Vendor Risk Assessment
What is Vendor Risk Assessment?
cyberSuite’s Vendor Risk Assessment is an assessment of the practices, controls, and compliance of a vendor to determine the risks they may pose to your organisation. This assessment can be carried out for current vendors in use by your organisation or for potential vendors being considered for use.
cyberSuite applies a three-domain model approach to our cyber security risk assessments, examining the Governance, Information Security, and Data Protection & Privacy posture of a vendor. In performing this assessment, we make use of multiple sources, including open source intelligence.
Why conduct a Vendor Risk Assessment?
Understand the Risk of Your Vendors
This assessment enables business leaders and managers to understand the Governance, Information Security, and Data Protection & Privacy risks faced by your organisation through its vendor relationships. This assists in ensuring these risks are evaluated and maintained throughout the relationship.
Reducing Existing Risks
This is a cost-effective approach to understanding the risks that come with certain vendors and allows your organisation to take steps to reduce any existing risks that are associated with current vendors.
Informed Decision Making
When considering a new vendor, you will be able to leverage the assessment report analysis to appropriately consider the risks associated with conducting business together.
Outcomes
Formal Report
You will receive a report detailing the risk profile of the vendor(s) in relation to your organisation’s intended usage. The report contains additional analysis of the controls implemented by the vendor, the risks present, as well as actions your organisation can take to either accept, avoid or control those risks.
Confidence
Understanding the risks that vendors pose to your organisation promotes increased confidence in your organisation’s ability to maintain cyber resilience through effective vendor due diligence.
Expert Advice
Our team applies their expert knowledge and experience in cyber security, risk management, data protection, and privacy to this assessment. You also gain access to this expertise through tailored advice and curated communications, including recommendations and considerations based on any identified vendor risks.