Strengthening Your Security Posture with Comprehensive Third-Party Risk Management (TPRM)

In today’s hyperconnected economy, no organization operates alone. Businesses of all sizes rely on third-party suppliers to power their operations—from cloud service providers and IT infrastructure partners to payroll platforms and supply chain logistics firms. These relationships are essential for agility and innovation—but they also introduce real cybersecurity risks. 

One misconfigured server, one compromised login, or one non-compliant supplier can open the door to a major breach. That’s why Third-Party Risk Management (TPRM) is no longer just a compliance function—it’s a strategic necessity. 

The Growing Threat of Third-Party Risk 

The average enterprise works with hundreds, sometimes thousands, of external suppliers. These suppliers may have access to sensitive systems, customer data, or operational tools—making them attractive targets for threat actors. Unfortunately, not all vendors are created equal when it comes to cybersecurity maturity. 

Effective TPRM programs evaluate the security practices of third parties before onboarding them and continue monitoring their risk levels throughout the relationship. This proactive approach not only helps safeguard sensitive data, but also supports regulatory compliance, operational resilience, and long-term brand trust. 

When organizations implement strong TPRM, they’re able to detect vulnerabilities earlier, prevent data breaches, and avoid costly disruptions. It also supports compliance with frameworks such as PCI-DSS, ISO 27001, SOC 2, and NIST—an increasingly important requirement in regulated industries. 

Third Parties at the Heart of Major Breaches 

History has proven that third-party weaknesses can have devastating consequences. The 2013 breach at Target began with a compromised HVAC vendor. Attackers accessed internal systems and stole data belonging to tens of millions of customers. Target ultimately paid over $292 million in damages and became the case study for why vendor security matters. 

Then came the SolarWinds supply chain attack in 2020, where nation-state hackers compromised a software update used by 18,000 organizations—including federal agencies and Fortune 500 companies. The ripple effects triggered security reforms across industries. 

More recently, in 2023, a zero-day exploit in MOVEit Transfer software led to the compromise of data from over 2,600 organizations and more than 95 million individuals. And in 2024, PowerSchool—a widely used education tech provider—suffered a breach that exposed student records across school districts in multiple countries. 

These incidents weren’t caused by internal negligence. They came through trusted partners. 

Why TPRM Remains a Challenge 

Despite the clear need, implementing an effective TPRM program is easier said than done. Many organizations lack visibility into their third-party ecosystem and don’t maintain up-to-date inventories of who has access to what. Risk assessments are often manual, inconsistent, and slow—bogged down by spreadsheets and email threads. 

In some cases, suppliers are reluctant to participate in assessments or don’t have the maturity to meet security standards, delaying approvals and increasing exposure. Even when assessments are completed, organizations may lack the in-house expert

ise to interpret results and recommend next steps. 

All of this adds up to a complex, time-consuming, and often reactive approach to risk management—especially for organizations without dedicated cybersecurity teams. 

A Smarter Approach: TPRM as a Service 

Recognizing these challenges, iON offers Third-Party Risk Management as a Service (TPRMaaS)—a fully managed solution designed to streamline and strengthen vendor risk oversight. 

Our cybersecurity experts take full ownership of your third-party risk program. From initiating and managing assessments to interpreting results and delivering actionable insights, we handle it all. What sets us apart is our approach: we don’t just look at certifications or policies on paper. We analyze vendor environments for indicators of exposure, risky behaviors, and gaps in real-world security practices. 

When we identify risks, we don’t just flag them—we guide both you and your vendors through remediation. Our continuous monitoring approach means you’re not only compliant on paper, but resilient in practice. 

And with regular reporting, you stay informed about your vendor ecosystem’s evolving risk profile without having to chase updates or build dashboards internally. 

The iON Difference 

For more than two decades, iON has helped Canadian enterprises and mid-market organizations build strong, secure foundations. Our clients trust us because we’re more than just assessors—we’re partners in their cybersecurity strategy. 

Our TPRMaaS solution is built to be responsive, thorough, and personal. We work closely with our clients to understand their risk appetite, regulatory landscape, and operational goals. And through our complementary Compliance as a Service (CaaS) offering, we can even help your vendors improve their security posture—making it easier for you to work with trusted, compliant partners.