What is Vendor Risk Management
Validate the information security practices of your vendors
More than half of all security breaches result from third-party vendors hired by your organization, so it’s critical that you identify the vendors working for you and determine the level of risk they bring. The easiest way to do this is by using vendor risk management software. Our VRM services help you to pinpoint the vendors that present the most risk to your organization—evaluating all third-party vendors based on the amount of potential impact they have on your organization.
How does Secure Shield approach VRM?
Armed with a standardized, risk-based scoring methodology coupled with a built-in remediation plan, Secure Shield will work to assist your vendors in correcting any security issues that arise in order to protect their organization and yours.
VRM Steps
Inventory
Organizations can’t adequately determine their vendor risk without knowing who ALL of their vendors are. Building an inventory is a key first step.
Classification
Once organizations know who their vendors are, it’s important to classify them. Categorize the impact a vendor’s risk has on you so you can prioritize better.
Assessment
Once you understand who your high-risk and medium-risk vendors are, quantifying the risk that comes along with that vendor becomes crucial.
Risk Treatment
So you know all your vendors and the risk they pose. How do you want to handle it? Agree upon remediation efforts to help mitigate risk.
Questions?
VRM Faq’s
What regulations require VRM
Several regulations & compliances require third-party vendor risk management.
- CMMC
- DoL
- FDIC
- HITRUST
- HIPAA
- ISO
- OCC (US Office of the Comptroller of the Currency)
- SOC II
What software do you use?
Secure Shield uses SecurityStudio for vendor risk management. This software platform employs S2Vendor to measure and manage the security risk of an organization’s vendors. executive leadership teams to understand goals, budget, and bandwidth—allowing them to provide actionable recommendations, or a roadmap, based on the business’s goals and the risk assessment’s findings. With the roadmap in place, they work with the organization’s internal security team to train staff and make the recommended improvements, improving the ability of the organization to protect its sensitive information and increase its operational efficiencies. Over time, they simply become a sounding board for the organization’s staff to bounce questions and challenges off of.
What is the Vendor Risk Management process?
We follow a process that includes:
- Identifying vendors
- Implementing policies and procedures
- Internal departments identifying and classifying vendors
- Self-assessments collected
- Facilitated risk assessments conducted
- Validated risk assessments conducted
How much does Vendor Risk Management cost?
We offer three different levels of vendor risk management services depending on your needs and the number of vendors. Contact us for a custom quote.
Our Unique Approach
Why work with Secure IT Systems?
Expertise
Secure Shield has been in business for over 10 years, and our team has more than 150 years of combined experience working in information security and boasts 30 different kinds of certifications. When it comes to measuring security risk, you have the benefit of experience in your corner.
Mission
Our mission at Secure Shield is to fix the broken information security industry. Not only do we respond to incidents, but we also solve as many weaknesses as we can in your security environment. Being with organizations before, during, and after a breach is the only way we can truly improve their security and protect the sensitive information entrusted to them.
Style
Our style isn’t “cookie cutter.” We recognize that each organization is different, and every security program is at a different stage of maturity. We get to know your security program intimately, use an information security risk assessment to determine what your strengths and weaknesses are, and then apply industry best practices to provide next steps based on the findings.
Focus
Information security is all we do. We don’t do IT, sell hardware, or provide telco services. We only do security. Because of this, our team can provide unbiased recommendations that will actually make a dramatic impact to the way you do security. We work hard to be a partner—collaborating with and educating your team every step of the way.
Our Cybersecurity Frameworks are built around:
