If you’re running a third-party risk management program, you’re probably no stranger to pressure. Between business owners demanding vendors be onboarded ever faster, to the ever present threat of a data breach, there is a lot to worry about. One of the biggest concerns in today’s security environment is the constantly evolving threat of a breach-- especially with vendors.
Traditionally security teams have tried to understand the ongoing risk posed by their vendors by using annual assessments. However, this method poses several challenges to security teams.
These issues are not just nuisances, but can have a critical impact on both the business and your security program. Lags in assessments may delay contract renewals which can hamper critical business operations, the time and cost associated with assessments can be a drain on resources, and the inherent limitations of assessments can raise the risk posed by vendors.
Does that mean that assessments no longer have a place then? Hardly. Assessments are still one of the most powerful tools for gaining in-depth insight into a vendor’s security posture.
What’s needed however is a way to continuously monitor vendors in near real-time throughout the life of the vendor relationship.
Continuous cybersecurity monitoring of your vendors helps your program run more efficiently by increasing the scalability of your ability to do assessments, and the lower the time and cost to execute them. By giving you indispensable data insights into the activity and security posture of your vendors, you can take a much more targeted approach to assessments. Here’s how.
The world at large and the cybersecurity threats it presents are changing faster than ever. Businesses are working with more vendors than ever not only to address the changes to business climate 2020 presented, but also to become more nimble, adaptable and profitable as digital transformation takes hold. In an ever-expanding third-party ecosystem, relying solely on manual self-assessments that take a one-size-fits-all approach is no longer feasible or realistic. Continuous monitoring introduces a true game changer to any TPRM program by increasing the operational efficiency of your program, decreasing the risk lingering in your ecosystem, and increasing the scalability of your program. In other words you can do more, do it faster and do it cheaper. What does that add up to? A program that enables the larger business, which is dependent on vendors, to be more efficient and profitable.
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