The Cost Of Third Party Vendor Risk

By ProcessBolt | December 21, 2017

The threatscape from cyber attacks is increasing daily and not a day goes by when we don’t hear about data breaches in the headlines. This leads to loss of customer trust, damage to reputation, regulatory fines, litigation and remediation expenses for the enterprise.

According to the 2017 Poneman Institute Cost of Data Breach Study, the estimate for an average cost of a single data breach is $3.62 million and there is no question that this cost is going to increase in the coming years. The same study also indicates that the average cost of a breach increases by 20% with the involvement of a third-party vendor and compliance failure. A growing portion of data breaches these days can be traced to third-party vendors:

Studies estimate that between 60–70% of all data breaches can be traced to third parties. This problem becomes even more alarming when you consider that most organizations do not have a complete grasp on all their third parties and the information sharing arrangements with them. This does not even take into account fourth parties (suppliers to your suppliers) and how they can introduce a threat to your supply chain.

ProcessBolt can help with the compliance monitoring required in this constantly evolving supplier landscape. With our purpose built compliance survey and scoring engine, you can manage a consistently enforced compliance program across your entire supply chain. With visibility into your third and fourth-party compliance scores, you can make informed decisions on where to effectively direct your focus and remediation resources, up and down the supply chain. Our growing template library enables you to rapidly implement a controls framework at scale.

In addition, your vendors can take advantage of our AutoBolt engine that keeps track of their compliance responses from the past and assists them in filling out compliance questionnaires in a matter of hours rather than days.

Some key features:

  1. Drag and drop questionnaire engine — Easily design and implement compliance questionnaires.
  2. Library of pre-built questionnaires — Get your compliance program off the ground quickly.
  3. Manage Assessments — Keep all compliance data organized, auditable and traceable.
  4. Enhanced visibility into supply chain risk — View high risk suppliers and collaborate on remediation plans complete with status alerts.
  5. Role based access control and configuration to allow your corporate branding.
  6. Reporting for board, management, auditors and risk advisors

To learn more, schedule a demo with ProcessBolt.

ProcessBolt Empowers Your Process

Whether you're an enterprise, vendor or service provider, ProcessBolt can not only simplify but accelerate your vendor risk management process. Schedule a demo today to see just how easy vendor risk assessment questionnaires can be.

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