6 Ways Privva Helps Minimize the Risk of Third-Party Data Breaches
The Truth About Vendor Risk Management
Did you know that 83% of executives report finding third-party risks during the due diligence process? And yet, only a third of companies know how many vendors access their data (the average is 89 per week).
It’s not uncommon for companies to have no clue how many suppliers they rely on. Global brands regularly buy from thousands of vendors (Walmart counts over 100,000 suppliers).
Do you know how many vendors you have? And more importantly, do you know how safe they are? The truth is, if you try to chart your vendors on your own, you’re facing a Herculean task. Privva is here to help you understand your supply chains, mitigate risk, and make the right judgment calls for your security.
How Privva Makes Vendor Risk Management easier and prevents data breaches so you can do business the right way.
1. Allowing you To Assess Your Vendors Before Starting a Relationship
In many cases, you can identify major risks before you enter the vendor relationship. Remember, 83% of executives say they identified third-party risks during due diligence. As such, your third-party risk management obligations begin even before you sign on the dotted line.
That’s where we come in.
We integrate security and compliance assessments such as SIG, NIST, GDPR, and CCPA in a comprehensive risk management package. These are part of full-spectrum security ratings and a vendor risk management assessment. That way, you don’t need to fight with data. You just get the results you need to make the smart decision for your business.
2. Helping You Stay Ahead of the Risk Game
Many businesses make the same mistake with 3rd party risk management–they save it for when they’re already in crisis. They assume that because a crisis hasn’t happened yet, things must be fine. Then a major hack like SolarWinds hits the news cycle and they wonder how they found themselves in such an ugly situation.
Privva’s solutions make it easy to incorporate vendor risk management into every contract–and the way you do business every day. This holds your vendors accountable for their role in mitigating risk while they do business with you. It also makes third-party risk management an organizational habit that’s easy to maintain and works every day to combat potential issues.
With continuous monitoring, you never need to worry. You just need to get the job done.
3. Organizing Your Vendor Inventory
Your work doesn’t end when you sign a vendor contract. If anything, it ramps up. Signing a contract is when you give vendors access to your data, and just because they cleared the bar during due diligence doesn’t mean they always will.
It’s your job to make sure their risks don’t impact you, and it’s our job to make that task easier.
One of the best ways to get started is a vendor inventory. Gone are the days of not knowing how many vendors you work with–with an inventory, you know exactly who you’re working with, what they do, what access they have, and how that plays into your overall risk. This also makes it easier to stay on top of your vendor security risk assessments, since you always know who to keep track of.
4. Enabling Easier Collaboration
You are responsible for the risk your vendors introduce to your business–after all, your customers hold you responsible for a vendor’s mistakes. But that doesn’t mean you do the work of third-party risk management on your own.
As the old adage goes, it takes two to tango. And if your vendors introduce risk to the business relationship, they’re just as responsible for mitigating it as you are.
Privva makes it easy to understand the risk in every third-party vendor relationship. That way, it’s that much easier to know what both sides contribute to the relationship–and more importantly, to start conversations on how to improve risk.
Remember, while it’s easy to adopt an adversarial stance toward vendor risk, your vendors aren’t your adversaries. They’re your business partners, and all good partnerships are built on trust and collaboration. Our solutions make it easy to put the relationship in context, understand risk, and foster collaboration to reduce risk.
5. Sparking Conversations With Your Vendors
According to a report by Ponemon Institute, 53% of high-performing organizations report executive- and board-level engagement compared to just 25% of organizations that recently experienced a data breach.
In other words, the highest-level performers are the ones who are not only aware of their third-party risk but have a high-level commitment to mitigating risk based on the available data.
It all begins with knowing your data and making a smart investment. Privva is here to make your vendor security risk assessment easy and accessible at all levels. That way, your high-level leadership knows the risk you face, knows what they can do to counteract it, and knows how to work with vendors to reduce future risk.
6. Pointing You Towards Fourth-Party Risk
Third-party risk management may get all the attention, but the work of risk mitigation doesn’t end with third parties. The truth is, many companies don’t know how many vendors they work with because they don’t know their fourth-party vendors any more than their third-party vendors (if anything, fourth-party vendors are even less known).
In much the same way you rely on third-party vendors for services you can’t fulfill yourself. Those third-party vendors introduce risk. Your third-party vendors also rely on external vendors, and those vendors introduce risk as well--this all filters back to you. These are called fourth-party vendors, and they’re a major reason why companies have no idea who can see their data.
With Privva, you can go above and beyond. You’ll be able to easily recognize which fourth-party vendors you have the most exposure to and take steps to mitigate risk.
We Simplify Third-Party Risk Management
We know that third-party risk assessment can often be a headache. We also know it doesn’t have to be. It’s just the right way to do business.
With our risk assessment solutions, you never need to worry about making the right choice for your business. You just need to get the job done.
Ready to take the smart approach to risk management? Get in touch today to learn more about how Privva can help.