Supplier Security Assessment

Supplier Security Assessment: Importance In Business

Learn the importance of the supplier security assessment to your company. Also, on how does it work when you implement it.

Introduction About Supplier Security Assessment

How many percent you are confident with your supplier? Do they have strong security controls in place?

Are they able to comply with proper security standards? These are just a few questions that you must consider.

So if you are unsure, a supplier security assessment will help you. It will determine, lessen, and manage the security risk. 

It is necessary because if your supplier can pose a risk, then you will also put in danger line. Such as the confidentiality, integrity, and availability of your company information assets.

So a proactive supplier security assessment program will give you knowledge. When it comes to facing the risk before anything worst happens.

Moreover, it can avoid any serious problems such as:

  • Potential financial loss
  • Reputational damage
  • Suffer from a data breach
  • Critical technology failure

So here are more concrete explanations about the security assessment. 

Supplier security assessment:

  • provides an independent assessment of the information security controls
  • Test the controls and highlight the possible risk in business.

Moreover, it can be processed through international standards. Such as the:

  • ISO 22301
  • ISO 27001

Supplier Security Assessment: Comprehensive Assessment

A comprehensive assessment is like penetration testing to a disaster recovery plan.

So, here is the specific aspect that covers the complete agility. Moreover, it is base on the required documents for your supplier assessment.

  • Physical penetration testing, inside, outside, and also wireless
  • Assessing your supplier’s ability. Such as the incident management plan. Also their ability to shift alternate locations.
  • Server password audits and also, configuration reviews.
  • Policy and procedure gap analysis. It will be counter to the ISO 27001 standard.
  • IT testing and disaster recovery capability assessment.

The Framework, How Does It Works?

So some of supplier security assessment has three phases. These are the following phases:

  • Assessment
  • Remediation
  • Validation

So the three phases could be applied on or offsite. However, most of the time depends on your needs.

  • Assessment is current security that is applied. It is for identifying any issues and gaps. Moreover, a report is produced to show the overall risk and also security maturity.
  • Remediation is the recommended corrective actions of the supplier. 
  • Validation is also the recommendation of remedial actions. It is effectively implemented and re-assess your supplier’s risk background.

Take note, choose a supplier assessment that fully supports the governance models.

So aside from supplier security assessment, it is also important to apply the supplier risk management

Here we will only, take a brief look at what it is.

Risk Management

Here are the following factors you need in terms of supplier risk management.

  • Your suppliers should meet administrative requirements. Such as the GHGs for the food supply chain.
  • Next is that your supplier needs to update their information regularly. So they need to have a monitoring schedule.
  • Lastly, suppliers should be classified accordingly. Especially by the risk, they can bring to your company.
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