Operationalizing Third-Party Cyber Risk Management

This case study details the implementation of a third-party cyber risk management program by a global leader in the automotive industry. The initial program faced challenges due to its manual, point-in-time approach, which resulted in unmonitored risks and a backlog of vendor assessments. To address these gaps, the company adopted MAX, a managed service from SecurityScorecard, which automates assessments and continuously monitors vendor threats. The solution includes a Vendor Risk Operations Center (VROC) that analyzes security indicators and engages vendors for remediation. As a result of implementing MAX, the company transitioned to a proactive risk management model, reducing its assessment backlog and enhancing vendor engagement. The study highlights significant improvements, including a 23% increase in vendors improving their security posture and a 70% engagement rate across suppliers. This operational shift has led to increased awareness of risks and a more resilient supply chain management process.