Companies want to get down to business quickly, and that includes rapid onboarding of third parties. But often, hiring a new supplier requires a thorough security assessment to ensure that your security policies and standards are supported. 

What happens when you discover that a supplier you wish to do business with is not as secure as you would like it to be? You can choose not to work with that supplier, but that just means that you will need to begin from square one to find the right supplier for the job. 

There’s another option: Work together with the vendor on remediation so that it can achieve the desired security level. Here are five good reasons why remediation is the better choice. 

1. It Prevents Data Breaches.

Since smaller vendors often don’t have the necessary resources and personnel to effectively address cybersecurity, they can be the weakest link for hackers to access the larger organizations to which they are connected. This tactic has unfortunately resulted in many data breaches. Improving your third parties’ security means that your organization is more secure and less likely to be breached. Providing a remediation plan will help you achieve that goal.

2. It Prioritizes Tasks. 

Often, companies have a long to-do list of vulnerabilities and cyber gaps that must be addressed. Where do they begin? 

An effective remediation plan concentrates on the critical tasks that should be performed to improve cyber posture. With this prioritization, companies can focus their efforts on addressing the most important issues first.

3. It Considers Your Goals.

Your organization may have specific internal security policies that you want your suppliers to implement, such as two-factor authentication. An effective remediation plan allows you to specify your particular goal and then will list the tasks that need to be completed to achieve it. 

4. It Strengthens the Business Relationship.

Showing your willingness to help remediate your supplier’s cyber gaps is a win-win: You win because it means you will be working with a more secure supplier. Your supplier wins because having a better cybersecurity posture will be an advantage that could result in even more business. Because you are working together, your business relationship becomes stronger. 

5. It Helps You Comply With Standards and Regulations.

Often, regulations like GDPR and CCPA and standards like SOC 2 will require your organization to demonstrate that reasonable third-party security controls are in place. A consistent and well-documented remediation program for suppliers that don’t meet your requirements will position you well for any kind of audit of your third-party security program. 

How Panorays Can Help

Panorays provides the ability for organizations to share customized remediation plans with their suppliers according to specific goals. An algorithm considers various factors, calculates the least number of steps and effort to reach the goal and generates a remediation plan. As suppliers progress with mitigating their cyber gaps, the changes are automatically reflected on the Panorays platform.

Want to learn more about how Panorays can help your organization with third-party remediation planning? Schedule a demo today.