Businesses today opt for an automated vendor risk assessment. One reason why these businesses opt for automated ways is for upgrades.
Indeed, this process is also time-consuming. Of course, a business isn’t all about managing risks. Although it is a key factor to consider. But, the business should keep running too. Though at the same time, risks should be effectively managed.
This is a challenge. One reason why some businesses tend to neglect this key factor of safety. But being negligent is also prone to more vulnerabilities. And therefore risks.
Why Concern This?
Consider this. A study reports that almost half of the data breaches are vendor-related. Moreover, these incidents have a total cost of more than 4 million USD.
Thus, these led to more investments in Vendor Risk Assessments. This shall strengthen and ensure safety vendor relationships in between.
Better Way Over Time
But technology has continually progressed into more automation. This has brought better Vendor Risk Management to the business field.
Benefits include lesser cybersecurity risks. Second, better IT Security systems. Third, the use of Vendor Assessment Questionnaires also contributed a lot to this.
Benefits Of Automated Vendor Security Risk Assessment
One of the best benefits is the speed. Simply because it is automated. Automation increases the speed of your company in identifying potential risks to vendors.
Considering the time concerned. If you still opt for the traditional way. It costs much more time. And this can cause partnership delay for instance. Moreover, this increases your business’ exposure to risk.
So for the business to make quick data-driven decisions. The GRC (Governance, Risk, and Compliance) team. They should be able to gain holistic data of these potential partners. Because this increases the value of your vendor relationships too.
It is noteworthy to consider that new vulnerabilities appear almost every day. Thus, being automated in processes helps in quick remedies. Moreover, this also means less downtime and more resilience.
Furthermore, consider outsourcing tools like UpGuard. Upguard Vendor Risk promises to provide you with quick cybersecurity ratings.
Truly, a business is always susceptible to these attacks. But being quick in identifying these help a lot. Especially in managing these risks efficiently.
In addition, being automated meets the demands of more vendors. It is a business’ reality that more and more vendors are related to it almost every week.
One factor that contributes to this is cloud computing. There are new SaaS tools available. And in truth, these vendors also help to keep the business running. And even to help it run smoothly.
In some organizations, they lack resources. Because they lack both the adequate personnel and time of handling this due diligence.
If they continue sticking with the traditional way of vendor risk assessments. They would lose the time and chances of optimum partnerships.
This is one of the prime reasons why a lot opt for automated ways. Why not make use of this technology-driven resources?
Moreover, this can aid your business in focusing on the most immediate risks.