• CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • PARTNERS LOGIN
  • CONTACT US
  • PRIVACY POLICY

2017 VENDOR RISK MANAGEMENT BENCHMARK STUDY | PROTIVITI & SHARED ASSESSMENTS

Published by Guest Writer on November 21, 2017
Categories
  • Blog
Tags
  • TPRM Best Practices
benchmark-vendor-risk-management

The external risk environment is changing quickly as massive and costly cyber attacks — Home Depot, Boston Medical Center and the Department of Veterans Affairs, among others — have struck in the past couple years, continuing to challenge organizations to re-think approaches to vendor risk management.

Protiviti and Shared Assessments released their annual Benchmark Study on Vendor Risk Management. The study’s key findings include:

1. Organizations in all industries are making progress in improving how they manage vendor and third party risks.

2. The level of the board’s engagement in information security correlates with vendor risk management maturity.

3. A majority of companies plan to de-risk third party vendor relationships that pose high risks.

These same concepts were discussed previously at Cybersecurity Chicago, during the Keynote Panel: Rethinking How to Build Trust in the Vendor Ecosystem with Fawaz Rasheed, Trustmark’s CISO, and Matt Dechant, CISO at Tempus.

KEY FINDINGS:

Vendor risk management is showing modest improvement

Executing a formal vendor assessment process has shown the most dramatic year-over-year improvement. Fawaz Rasheed commented at the Cybersecurity Chicago Conference that when using spreadsheets before, he found he was putting more bodies at the problem:

“Instead of having 2-3 people chasing spreadsheets, we lowered our footprint of resources and shifted to a solution that’s more automated; one of the reasons why ThirdPartyTrust was the perfect fit for us.”

Companies are making headway in efforts to managing risk, with organizations where the board is highly engaged in information securiy leading the way. 

Board level engagement has improved significantly

Although there has been a significant improvement in board level engagement since the study began in 2014, less than 30 percent of boards are highly engaged with issues relating to third parties. There is an “engagment gap” in that boards are more engaged with the organization’s internal cybersecurity risks rather than cyber risks to the organization’s vendors. If a vendor experiences a breach, the organization can also suffer negative repercussions. 

De-risking third party relationships that pose high risks

Matt Dechant, CISO of Tempus, shares at the Chicago CyberSecurity Conference:

“Finding the right way to find good measurements [to assess vendors] is critical. The business always carries the risk, so you have to trust and verify your vendors regularly.”  

A majority (53 percent) of organizations expect to exit or change relationships with vendors due to heightened risk levels — fourth party or aggregated risks being the primary reason. Cost concerns associated with assessing vendors and lack of internal expertise to evaluate vendor controls were also cited as driving factors.

Anders Norremo interviewed by ISACA representatives at the Cybersecurity Chicago Event

Identifying fourth-party vendors, tracking and scaling vendor risk management is difficult and often, an organizational challenge. ThirdPartyTrust’s platform automates the vendor risk management process from start to finish and provides reporting and analytics, so you can map out trust within your vendor ecosystem.




To learn more about how ThirdPartyTrust can help you scale your TPRM program, request your demo now:


Request Demo
Guest Writer
Guest Writer
  • Phone
    |+1-617-245-0469
  • Address
    |
    111 Huntington Ave, Suite 2010, Boston, MA 02199
  • Sales
    |sales@bitsighttech.com
  • Contact Us
Laika_SOC2_TypeI_PurpleIris        CSA_Trusted_Cloud_Provider

©2022 ThirdPartyTrust, LLC and its Affiliates. All Rights Reserved. | 111 Huntington Ave. Suite 2010 Boston, MA 02199
  • PARTNERS LOGIN
  • CONTACT US
  • PRIVACY POLICY
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Reject AllAccept
Cookie Settings
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT