But these assessments are problematic for several reasons:
a) Questionnaires only provide a point-in-time snapshot of risk: As your suppliers digitally transform, outsource functions, and add new partners to their supply chains, their risk postures are constantly changing. Unfortunately, traditional security assessments only capture a point-in-time view of a vendor’s cybersecurity health.
b) They require you to take your vendors at their word: When your vendors complete a security questionnaire, their input is subjective and, without an extensive cybersecurity audit of their security programs, unverifiable. Taking your vendors’ data at face value can introduce hidden risk.
c) Assessments tend to be one-size-fits-all: No two vendors are alike, but typical supplier due diligence efforts often treat all vendors the same, meaning less critical vendors are assessed in the same way and using the same questionnaire as critical vendors – creating more work for risk management teams.
Security questionnaires still have their place in the vendor onboarding process, but they must be validated with objective data-driven insights. Rather than relying on their claims, it’s essential that you proactively and automatically assess your suppliers’ risk postures using objective data insights and analysis.
For instance, with Bitsight TPRM you can gain near real-time visibility into a vendor’s security posture – at the click of a button – and validate their questionnaire responses quickly and confidently.
The result is a more accurate picture of cyber risk. And, instead of relying on a one-size-fits-all approach to risk assessment, you can better prioritize those vendors whose security needs are most pressing for more in-depth security assessments.
