partners, consultants, and outsourced contractors often have privileged access to a company’s internal systems. As privileged insiders, they can change system configuration, steal company data, and sabotage critical infrastructure.

Even with no malicious intent, an external vendor is a major security liability. There are also strict regulatory requirements that TPRM helps businesses reach.

Some of the industries that need TPRM the most are banking and healthcare. Where vendor monitoring is mandatory to ensure privacy and protection while data is transferred or processed between two parties.

An organization should set up a security perimeter when giving access to external vendors and contractors. The business then needs a way to continuously monitor all vendor activity to ensure they conform to the company’s security policy and rules.

Some compliance regulations also require organizations to keep a detailed record of any security, privacy, or data breach incidents caused by a third-party. The Teramind third-party risk management system (TPRM) can assist businesses in keeping accurate records.

Teramind Third-Party Risk Management

Teramind offers an unrivaled third-party risk management platform to monitor, control, and protect third-party vendors. By using Teramind’s third-party risk management, your business will decrease the chances of daming mistakes and help improve IT safety measures.

In addition, Teramind’s TPRM helps you meet many regulatory compliance requirements as it relates to third-party vendor management.

Teramind includes:

  • Extensive user activity monitoring
  • Data exfiltration protection
  • Auditing
  • Reporting
  • Forensics capabilities
Third party vendor monitoring value diagram

Third-Party Entities: A Weak Link in Cyber Security Chain

3rd-Parties Are a Major Cause of Data Breach Incidents

A majority of the organizations who have experienced a security breach within the last year agrees that it happened because of too much access privilege to 3rd parties. Source: SecureLink.

74%

Breaches Were Due to Excess 3rd-Party Privileged Access

Companies Exposing Cloud Data to 3rd-Party Vendors

A team of cloud security professionals from Microsoft found that over 80% of companies provide 3rd party vendors with access to information and data on their cloud. Source: Wiz Research.

82%

Give 3rd-Parties Access to All Cloud Data

3rd-Party Involved Data Breaches Cost More

If a third party is involved, a breach costs tends to increase - by more than $370,000, for an adjusted average total cost of $4.29 million. Source: IBM.

$4.29M

Avg. Total Cost of a 3rd-Party Data Breach

Many Companies Lack 3rd-Party Security Standards

In a global survey of companies, PwC found that only 52% have security standards in place for 3rd-parties. Source: PwC.

Only 52%

Companies Consider 3rd-Party Security a Priority

How Third-Party Entities Cause Security Risks

Malware infection

A visiting external contractor opening an infected email or browsing a website with malware that can spread in an organization's network.

Privilege elevation

A third-party vendor attempting to bypass security clearances and gain additional access by exploiting a bug, design flaw or configuration oversight in an operating system or software application.

Database access

A third-party supplier attempting to log in to database servers during off-hours or after the completion of a project.

Data exfiltration

A third-party vendor abusing access within a system to view confidential customer and employee records.

Cloud security

Any third-party access to cloud-based storage services, which can lead to confidential information being transferred out of the system.

Steganography

An insider utilizing screen-capturing software to share confidential files and security information with unauthorized third-parties outside the organization.






Teramind Third-Party Risk Management Use Cases

IT Services

Industry Challenge

IT services businesses, MSPs, and hosting providers often need to monitor vendor activity in the company servers. Monitoring servers is an important part of being able to enforce SLA and process billing.

Employees of third-party professional services can access important aspects of your business. This may include:

  • Organizational databases
  • Configuration servers
  • IT security systems

Third-party vendors should be treated with the same vigor as your other privileged employees and scrutinized for all their activity.

Teramind Solution

With Teramind’s activity monitoring solution, it’s possible to quickly see (and prove) exactly who worked on the servers. You can also see when, for how long, and what they did to ensure security and process accurate billing and SLAs.

In addition, Teramind supports ISO 27001 compliance that further ensures an organization’s overall IT security measures are covered with a single solution.

Financial Services

Industry Challenge

Banks and other financial institutions often outsource operational functions to contractors or use third parties to offer value-added services. An increasing number of banks are also outsourcing core banking operations to third-party vendors, causing the need for third-party management to become even more important.

This creates a new avenue of threats for both the banks and their customers. Regulations and laws are enacted to make sure banks have third-party management. These TPRM regulations ensure vendors accountable for their activities.

For example, the Federal Financial Institutions Examination Council (FFIEC) Cybersecurity Assessment Tool states, “Financial institutions must understand the complex nature of arrangements with outside parties and ensure adequate due diligence for the engagement of the relationships and ongoing monitoring.”

Teramind Solution

With Teramind’s third-party vendor risk management solution, you can see who:

  • Worked on servers
  • When they worked on servers
  • The duration of the work
  • What they did

The Teramind TPRM ensures security and processes accurate billing and SLAs.

Teramind helps banks and financial institutions uncover potential cybersecurity weaknesses in their online banking system. Also, Teramind develops threat intelligence with behavioral and content-based analysis of secure financial data.

