One of the most challenging parts of building a vendor cyber risk management program is figuring out how to create your assessment. Missing a critical control or policy status in your assessment process could invite regulatory scrutiny, lawsuits or worse if you have a third-party data breach. If you build a lengthy assessment, though, you could create a different type of business risk as you slow down the ability of your organization to quickly utilize these third parties. This may create friction between stakeholders and diminish the effectiveness of this process from a cyber security perspective.
How do you build the right assessment that is both thorough and efficient? How do you ensure that business lines understand the reasons why you may be delaying the use of a vendor or service provider that they have already done extensive due diligence on and solution matching for? These questions and many others can be resolved by making a few crucial decisions:
Once you have thought through the above questions, the form and function of the assessment will become more apparent. With this clarity, you can engage other stakeholders in refining the assessment and ensuring that it helps you understand risk and performs that function in a manner that different business units can understand and appreciate.
Incident response, digital forensics, breach notification, managed detection services, penetration testing, cyber assessments and advisory.
Manage risk, not spreadsheets. Identify and remediate cybersecurity risks inherent in third-party relationships, helping achieve compliance with regulations such as NYDFS, FARS, GDPR, etc.
Kroll's data privacy team provide DPO consultancy services to help you become and stay compliant with regulatory mandates.
Kroll’s Virtual CISO (vCISO) services help executives, security and technology teams safeguard information assets while supporting business operations with augmented cyber expertise to reduce business risk, signal commitment to data security and enhance overall security posture.