Vendor Security Assessments are an ignored facet of cyber security. However, most companies rely on third-party vendors for some form of service. The vendors in question can be SaaS providers or IaaS providers, providing software or infrastructure services.
Regardless, engaging with third party vendors is a reality for today’s businesses. However, there are some caveats to doing so. While, businesses can be certain about their own security posture, that cannot be said about the vendors. Usually, there is little to no evidence about the vendors’ security infrastructure. Due to this, businesses can find themselves and their confidential data at risk.
Vendor applications and services are not subject to your security policies. Inadequacies in the vendor security framework can leave your organization’s confidential data exposed. Therefore, it is important to consider certain points such as:
- The data a vendor has access to
- Security posture of the vendor,
- Risk of sharing data with the vendor
- Remediation policies in place in case data is compromised
This type of risk assessment can be crucial in determining the maturity of a vendor’s security processes and policies.
Why Choose Panacea?
Panacea SAQ Manager (pSAQ) can help you streamline vendor security audits. and track compliance. The product provides an automated means to assign SAQs to vendors, analyse reports and track their compliance results.
In addition to the Panacea SAQ Manger, you will be guided by our team of Vendor Security experts. Our team brings extensive experience in conducting Vendor Security Assessments and can tailor the process as per your requirements.