The increasing number of third-party breaches has made it more important than ever to ensure the vendors you partner with are secure. In today’s business environment, protecting only your data and systems from cyberattacks is not enough.
While there are many benefits to outsourcing, there are also inherent security risks as third-party networks are rapidly growing and becoming increasingly complex. As your third-party network expands, so does the attack surface available to hackers. Any third party that has access to your sensitive data or systems poses a potential security risk.
Call it third-party risk management (TPRM) or vendor risk management (VRM), but either way you need processes in place to ensure that the use of external service providers and vendors does not create vulnerabilities, business disruptions, or have a negative impact on business performance.
Purpose of VRM Software
Vendor Risk Management Software collects vendor risk data, helping organizations to align risk tolerances and prevent data breaches, compliance issues, and supply chain vulnerabilities. VRM software also automates risk management procedures, assisting in securing and managing vendor relationships for their duration, not just during onboarding. Utilizing VRM software can help protect your organization from security risks within your vendor network and provide automated processes for third-party risk management.
How VRM Software Can Benefit You
- Establish security posture of your organization and for new or existing vendors
- Automate risk monitoring
- Centralize storage of risk data
- Increase vendor visibility
- Help align risk tolerance and creates a standard of comparison among all your vendors
- Help track security controls and compliance
- Provide baselines and documentation for tracking remediations and improvements to security posture
- Monitor ongoing changes to vendors’ security posture
- Reduce errors
Choosing VRM Software
The right VRM software for your organization will meet your current risk management needs with flexibility to scale with your business in the future. Risk management is an ongoing process that can be made more efficient and accurate with the appropriate VRM software. Ideal vendor risk management software must have features like built-in questionnaires, remediation tracking, audit logs, and reports and dashboards.
myCYPR for Vendor Risk Management
myCYPR offers customizable risk management with increased visibility third-party risk for you and your vendors. Easily identify vulnerabilities and security gaps and track progress in an interactive dashboard with views for first- and third-party risk.
Considering Vendor Risk Management (VRM) software but want to learn more? Contact us with more questions or request a demo to see how myCYPR can improve your vendor risk management.