Operationalizing Third-Party Cyber Risk Management in Automotive

This case study details the implementation of a third-party cyber risk management (TPRM) program by an automobile parts manufacturer, facilitated by SecurityScorecard's MAX managed services. The existing TPRM program faced challenges due to its manual, point-in-time processes, which left the company vulnerable to unmonitored risks. The objective was to transition from a reactive to a proactive security approach. The MAX solution automates assessments, continuously monitors threats, and engages vendors to remediate issues. It includes features such as Incident Likelihood Assessments and a Vendor Risk Operations Center (VROC) that analyzes security indicators and alerts the customer to significant breach risks. The results of implementing MAX included a proactive risk management model, reduced assessments backlog, and improved vendor engagement, with 23% of vendors enhancing their security posture. The program's expansion to include non-IT suppliers further increased operational resilience, addressing risks that could impact manufacturing and production.