Software

Gain a 360-degree view of third-party risk by using our SaaS software to centralize, track, automate, assess and report on your vendors. 

Managed Services

Let us handle the manual labor of third-party risk management by collaborating with our experts to reduce the workload and mature your program. 

Overview
Document Collection
Policy/Program Template/Consulting
Virtual Vendor Management Office
Vendor Site Audit

Ongoing Monitoring

Let us handle the manual labor of third-party risk management by collaborating with our experts.

VX LP Sequence USE FOR CORPORATE SITE-thumb
Venminder Exchange

As Venminder completes assessments for clients on new vendors, they are then made available inside the Venminder Exchange for you to preview scores and purchase as you need.

CREATE FREE ACCOUNT

Use Cases

Learn more on how customers are using Venminder to transform their third-party risk management programs. 

Industries

Venminder is used by organizations of all sizes in all industries to mitigate vendor risk and streamline processes

Why Venminder

We focus on the needs of our customers by working closely and creating a collaborative partnership

1.7.2020-what-is-a-third-party-risk-assessment-FEATURED
Sample Vendor Risk Assessments

Venminder experts complete 30,000 vendor risk assessments annually. Download samples to see how outsourcing to Venminder can reduce your workload.

DOWNLOAD SAMPLES

About

Venminder is an industry recognized leader of third-party risk management solutions. 

Our Customers

900 organizations use Venminder today to proactively manage and mitigate vendor risks.

Get Engaged

We provide lots of ways for you to stay up-to-date on the latest best practices and trends.

Gartner 2020
Venminder received high scores in the Gartner Critical Capabilities for IT Vendor Risk Management Tools 2021 Report

READ REPORT

Resources

Trends, best practices and insights to keep you current in your knowledge of third-party risk.

Webinars

Earn CPE credit and stay current on the latest best practices and trends in third-party risk management.  

See Upcoming Webinars

On-Demand Webinars

 

Community

Join a free community dedicated to third-party risk professionals where you can network with your peers. 

Weekly Newsletter

Receive the popular Third Party Thursday newsletter into your inbox every Thursday with the latest and greatest updates.

Subscribe

 

Venminder Samples

Download samples of Venminder's vendor risk assessments and see how we can help reduce the workload. 

resource-whitepaper-state-of-third-party-risk-management-2022
State of Third-Party Risk Management 2022

Venminder's sixth annual whitepaper provides insight from a variety of surveyed individuals into how organizations manage third-party risk today.

DOWNLOAD NOW

6 Tips for Managing Vendor Cybersecurity Risk

2 min read
Featured Image

In Venminder’s State of Third-Party Risk Management survey, 74% respondents answered that cybersecurity continues to be a top concern for their organizations. Frankly, this isn’t surprising, as it certainly should be a focus. Third-party data breaches can have severe financial and reputational consequences, so mitigating vendor cybersecurity risks that threaten your organization is crucial.

How to Manage Vendor Cybersecurity Risk

Managing your third-party cybersecurity risks isn’t a small feat. First, when deciding on a strategy to manage cybersecurity, it may be beneficial for third-party risk management and information security teams to work together.

Additionally, here are six tips for effectively mitigating your vendor cybersecurity risks:

  1. Establish a list of your vendors that have access to your information or systems. It’s impossible to manage the unknown, so maintaining an updated list of all your vendors is a critical first step.
  2. Remember, cyber risk isn’t one-size-fits-all. Categorize your vendors according to sensitivity of the information and systems they have access to.
  3. Establish levels of review and frequency of monitoring based on the amount and type of vendor risk. Take into consideration factors such as the vendor’s access to your information or systems and the sensitivity of that information to determine the depth and occurrence of reviews.
    10.11.2022-6-tips-for-managing-cybersecurity-risk-GRAPHIC
  4. Perform ongoing monitoring activities to ensure you stay on top of evolving cyber risks. Malicious actors continue to update their threats and methods to overcome new defenses, so ongoing reviews are essential to determine whether your vendors are prepared for emerging threats.
  5. Establish a list of your vendor’s vendors, known as fourth parties/subcontractors, that process or have access to your data or systems.

    Here are 3 reasons why:
    • It’s increasingly common for companies to outsource parts of their processes. As the list of entities that have access to your information increases, so does your risk.
    • It helps to ensure that your vendors take this critical step of monitoring their own vendors.
    • If the sensitivity of the data or the access to your systems and infrastructure is high, then it may make sense that you verify the cybersecurity measures in place for fourth-party vendors.
  6. Obtain cyber risk insurance. Cyber risk insurance provides a layer of risk mitigation for cyber-related events.

    Two things to keep in mind:
    • If things go wrong, cyber risk insurance can help offset the cost associated with a major incident or breach. Insurance can make all the difference between surviving the aftermath of an attack or falling to the consequences.
    • There are several types of cyber risk insurance. Contact your insurance carrier to determine the right type and amount for your organization.

When it comes to cybersecurity risks, you can’t be too careful. As third-party data breaches and other cybersecurity incidents threaten your organization, it’s necessary to maintain best practices to protect your organizations and customers’ sensitive data. By collaborating with internal teams and following these six tips, you’ll be on track to protecting your organization from vendor cybersecurity risk.

Subscribe to Venminder

Get expert insights straight to your inbox.

Ready to Get Started?

Schedule a personalized solution demonstration to see if Venminder is a fit for you.

Request a Demo