A cost-effective, cloud-based solution that embeds information security risk assessments directly into the third party and supplier pre-contract due diligence and onboarding process, and allows firms to continually monitor their risk and compliance posture throughout the life cycle of the relationship.
Cyberattacks and data breaches leap from the headlines daily, resulting in reputational damage, loss of customer trust, fines and significant remediation expenses. The 2017 Ponemon Institute’s Cost of Data Breach Study, estimates that the cost of a single data breach to be $3.86 million, with mega breaches reaching $350 million. Over 60% of data breaches can be linked either directly or indirectly to a third party and the associated costs can be staggering. You need to ensure your third parties apply and maintain the rigorous controls you expect to protect your digital assets and reputation.
Aravo for Information Security allows you to apply a consistent and objective information security risk management and compliance program for all your third parties and vendors with access to networks, systems and data. Best practice assessments and workflows enable organizations to rapidly implement a control framework that mitigates risk in line with regulatory and business expectation.
Dramatically reduce the time required for the assessment and due diligence of third parties. By eliminating multiple inventories and manual processes that rely on unreliable email and spreadsheets, you save time, gain productivity and deliver consistent and scalable programs.
Rapid time to value.
Stand up a third party information security risk management program that is aligned to best practice control frameworks
Understand risk exposure, segment and manage high-risk and critical third parties, and be alerted to changes in risk and compliance posture for issue management and remedial action.
Reduce operational burden with automated processes, saving time and resource.
Trust but verify.
Triangulate data from relationship managers, self-assessments and cyber-risk scorecard providers.
Single version of the truth.
Cuts through data and business silos and improves reporting and governance.
Better governance and oversight.
Demonstrate compliance to senior management, internal audit and examiners.
Built on technology that supports the scale, complexity and change dynamics associated with third party risk management programs.