Third-Party Cyber Risk Management
Third-party cyber risk management is a critical component to any organizations’ security, but many third-party programs are plagued with outdated and inefficient processes that drain resources and provide little insight. As third-party related breaches continue to increase, it’s time to apply a modern approach to third-party risk management.
We wiped the slate clean and built a third-party risk management solution not encumbered by archaic processes, but rather designed with industry input on how it should work.
The Way Third-Party Risk Management Should Work
A global risk exchange delivery model
Dynamic data & actionable dashboards
Risk assessments as a managed service
Features of a Modern Third-Party Risk Management Solution
Third-party related breaches are on the rise because the processes and tools most organizations use today cannot keep up with the evolution of ecosystems or cyberthreats. Instead of identifying risk, shared spreadsheets and static data serve as breeding grounds for cyber threats and bad actors. True third-party risk management solutions should provide current and dynamic visibility into your ecosystem, enable collaboration and help you identify your riskiest vendors while and prioritizing remediation efforts with the most yield. The CyberGRX platform was designed from the ground up to help organizations truly manage risk.
Benefits of the CyberGRX Solution
- Evolve your team from data collectors to risk managers
- Identify the third parties that pose you the greatest risk
- Create a prioritized risk-based mitigation strategy
- Continuously monitor your ecosystem
- Cost-effectively scale your program
- Benefit from crowd sourced mitigation efforts
- Never complete another shared spreadsheet again
- Identify and understand the remediation with the most yield
- Share a single assessment with multiple upstream partners
- Spend more time on proactive risk management
- Drive business growth with proactive security engagement
CyberGRX is a force multiplier for our third-party cyber risk management program. In just the first year we will be able to assess 5x more vendors than we assessed last year and reallocate the resources saved to true risk management and mitigation efforts.
Frequently Asked Questions
How much does this cost?
For the ordering customers, there are two elements to the cost model: an annual platform access fee and a per-assessment fee that varies according to tier of service. Platform access fees are paid annually; funds put into your CyberGRX account to cover assessment fees are evergreen. Once an assessment is ordered and delivered, customers receive access to that assessment and updates for a 12-month period.
How long does it take to complete an assessment?
Average timeframes to complete an assessment are as follows: ~40 days for Tier 1, ~10 days for Tier 2, and ~7 days for Tier 3. Our customer success team does an outstanding job helping third parties complete their assessments in a timely manner with training, support and coaching. That being said, average timeframes can vary depending on the unique situation.
If I post my assessment to the exchange, will anyone be able to see my data?
No. You are in control of your data. Once you have completed an assessment, that data will only be shared on an individual basis, pending your approval for each case. If you never want to share your assessment, no one will see your assessment results. However, we do let exchange customers know of the presence of an assessment in the exchange for your organization. This facilitates the ordering process by letting them know that an assessment is available.
Does the service support multiple industries?
Yes. Our approach to creating a unified control framework and mapping that back to various industry-specific standards allows us to support all industries.
How are the assessments updated to reflect new regulations and standards?
We are continuously evaluating new regulations and best practices as they are announced to address any control gaps and ensure adequate coverage over relevant risks. These are incorporated as part of our periodic content change management process.