With continuous monitoring, a bank can accurately determine third-party risk and prevent bad practices by vendors. With Teramind, banks can conduct detailed file searches to make sure vendors are using the right forms, following the agreement, and addressing customer requests.

Teramind supports standards like FFIEC and SOX, so financial institution can rest assured that their third party vendor management conforms to financial regulations.

Retail / E-Commerce

Industry Challenge

Retails and e-commerce merchants and any business processing payment information must comply with PCI DSS. There is a high third-party risk when vendors process credit card transactions or deal with customer data.

As the merchant, it's on you to ensure that third-party services you do business with are also following the compliance protocol. You should be able to list each vendor your company does business with and confirm what services they provide.

You should also be able to make sure that each provider listed is compliant with the PCI DSS on an ongoing basis.

Teramind Solution

The simplest way to ensure PCI DSS compliance and auditing is with the proper third-party vendor risk management system. The right TPRM system ensures a transparent and end-to-end auditing system.

Teramind has several deployment options for third-party risk management services, including a Cloud solution. It’s PCI DSS compliant and implements key security requirements for third-party vendors and external users like:

  • Personal Financial Information (PFI)
  • Unique IDs
  • Layered, Role-Based Access Control (RBAC)
  • 2-Factor Authentication (2FA)

Healthcare

Industry Challenge

Health Insurance Portability and Accountability Act (HIPAA) is designed to facilitate the efficient flow of the healthcare data and protect patient:

  • Personally Identifiable Information (PII)
  • Personal Health Information (PHI)
  • Electronic Health Record (EHR)

HIPAA-covered organizations must protect these data not just from their employees but also from third parties. Third-party management ensures systems are in place to comply with regulations. There are even specific administrative, security, and technical rules for such addressable implementation specifications.

Teramind Solution

Teramind helps healthcare organizations with third-party risk management. As part of Teramin’s TPRM software, healthcare organizations can conform with ongoing privacy and security requirements of HIPAA. Healthcare businesses can also regulate PII, PHI, and EHR data from both internal and third-party users.

With Teramind’s third-party risk management, you can create security profiles for vendors allowing or restricting access to patient records on a need-to-know basis. Help enforce privacy policy by using granular activity monitoring of all system objects like:

  • Files
  • Networks
  • Websites
  • Apps
  • Emails, etc.

Use instant alerts and audit trails to meet the HIPAA security review and reporting requirements.

Telecom

Industry Challenge

Telecommunications is a fundamental backbone in today’s world. Like utilities and other critical infrastructures, it touches everyone including people, businesses and, government. This is why telecom operators and ISPs are often the primary targets of cyber criminals.

And these criminals are getting desperate. Cybercriminals are recruiting insiders, including contractors and vendors, to gain access to telecommunications networks and subscriber data.

They blackmail the targeted insiders, forcing them to hand over credentials or distribute spear-phishing attacks on the criminal’s behalf. To stop these threats from outside users, it's crucial for telecommunications companies to have third-party vendor risk management.

Teramind Solution

With Teramind’s third-party management and intelligent behavioral analysis, telecom providers can look out for compromised vendors who show abnormal signs. Abnormal signs may include attempting to bypass security clearances and gain additional access, attempt to change system component, etc.

Moreover, Teramind’s third-party management granular activity monitoring and data loss prevention solution is designed for high-grade security standards. Standards such as NERC-CIP, NIST-FISMA, and ISO 27001 can all be used with Teramind’s third-party vendor risk management software.

GDPR / Privacy Data Protection

Industry Challenge

Since May 2018, any organization handling EU citizens’ personal data has to comply with the GDPR law. Known as the Controller, these organizations also have to ensure the GDPR compliance for its Processors.

A Processor is someone following instructions from the data controller to collect/process the personal data (PII), in other words, a third-party vendor. Any controlling organization employing a third-party vendor to process EU citizens’ personal data will be responsible for their GDPR compliance.

Teramind Solution

Third-party vendor risk management, access control, and contractual oversight is required to make sure a GDPR Controller has implemented the right accountability procedures for its Processor(s). Teramind can ensure your third-party is processing privacy data only in the context it is required to be processed.

Additionally, the TPRM software can be configured with restricted feature sets allowing for further privacy of EU customers. Extensive reporting and forensic capability within the third-party risk management software help you fulfill GDPR’s record-keeping and breach reporting requirements.












Teramind Third Party Vendor Management Delivers Immediate Business Benefits

Authentication and Access Control

Use third-party vendor risk management to identity-based authentication and segregate access control. TPRM prevents unauthorized access or sharing of confidential data outside your organization.

You can set up an access account for each vendor that is going to need authorized clearance. You can also easily track what each vendor is doing at any given time.

Use the third-party management software to create profiles for regular, privileged, and contract/external users. After creating the profiles, define what information and system resources each profile can access.

Session Recording and Playback

Teramind’s third-party management has live view and history playback to provide seamless real-time streaming of third-party vendor activity. Organizations can view this activity through the dashboard.

