Ostendio, a leading provider of cybersecurity and risk management software, announced the release of a significant new addition to its MyVCM Integrated Risk Management software platform. This new module, MyVCM Vendor Connect, represents a groundbreaking new solution to how organizations manage risk related to their vendors.
According to a recent study by the Ponemon Institute, 59% of companies have experienced a data breach at the hands of a vendor. Traditional vendor risk management has relied on static surveys that vendors complete and mail in. There is no way to validate the responses, because the supporting documentation isn’t linked. Often, the information doesn’t stay current as vendors change their security programs, company requirements evolve, and regulations change over time.
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MyVCM Vendor Connect solves this problem by creating a living ecosystem of vendor assessments. Companies can invite vendors to create and maintain online records of their security and compliance readiness via assessments. Responses link to supporting documentation that are easily accessed and kept up to date. Companies can designate assessments to vendors based on specific regulations, or tailor them to their specific requirements.
Using the MyVCM Crosswalk capability, vendors can easily map their relevant responses to questions from more than 100 industry standards and regulations. Responses can be sent to one or more customers while the underlying data only has to be maintained in one place. Using the data from the responses, MyVCM vendors are grouped into different risk pools, giving companies a consolidated and segmented view of their vendor risk landscape.
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“The primary threat to sensitive data is no longer hackers breaking through your own security; it’s the dozens or even hundreds of third-party vendors who have access to manage your data. But standard solutions to this challenge have not stopped the problem,” said Grant Elliott, Founder and CEO at Ostendio. “So we built MyVCM Vendor Connect to make vendor risk management more effective and take the pain out of the process.”
MyVCM customers can invite their vendors to participate, at no cost to the vendor or customer. By completing an assessment, the vendor will become a part of the MyVCM Trust Network. This lets them easily map their answers to assessments from other Ostendio customers, without having to start from scratch for similar questions. The customers and vendors together create a network effect that improves transparency and efficiency for all participants.
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