Risk-Based Vendor Due Diligence
Risk-based vendor due diligence refers to evaluating and managing any risks associated with working with a third-party supplier or vendor for goods or services.
This kind of due diligence entails detecting and evaluating the risk posed by a vendor based on elements, including the vendor's line of work, the importance of the supplied goods or services, and the potential effects on the business's operations and reputation.
These risk assessments may include financial stability, legal compliance, security measures, data privacy, and other pertinent risk areas.
Depending on the level of risk discovered, different levels of due diligence may be necessary, with higher levels of thoroughness and more regular checks required for high-risk vendors.
By conducting risk-based vendor due diligence, organizations can make informed decisions about which vendors to engage, establish appropriate risk mitigation measures, and maintain effective vendor management practices over time.
ThreatNG is a potent solution for facilitating risk-based vendor due diligence. Let's delve into how it enhances explicitly this process and collaborates with other security and risk management solutions.
ThreatNG's Role in Risk-Based Vendor Due Diligence
Comprehensive Risk Assessment: ThreatNG's advanced discovery capabilities exceed traditional due diligence by uncovering many potential risks. This includes common vulnerabilities like BEC/phishing susceptibility or data leaks and extends to more specific risks like subdomain takeover, brand damage, ransomware susceptibility, ESG (Environmental, Social, Governance) exposure, and vulnerabilities in their supply chain. This holistic assessment empowers organizations to understand their vendors' risk profiles completely.
Continuous Monitoring: Unlike static assessments, ThreatNG monitors vendor assets for changes that could elevate risk levels. This includes monitoring for new vulnerabilities, compromised credentials, data leaks on the dark web, ransomware events, and ESG violations. This real-time vigilance ensures organizations are always aware of the latest risks and can take swift action.
Prioritization and Risk Scoring: ThreatNG aggregates all this information into a comprehensive risk score for each vendor. This score is not just a number but a data-driven assessment considering multiple factors and their severity. Organizations can then prioritize vendors based on their risk scores, focusing resources on those posing the highest potential impact.
Data-Driven Decision-Making: ThreatNG's detailed reports and intelligence data provide organizations with actionable insights into vendor risks. This empowers them to make informed decisions about which vendors to engage with, what safeguards to implement, and how to manage ongoing vendor relationships.
Integration with Complementary Security and Risk Management Solutions
ThreatNG seamlessly integrates with other solutions to streamline the due diligence process:
Security Information and Event Management (SIEM): SIEM solutions like Splunk or IBM QRadar can ingest ThreatNG's findings and correlate them with other security events. This enables the identification of patterns and trends that might not be visible when examining vendor risks in isolation.
Third-Party Risk Management (TPRM) Platforms: TPRM platforms like Prevalent, OneTrust, or RiskRecon can leverage ThreatNG's data to enrich their vendor risk assessments. By incorporating external threat intelligence and real-time monitoring data, these platforms provide a more comprehensive view of a vendor's security posture.
Governance, Risk, and Compliance (GRC) Platforms: GRC platforms like MetricStream or RSA Archer can incorporate ThreatNG's findings into their overall risk management framework. This helps organizations track vendor risks alongside other enterprise risks, ensuring alignment with broader risk management goals.
Example Workflow: ThreatNG Integrated with TPRM and GRC
ThreatNG Assessment: During vendor onboarding, ThreatNG performs a deep assessment of Vendor X, identifying several vulnerabilities in their web applications, a potential data leak on the dark web, and questionable ESG practices.
TPRM Integration: The TPRM platform automatically ingests ThreatNG's findings, updating Vendor X's risk profile and triggering alerts for relevant stakeholders.
GRC Analysis: The GRC platform incorporates the updated risk profile and analyzes it alongside other enterprise risks and relevant regulations. This analysis reveals potential compliance issues related to Vendor X's ESG practices.
Risk Mitigation: The organization initiates discussions with Vendor X to address the identified vulnerabilities and ESG concerns. ThreatNG's detailed reports provide valuable evidence to support these discussions.
Continuous Monitoring: ThreatNG continues to monitor Vendor X, providing real-time alerts for any changes in their risk profile. These alerts prompt further actions or reassessments as needed.
Leveraging ThreatNG's Investigation Modules
ThreatNG's investigation modules further enrich the risk-based due diligence process:
Domain Intelligence: Uncover vulnerabilities in Vendor X's DNS, subdomains, certificates, and IP addresses. This can reveal potential entry points for attackers.
Social Media: Monitor social media for negative sentiment, data leaks, or brand-damaging discussions related to Vendor X.
Sensitive Code Exposure: Identify exposed code repositories or mobile apps belonging to Vendor X that attackers could exploit.
Search Engine Exploitation: Assess Vendor X's susceptibility to various search engine-based attacks, such as data leaks through misconfigurations.
Cloud and SaaS Exposure: Evaluate Vendor X's cloud security posture and identify misconfigurations, unauthorized cloud services, or open data buckets.
ThreatNG offers a comprehensive and proactive approach to risk-based vendor due diligence. By leveraging its advanced discovery, assessment, monitoring, and intelligence capabilities, organizations can better understand vendor risks, make informed decisions about vendor relationships, and continuously monitor and mitigate potential threats. The integration with complementary solutions like TPRM and GRC further strengthens the overall risk management framework.
