Businesses will spend upwards of $1 trillion USD just on cybersecurity in 2021. That’s a lot of money spent just to prevent a data breach, and despite everyone’s best efforts those breaches will come.
In fact, research by IBM has found that businesses have a 29.6% probability experiencing a breach in the next two years, and the cost to clean up after a data breach is enormous. That same research shows that a breach can cost your business as much as $4.29M on average.
As these stats show, InfoSec and cybersecurity professionals have the deck stacked against them. And oftentimes, they only get noticed when something goes wrong or when sales think they’re taking too long to respond to a security review.
Despite all of this, they show up day after day and put in work to ensure the company’s data is secure. To put it simply, as the RSA theme suggests, this group of individuals is resilient.
Vendor Assessments are the first line of defense
As the data suggests, for many businesses, it’s not if they’re going to experience a breach it’s when. But if you want to stay ahead of the hackers and bad actors a good place to start is vendor security.
The more vendors you add to your environment, the more openings there are for you to experience a breach. However, if you’re taking a proactive approach and assessing and reassessing your vendors regularly, the odds of being hacked decrease.
In fact, research by Whistic shows that the number one reason InfoSec teams implemented a vendor security strategy was proactive vendor security.
Read the 2021 State of Vendor Security report
In our 2021 report on vendor security, we highlight the current state of vendor risk management, identify trends we’re seeing in the industry, and provide recommendations on how to improve the process for buyers, sellers, and other key stakeholders.
Stay secure through automation
Those manual processes built on spreadsheets and email were hard to use and frankly, weren’t getting the job done. And with the explosion of SaaS software in the past decade, a trend that’s only going to continue, those processes are no longer going to be sustainable.
Fortunately, nearly 60% of businesses surveyed for the 2021 State of Vendor Security have abandoned spreadsheets and email in favor of a tool built specifically for managing vendor security. These tools, like the one provided by Whistic, help businesses automate many of the key tasks associated with the vendor security process, saving them time and enabling them to reallocate their time to other strategic initiatives.
We've been in your shoes
At Whistic, we’re right there with you on the front lines of this never-ending battle against hackers and bad actors trying to steal your data. One of our founders experienced this problem first hand when he decided to start building the tool that would become Whistic.
He wanted to make it easier for these teams to assess vendors and identify and remediate risk because the tools that were in place—email and spreadsheets—weren’t getting the job done.
How Whistic can help
The Whistic platform simplifies the vendor security process and is changing the way companies evaluate their vendors and build trust with their customers.
- If you’re a buyer, the Whistic Trust Catalog enables you to perform zero-touch assessments of your vendors in minutes—not weeks.
- If you’re a seller, you can reuse the work you’ve done completing security assessments and share that information over and over again.