Build a Vendor Security Assessment Service 

Use a risk-based approach to right-size your vendor security assessments.
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Major Business Pain Points

  • Vendor security risk management is a growing concern for many organizations. Whether suppliers or business partners, we often trust them with the most sensitive data and processes. 
  • More and more regulations require vendor security risk management, and regulator expectations in this area are growing.
  • However, traditional approaches to vendor security assessments are seen by business partners and vendors as too onerous and are unsustainable for information security departments. 
Build a Vendor Security Assessment Service-Pain Points

Recommendations

Key Points

  • An efficient and effective assessment process can only be achieved when all stakeholders are participating. 
  • Security assessments are time-consuming for both you and your vendors. Maximize the returns on your effort with a risk-based approach. 
  • Effective vendor security risk management is an end-to-end process that includes assessment, risk mitigation, and periodic re-assessments. 

Approach

Build a Vendor Security Assessment Service-Recommendations
  • Develop an end-to-end security risk management process that includes assessments, risk treatment through contracts and monitoring, and periodic re-assessments. 
  • Base your vendor assessments on the actual risks to your organization to ensure that your vendors are committed to the process and you have the internal resources to fully evaluate assessment results. 
  • Understand your stakeholder needs and goals to foster support for vendor security risk management efforts. 
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Methodology and Tools

Executive Brief

Read the concise Executive Brief to find out why you should build a vendor security assessment service and review the methodology. 

  • Build a Vendor Security Assessment Service – Executive Brief
  • Build a Vendor Security Assessment Service – Phases 1-3

1. Define governance and process

Determine your business requirements and build your process to meet them.

  • Build a Vendor Security Assessment Service – Phase 1: Define Governance and Process
  • Vendor Security Policy Template
  • Vendor Security Process Template

Vendor Security Process Diagram (Visio)

  • Vendor Security Process Diagram (PDF)

2. Develop assessment methodology

Develop the specific procedures and tools required to assess vendor risk. 

  • Build a Vendor Security Assessment Service – Phase 2: Develop Assessment Methodology
  • Service Risk Assessment Questionnaire
  • Vendor Security Questionnaire 
  • Vendor Security Assessment Inventory 

3. Deploy and monitor process

Implement the process and develop metrics to measure effectiveness. 

  • Build a Vendor Security Assessment Service – Phase 3: Deploy and Monitor Process
  • Vendor Security Requirements Template

All resources on this page are provided to Cyber Leadership Hub members under license from third parties including Info-Tech Research Group Inc, a global leader in providing IT research and advice.