3 Ways to Overcome Challenges in Vendor Risk Management

3 Ways to Overcome Challenges in Vendor Risk Management

Blog Article Published: 08/25/2020

Written by Whistic

One of the most significant catalysts for the shift from reactive to proactive vendor security was the change in the way organizations do business and handle data and information.

The Changing SaaS Landscape

InfoSec is one of the latest industries to hop on the SaaS train, but it is by no means the first or the last. Everything from marketing to finance to retail is now taking advantage of SaaS solutions’ flexibility and scale, making it easier than ever to do business with new clients, partners, and vendors. For InfoSec teams, this nearly unlimited ability to share and access data has opened so many doors—and unique challenges.

While vendor security is now a competitive differentiator and highly discussed in every sales and partnership conversation, the slightest gap in the process can cause a security breach or hack. By taking a long-term approach to vendor security, InfoSec teams can be well prepared to overcome these challenges and stay secure.

3 Ways to Overcome Vendor Security Challenges

1. Have a clear vendor risk management process in place.

Often, it’s the lack of process and workflow that opens up security holes for InfoSec teams. Putting a clear process in place—and ensuring that every vendor understands how this process works on their side—can ensure that your team is held accountable. Setting benchmarks also means that you can show success and differentiate yourself in the space.

2. Ensure your entire team (even those outside of the IT team) understand the importance of vendor security.

While vendor risk management is the responsibility of an InfoSec team, it impacts an entire organization. As more and more teams come to rely on SaaS tools, the number of cloud-based vendors your organization works with daily has grown. Unfortunately, many InfoSec teams don’t know how many vendors they’re working with because of the lack of transparency between departments. Making sure your entire organization understands the importance of vendor security can help eliminate confusion and get everyone on the same page.

3. Work with tools and solutions that can grow and change with your organization's goals.

If the relatively recent shift of InfoSec from on-prem to open source is any indication, the space is nowhere near done growing and innovating. By partnering with tools and solutions that can change with your organization – and flexible enough to address any issues that come up – your team can easily overcome challenges without worrying about things slipping through the cracks.

As SaaS-based, proactive vendor risk management solutions grow and innovate, there is always more to learn to help augment your strategy.

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