Managing Cyber Risk with Online Vendor Risk Management Platforms

August 11, 2020

In today’s connected world, the need for effective vendor risk management is critical. Organizations need new tools that can help speed up the decision-making process while having the confidence that these decisions can be backed by a complete and validated picture of vendor risk.

The process of vendor security risk assessments has traditionally involved a manual and cumbersome spreadsheet-and-email system that is typically slow, labor-intensive, and potentially inaccurate—especially for large organizations with many vendors and partners. However, organizations of all sizes need a fast, accurate, and efficient way to assess vendor risk.

Online vendor risk assessment platforms can meet this demand by providing a single, easily accessible source of trust for buyers and sellers. For buyers needing to assess vendors, online systems allow the flexibility to utilize industry-standard security questionnaires, or even create customized versions. For sellers, online systems enable the creation of dynamic security profiles that include not only the information that would typically be included in a questionnaire but also supporting details such as team bio’s to create a detailed security profile.

Whistic provides one of the leading vendor risk management platforms. Their vendor profiles display information proactively published by vendors and are supplemented by additional intelligence through integration with some of the world’s most respected sources of security and privacy information. One of these sources, which has now been added to the Whistic platform, is FICO’s market-leading Cyber Risk Score.

The FICO Cyber Risk Score is an empirical score that relies on a comprehensive and diverse set of cybersecurity data signals, collected in real-time, to determine the risk profile of any organization. The score reflects key risk indicators, including the health and hygiene of IT systems, network infrastructure, and software and services. This information is used to train a machine learning model that produces a risk score that forecasts the likelihood of a future breach event for a given company or its third-party vendors.

Adding the FICO Cyber Risk Score to the Whistic platform gives organizations visibility into current and future cyber risks, enabling them to make rapid, proactive decisions about third-party vendors without slowing the pace of business. Having the FICO Cyber Risk Score as part of the Whistic platform gives customers the ability to predict breach events and take proactive measures to protect their organization.

Learn more about the combined capabilities delivered by this partnership by visiting https://www.whistic.com/partners.  

 

Learn more about the FICO Cyber Risk Score, visit https://www.fico.com/en/products/cyber-risk-score.

 

vendor risk management third party risk security risk assessment security assessment

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Whistic
Whistic

The latest insights and updates on information security and third party risk management.

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