Our goal with this guide is to help you get started with the creation of your vendor security risk assessment. This is not intended to be an out-of-box security assessment solution, but rather, a guide to get you headed in the right direction. We'll explain the top three frameworks you should be examining, questions you may want to consider (and why you should potentially consider them) and what else to include in your VRM program.
In this guide, we'll walk through the following: Why cybersecurity bench marking is difficult for the modern CIO, different methods of bench marking you may be involved in (or want to consider), how Security Ratings may solve many bench marking challenges. Download this free guide today so you can establish your bench marking plan
Today, organizations are focused heavily on core competencies and keys to success. This - coupled with the rapid growth of software as a service (SaaS) - has led to increased outsourcing of certain business functions to vendors who can perform these functions better, faster, or cheaper. Therefore, there are more third-party relationships today than ever before - and this comes with a variety of benefits and consequences.
"How secure are we?" That's one of the most common questions asked by boards and senior managers. But security and technology leaders do not always have ready answers, says Jacob Olcott of BitSight Technologies. Are they even using the right security metrics?
A leader in commercial banking, this global financial services firm is no stranger to security risk. Recognized as an early adopter of risk management and security best practices for their industry, they were confident that their own security risk was being vigilantly managed. However, avoiding breach through a third party was an area of significant concern.
How Automating Third-Party Risk Management Helps Banks and Financial Institutions Address New Regulatory Requirements
Banks & financial firms have long been aware of the need to manage risk in third-party partners & most have a formal program for managing that risk. Yet an existing thirdparty risk management (3PRM) program may not address today's increased levels of outsourcing & new regulatory requirements for cybersecurity. Together, these factors are prompting financial institutions to take a fresh look at the strengths & focus of their 3PRM strategy.
To reduce third-party cyber risk and protect company data as it leaves the corporate network, organizations need processes and solutions that leverage automation, allowing security and risk managers to focus on the most imminent risks. STEPHEN BOYER, CTO of BitSight, explains how organizations can incorporate automation to develop more mature vendor risk management programs.