2-Step Vendor Risk Management

56-question assessment designed to streamline vendor risk evaluations. It covers key areas such as the vendor’s financial situation, history of past breaches, potential legal issues, and a summary of cybersecurity program requirements. This straightforward questionnaire provides organizations with a clear and efficient way to assess vendor risk, ensuring critical areas of concern are addressed while minimizing the burden on vendors to complete lengthy or complex assessments.

Outlines an organization's approach to protecting its assets, information, and systems from unauthorized access, misuse, or other threats. It establishes the organization's rules, standards, and guidelines for cybersecurity practices, aligning with its broader operational goals and compliance requirements.

Disclose how vendors collect, use, store, and share the personal information of individuals, such as customers, employees, or other stakeholders. If information is shared, vendors must indicate if and how individuals can opt-out. It is a critical document for demonstrating transparency and compliance with regulations such as the Gramm-Leach-Bliley Act (GLBA), guidelines referenced by the SEC, the California Consumer Privacy Act (CCPA), the California Privacy Rights Act (CPRA), many other state regulations, and GDPR.

Serves as proof that a vendor complies with recognized industry security standards or frameworks, such as ISO 27001, SOC 2 Type 1 and 2, NIST, or PCI DSS. These attestations or certifications are conducted by independent auditors and validate the vendor's implementation of necessary security controls and practices to protect data and systems.

Provides financial protection against cyber incidents, such as data breaches, ransomware, or system failures. It ensures vendors can cover costs related to recovery, legal fees, and liability, minimizing business disruption.

Governs vendors' obligation to their clients: Commitment to cybersecurity safeguards and compliance, breach reporting, conditions for terminating the relationship and, in this case, how data would be protected, etc.