Businesses are provided an extensive visual history of all actions taken for both on-site and remote vendors. All actions can also be searched via metadata, regular expression, and natural language. Recordings can be tagged by time and date, highlighting any alerts and notifications.

Vendor Vulnerability and Risk Analysis

Teramind’s third-party management software has a dedicated risk dashboard. Within the dashboard, supervisors can conduct an organization-wide risk assessment. Risk can be profiled by vendors, departments responsible for the vendor, or by system objects accessed by the vendor.

Reports can be derived by the severity of risks or by how many times security violations occurred. Unique Risk Scores help you identify high-risk vendors or policies. Using this information, plans can be developed for treating risks.

Enterprise-Wide Monitoring and Tracking

Third-party management software can be set up for specific monitoring profiles. Profiles can be used to separate vendors from regular users. Define what actions and system resources the vendor will be monitored for, when and how.

Set a schedule for when vendors can log into systems and from which locations. Give access upon manual approval or limit their access within certain applications, networks, websites, or by time slots.

Document Tracking

Monitor the interactions between third-party vendors and your data, including reports on:

  • Who accesses data
  • When the data is accessed
  • Any changes
  • Abnormal activity
  • Any attempts made to alter the data

Third-party management document tracking ability can be configured to fit your policies. Some examples of the possibilities with document tracking are:

  • Documents transferred to emails
  • USB
  • Network folders
  • Cloud drives
  • Documents printed, etc.

The goal of document tracking is to supply organizations with a view into what interactions vendors are making with your data.

Security Sandbox

Teramind’s TPRM allows you to create virtual servers on Windows, VMware Horizon, etc. Utilizing this capability, you can for, example, set up a Terminal Server for your vendors and install the Teramind Agent on it.

Vendors can then login to the server using RDP keeping out of your internal network and repositories. At the same time, you can record vendor activities separately.

You can even restrict access or take control of the server. In the case of an incident, your business will be kept immune to disruption.

Remote Desktop Control

Teramind's third-party management software makes life easy for contractors and vendors. Remote contractors and vendors can enjoy the simplicity of tracking their projects and time with the click of a mouse.

If there are signs of malicious activity, you can use TPRM to take control of a vendor’s desktop. Staying ahead of malicious activity will allow you to eliminate threats of all kinds.

Powerful Policy and Rule Editor

Define what constitutes dangerous or harmful activity, such as unscheduled and/or unauthorized changes to system configuration and creation of backdoor accounts. The third-party management system will then automatically detect when a vendor violates the rules.//

Sophisticated anomaly engines can even automatically identify vendor activity outside the normal behavior. In case of malicious activity, the third-party management systems allows you to:

  • Warn
  • Notify
  • Lock-out
  • Take remote-control
  • Redirect, and more

Integrated Threat Management

Attain full knowledge of which vendors are accessing systems and network resources with in-depth activity reports. Receive real-time alerts for high-risk vendor behavior.

Make your findings and observations task easier by using session logs, anomaly and risk analysis, and incident reports. You can also identify where sensitive data is stored, who accessed it, and how.

Finally, event triggers and logs from Teramind’s third-party management system can be sent to SIEM and other analytics tools. With Teramind, you have a holistic threat management system.

Ensure Quality of Service

Productivity tools within the TPRM system let you establish a continuous feedback loop with your vendor network. Refine and adjust your organizational workflow through tracking contract schedules, projects, budget, and engagement rate to improve vendor SLA.

If your vendors handle customer care services, you can monitor their performance and quality. If necessary, conduct a detailed investigation to make sure vendors are using the right forms, following the agreement, and addressing customer requests in a prompt and responsive manner.

Compliance Management

Many organizations are required to follow several regulatory standards that include vendor accountability and liability protection. Teramind has built-in support for many of these compliance standards, including:

  • HIPAA
  • GDPR
  • PCI DSS
  • ISO 27001, and other

Teramind’s third-party management system can be adapted to support evolving compliance requirements. Powerful policy and rules editor along with various monitoring and reporting capabilities are included with Teramind.

Third-Party Risk Management Software with Flexible Deployment Options

Teramind Cloud - trust us the management of the Teramind deployment and infrastructure. Only install Teramind Agents on the machines you want to monitor and set up your users, policies and rules and let us take care of the rest.

Teramind On-Premise - control the Teramind implementation in its entirety. Stay off the cloud if that’s your firm’s operational model. Additionally, you can leverage LDAP groups and users to identify which users and groups to apply which policies and rules to.

Teramind Private Cloud - use your own secure, scalable private cloud implementation including AWS. Azure and more.



Easy 3-Step Process

1

Install

Deploy the Teramind Revealed or Stealth Agent on the desktop and servers you want to monitor.

2

Configure

Create policies and rules and setup monitoring profiles for your third party vendors and contractors.

3

Sit-Back

Watch Teramind automatically enforce the rules, provide real-time alerts and blocks malicious activity.
Interested? Try it! take a guided tour