Take a quantitative,
data-driven approach to vendor risk management.
Reduce costly data breaches by enhancing third-party security with RiskXchange’s vendor risk management platform.
In the wake of the pandemic, we’ve seen a significant increase in the number of third-party data breaches.
In September 2020, Roadrunner was hit by a malware attack that forced the company to quarantine its servers and data applications, costing them over $7 million (£5,065,228) in LTL revenue.
Roadrunner’s data breach is part of a disturbing trend. Within the last 12 months, over 44% of organisations have experienced a security breach, with most organisations saying that parties having access to their data is one of the leading causes.
Third-party breaches are particularly concerning because their fallouts tend to be eye-wateringly expensive. According to Gartner, these incidents cost over $700,000 (approx £500,000); significantly more than a conventional data breach.
Between hackers exploiting the turmoil of recent months and most organisations having to stretch network security to adapt to the WFH model, more robust tools are needed to strengthen vendor security.
These tools need to help computers reduce the likelihood of data breaches occurring through vulnerable third parties and improve vendor security standards, protecting their data and maximising their ROI more effectively.
This is where RiskXchange’s vendor risk management (VRM) platform can prove useful.
Strengthen vendor risk security with RiskXchange
Riskxchange’s vendor risk management solution brings a quantitative, data-driven edge to risk management, helping you survey your third-party ecosystem in real-time.
Using their solution, you can address weaknesses in network security and assess vendors’ security standards more effectively to create a more secure third-party security infrastructure maximising your ROI on security investments.
The vendor risk management solution allows you to do this by taking a 360-degree approach to vendor risk management: monitor your vendors closely, keep an eye on your attack surface, and create a secure infrastructure that can prevent potential data breaches.
Moreover, you can take a more holistic approach to vendor security by streamlining the reporting process. This solution can help you build and share reports with businesses and technical teams so you can convert VRM into a more holistic, organisation wide approach.
Eliminate the uncertainty of vendor risk management.
The RiskXchange platform comes with features that add a quantitative, data-driven edge to VRM.
- Assess your third party’s security posture after analysing several critical data points across your network infrastructure.
- Get a detailed score of your vendor’s levels of risk by analysing security domains, network applications and encryption.
- Create a new alert system for vendor-related anomalies while monitoring your ecosystem.
- Compile a complete analysis of risk assessments and share the final report with relevant stakeholders and third parties.
- Compare your own and your vendors’ levels of security against those of your competitors.
- Monitor your attack surface more effectively to prevent data breaches, discover leaked credentials, and protect customer and enterprise data more effectvely.
- Monitor your ecosystem and respond instantly to an attempted attack to minimise cyber security incidents.
- Understand which vendors are meeting industry standards and ensure you comply with security requirements.
- Receive automated notifications for breaches and respond accordingly to minimise the likelihood of a fully-fledged attack.
- Automate certain processes like tracking, issuing and setting reminders to reduce costs, improve accuracy and improve productivity.