With increasing dependence on third parties in today’s interconnected world, vendor security risk assessments are more essential than ever. Failing to do them may result in hefty regulatory fines, legal fees, lost business and reputational damage.
The process can be long, tedious and frustrating when working with tens, if not hundreds or thousands of vendors. Given how important these assessments are, how can the process be implemented and scaled?
Automation is the key to rapid and comprehensive third-party cyber risk reduction. This guide gives you step-by-step instructions about how this can be accomplished, including:
- Identifying and mapping your vendors according to inherent risk
- Assessing your vendors’ attack surface
- Reviewing risk and monitoring continuously