Four Important Best Practices for Assessing Cloud Vendors
Blog Article Published: 11/24/2017
By Nick Sorensen, President & CEO, Whistic When it comes to evaluating new vendors, it can be challenging to know how best to communicate the requirements of your vendor assessment process and ultimately select the right partner to help your business move forward — while at the same time avoiding the risk of a third-party security incident. After all, 63 percent of data breaches are linked to third parties in some way. In fact, we all recently learned about how an Equifax vendor was serving up malicious code on their website in a newly discovered security incident. The Whistic team has done thorough research on what a good vendor assessment process looks like and how to keep your organization safe from third party security threats. In the following article, we’ll outline a few of these best practices that your organization can follow in order to improve your chances of a successful vendor review. Of course, there will still be situations that you must address in which a vendor is either not prepared to respond to your request or isn’t willing to comply with your process. However, we’ll share some tips for how to best respond to these situations, too. But before we get started, keep these three keys in mind:
- Time your assessments: The timing of the assessment will be the single greatest leverage you have in getting a vendor to respond. Keep in mind that aligning your review with a new purchase or contract renewal is key.
- Alert the vendor ASAP: The sooner a vendor is aware of a review the better. Plan ahead and engage early and get executive buy-in from your team to hold vendors accountable to your policy. If your business units understand that you have a policy requirement to review every new vendor, they can help set expectations during the procurement process and eliminate last-minute reviews.
- Don’t overwhelm your vendors: Unnecessary questions or requests for irrelevant documentation can slow the process down significantly. Be sure to revisit your questionnaire periodically and identify new ways to customize questions based on vendor feedback. You may find that after conducting several security reviews that there may be ways to improve the experience for both parties.
- Set The Stage: Let your vendor know about the third party security platform that your organization uses and that it is required method for completing your security review process.
- Give Clear Direction: Specify a clear deadline and any specific instructions for completing the entire security review — not just the questionnaire.
- Provide Resources: Provide information for the best point of contact who can answer questions they may have throughout the process. It’s also a good idea to let them know that your third party security platform may reach out if they aren’t making progress on their vendor assessment.
- Preparation: If you are getting repeated pushback from vendors, review the “Keys to Success” outlined at the beginning of this article and explore additional ways to adopt those best practices.
- Complexity, Relevance, and Length: These items can be among the reasons why vendors complain about your security review process. Consider periodically revisiting your questionnaire and consider adding additional filter logic to limit the number of questions asked of each vendor or make the question sets more relevant to vendor that is responding.
Share this content on your favorite social network today!