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Don’t Go By The Books for Vendor Management

By September 24, 2018Vendor Management

Don’t go by the books – and by books, we mean physical books and Excel sheets to assess the risk of and keep track of third-party vendors. They cannot keep up with today’s business world. Seventy-five percent of businesses saw third-party access grow over the past two years. While the growth is rapid, only 52 percent of companies have security standards for third parties. Assessing the cybersecurity maturity and risks associated with new and old vendors is vital.

It is wishful thinking to believe your business or organization will not be the target of a serious data breach due to third-party access if measures are not taken to assess vendor risk. With an average of 89 vendors accessing a company’s network every week, the chances of data breaches are increasing. Proper vendor risk assessment and management of information can lower an organization’s chance of data breaches.

Here’s how.

  1. Everything is centrally located. Gone are the days of keeping hundreds of separate files, sheets, and folders, even in electronic formats. Defensix simplifies the organization of third-party vendor information into one location – the Defensix dashboard. Each vendor profile is customizable and quickly accessible in one format, on one platform.
  2.  Custom questions. One size does not fit all. Businesses and organizations require tailored security to fit their unique needs. Defensix provides best-practice template questionnaires and allows users to create their own questions to ensure every vendor is vetted to their specific qualities. Every vendor is different; their security assessments should be too.

  1. Visual progress. We have become a visual society. Defensix vendor management provides clean, understandable visual task bars to track progress and see development status with your own eyes. From initial contact to signed contract, watch the progress of your relationships with third-party vendors with Defensix.

Vendor risk assessment and management does not have to be complex and difficult. Defensix is designed to streamline risk assessment and vendor management to keep you on-task with your third-party vendors and increase your security maturity. Don’t take your chances and leave your risk assessment in the dark ages. Don’t go by the books – go buy Defensix.