Information security teams are tasked with managing multiple areas of risk throughout an organization, from monitoring external threats to educating internal team members. And, on top of everything, there is mitigating the risk and compliance for vendor partners.
Why do you need a vendor risk management solution?
As the SaaS economy becomes more open source, every organization has some data connection with a vendor or partner. From something as simple as your email provider to more complex financial or medical data integrations, organizations can have dozens — or even hundreds — of vendor partners.
With so many different connections, InfoSec teams have a ton of information to keep track of on a daily basis. Vendor risk management platforms help organize this information and make it easier for InfoSec teams to manage their different vendor relationships.
Three vendor risk management vulnerabilities to consider:
1. The confusion and roadblocks that can occur when all vendor security information isn’t housed in a single location.
InfoSec professionals are constantly juggling multiple projects, and vendor risk management workflows can be extraordinarily complex. When team members have to look in different platforms, spreadsheets, or communication tools for specific risk data points, the confusion can be overwhelming. Streamlining all vendor security details in a single location increases efficiency and effectiveness across the board.
2. The real risk of manual error that happens when security assessments are managed in spreadsheets.
Outside of technology-driven threats, one of the most significant vulnerabilities facing InfoSec teams is actually internal team members themselves. It’s eye-opening to consider the sheer amount of manual error that can occur when security details are managed by — often unsecured — spreadsheets, workbooks, and even email threads. Plus, the rise in inter-team communication software puts vendor data at a higher risk of being shared in an insecure manner.
3. The looming threat of new malicious software and technology that is constantly on the horizon.
Finally, one of the most critical vulnerabilities to consider when evaluating a vendor risk management solution is the ability to grow and expand to meet your InfoSec team’s needs down the road. Malicious threats are continually increasing in scope and technology, and if your team invests in a new vendor risk platform, it must be able to scale and meet these new risks head on. Simply put, as the risks themselves grow, your security measures must also expand.
Want to learn more?
Whistic is the modern way to manage your vendor risk management process, regardless of your industry. Acting as a one-stop-shop for all things risk management, Whistic enables InfoSec teams to efficiently manage vendor assessments and questionnaires, establish a legacy of trust and compliance with customers, and eliminate unnecessary manual errors in the security process.
You can learn more about Whistic and how a vendor risk management platform can help your InfoSec team be more efficient and effectivehere.