Cybersecurity, Collaboration and Cross-Communication: Elevating Procurement's Potential

March 22, 2024

What do you get if you put Third-Party Risk Management, Cybersecurity and Procurement together?

A huge need for digitalisation, streamlined processes and communication.

ProcessUnity’s report outlines how Procurement can get ahead of cybersecurity issues within organisations, by equipping teams with the right tools.

Cybersecurity is big business, reportedly worth up to $263bn by 2027. But, it needs to be managed with care.

Applicable to most processes, vendor onboarding is a key factor when it comes to making sure Procurement handles cybersecurity appropriately. With multiple suppliers and masses of data and various platforms, each comes with its own specific risks, which then significantly amplify the challenges associated with integrations.

Why leaders should encourage collaboration between departments

‘By aligning their risk management practices with Cybersecurity, Procurement departments can advance past reactive, check-box compliance to become risk leaders, catching risk before it’s even onboarded. This means communicating with Cybersecurity to learn the frameworks, standards, and controls already in place internally, then using that data to ask the right questions before a vendor gains access to your systems. By leveraging these insights, Procurement can achieve a proactive risk posture and help guide their organisation to a more mature information security programme.’

If the right tools are not in place or dealt with properly, companies can be fined. For example, Marriott was fined over £18mn in 2020, for GDPR non-compliance. With the right interdepartment tools, collaboration and communication established, such cases (and their associated damage) can be avoided.  

Procurement and Cybersecurity teams need to work together to review external suppliers and tools, then assess the associated risks. As a result, teams’ cross-functional communication is proving increasingly key.

To prepare for the potentially tragic case of things going awry, robust contingency plans can be put in place. Customers need to be protected, in addition to the organisation’s reputation. Encompassing all these factors will help teams move one step closer to making sure TPRM, Cybersecurity and Procurement can work together seamlessly.  

It may be tricky at first, but with time and commitment, this can prove to be an extremely valuable partnership.

Download the whitepaper.

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