By ProcessBolt | January 21, 2020
As a higher education institution, you work with third-party vendors, some of which might introduce security risks. Assessing these vendors and their security practices is critical to protect sensitive student and employee data, but it can also be time-consuming and taxing on your information security team.
A few years ago, The Higher Education Community Vendor Assessment Tool (HECVAT) was developed by a few CISOs at higher education campuses. The HECVAT was designed to ease the burden on university security teams by helping them assess cloud vendors. Built to combine security best practices and vendor assessment requirements, the HECVAT creates a streamlined approach for higher education institutions to follow when assessing vendors.
Adopting the HECVAT or HECVAT Lite framework is the first step in building a vendor risk management (VRM) system for your institution. The second step is finding a vendor risk assessment platform that works in sync with HECVAT and provides HECVAT and other vendor assessment frameworks out of the box in a highly customizable solution.
Building a HECVAT-based VRM Process
To enable your institution to have a world-class VRM process based on HECVAT, consider the following features necessary when evaluating vendor risk assessment platforms. You need a platform that:
Automate Your HECVAT-based Vendor Risk Assessment Program
ProcessBolt enables your organization to evaluate vendor risk using HECVAT or any other framework, including access to critical information, policy requirements, security requirements and prospective operational impacts (business continuity, reputation, revenue, regulatory). Our state-of-the-art assessment designer tool allows you to formulate a world-class vendor assessment framework based on your needs and your organizational context. The platform gives you the flexibility to use your existing assessment framework or utilize an industry-standard framework. In addition, our experienced services team can help you develop an effective policy and procedure framework that assists in compliance with applicable regulations.
Our solution can help you:
Benefits of an Automated Approach
Companies that use an automated platform to conduct third-party security risk assessments can realize numerous benefits. While there is always a cost involved in automated platforms, these costs can easily be offset by the labor hours saved by your security team. The following benefits are typical of customers that adopt the ProcessBolt vendor risk management platform:
To learn more about how we help other higher education institutions, contact us.