Ask any CISO, and you’ll hear that vendors and third-parties are a constant source of information security risk for enterprises. The most recent evidence: the SolarWinds hack , a suspected Russian operation that is now believed to have affected more than 250 federal agencies and businesses. This attack was enabled primarily through a malicious update of the SolarWinds network management software, a network security vendor for the affected organizations.

What Factors Are Driving Vendor-Based Security Risk?

Today’s security environment is more perilous than ever, as entire industries are being forced to shift to an increasingly remote workforce. Onboarding new technology solutions and implementing evolving business requirements is happening at a faster pace, which means enterprises have to deal with a rapidly proliferating constellation of vendors and third-parties to manage these sprawling integrations.

Added to the unforeseen challenge of a worldwide pandemic is a compliance environment that is complex, constantly evolving, and armed with substantial penalties to levy against enterprises that fail to meet obligations. GDPR is a little over two years old now, but its implications are still being grappled with by enterprises with EU customers or operations. The California Consumer Privacy Act (CCPA) and the New York Privacy Act (NYPA) are the vanguard of a new effort by states to set their own security, privacy, and compliance standards. Enterprises are struggling to understand the implications of these laws or how they might interact or conflict.

These two factors are driving smart organizations to ask the question: Do we know whether our vendors have an appropriate security stance, and do we have effective solutions to understand, evaluate, and manage vendor-based security risk?”

ComplyScore Helps You Assess, Manage, and Govern Vendor Risk

Effective management of vendor risk is not just an expense; it’s a value driver that delivers performance benefits, creates new efficiencies, demonstrates leadership, and reduces costs. ComplyScore can support your enterprise with a full suite of advanced tools specially designed to help you meet vendor-based security and compliance challenges:

Third-party assessments. ComplyScore’s vendor management system provides visibility into which of your vendors may be putting your organization at risk. Assessment gauges vendor compliance with regulatory and organizational requirements while reducing security costs and minimizing system complexity.

Vendor governance. Our comprehensive vendor governance framework ensures your vendor relationships and risks are appropriately assessed, effectively managed, and consistently mitigated. It provides a single element of control for security and compliance management.

CyberScore. This powerful tool provides a comprehensive analysis of a vendor’s digital footprint for actionable insights that allow you to make more informed and effective security decisions.

Online audits. Our comprehensive auditing quantifies vendor risk via a step-by-step process that creates a report you can use to understand and implement necessary changes to enhance security and reduce risk.

Information security. Automate your entire incident response process with tools that use advanced machine learning techniques to prioritize events and enable your team to focus on actual threats and security events. Make your response faster, more effective, and more affordable.

Governance, risk management, and compliance (GRC). Compliance management, enterprise risk management, business continuity planning, conflict of interest management, policies & procedures management, and more. All the capabilities you need to engineer an effective and sustainable security environment.

ComplyScore is the ideal toolset to provide an essential part of your risk management strategy if you rely on third-party vendors to support your core business functions. It combines far-reaching capabilities, simplified management, and low cost into a single, results-focused solution.

ComplyScore: Your All-in-One Vendor Risk Management Partner

Connect with the ComplyScore team to receive a FR EE DEMO and learn how to help ensure your vendors are not the weak link in your cybersecurity and risk stance. We are eager to review with you how your enterprise can leverage strong security and compliance among your vendors and third parties as a competitive advantage that delivers ongoing value.

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