Vendor Risk Assessment
Answer and evaluate questionnaires as part of vendor risk assessment.
What is a Vendor Security Questionnaire?
A vendor questionnaire is a series of questions to help with evaluating or assessing overall risk. These questionnaires are a central part of vendor due diligence and security posture evaluation.
What is the significance of these questionnaires?
Security questionnaires comprise third-party risk management (TPRM) programs for organizations. When an organization provides third-party access to sensitive data, it adopts all cybersecurity risks associated with that vendor. If a third party suffers a data breach, the client organization’s sensitive data is also at risk of compromise. Disclosing private data, such as customers’ personally identifiable information (PII), can result in regulatory action, financial action, litigation, and reputational damage for the parent company.
How do these questionnaires help the vendors?
Not only do these questionnaires help evaluate the vendors’ security practices, but they also prioritize the weaker areas for improvement.