As businesses increasingly rely on third-party vendors and partners for critical services, it has become essential to assess and manage the associated cyber risks. However, traditional manual methods of third-party risk assessment can be time-consuming, expensive, and error-prone. To address these challenges, our cyber risk automation platform provides an innovative solution for third-party risk assessment and management. In this case study, we'll examine how our platform helped a company automate their third-party risk assessment process, reduce costs, and improve overall cyber posture.
A large multi-brand and omnichannel retailer.
Our customer's Cyber Security team faced significant challenges in understanding the potential cyber risk exposure from their 3rd party agencies. The process was manual and time-consuming, and they were using risk-scoring methods that did not provide sufficient visibility into the practices of storing customer PII data. Furthermore, they lacked the level of business engagement and transparency they needed to make sound, calculated business decisions about which agencies to use while protecting themselves from risk exposure. This lack of visibility and engagement hindered the team's ability to partner with business teams and executive leadership to identify the best cost and quality options.
Alfahive's cyber risk automation platform is the solution for third-party risk assessment and automation. The platform's pre-curated control questions can be tailored to meet the specific needs of an organization. The platform offers a simple and easy-to-use workflow for third parties to answer the control questions and provide evidence. It also supports multi-threaded responses from multiple individuals. Machine learning techniques are used to validate responses and rank control maturity. The platform continuously ingests cyber risk ratings and contextualizes them with internal control assessments. It provides a comprehensive score and detailed remediation recommendations based on an outside-in and inside-out view. The entire process is standardized and repeatable, and the platform can be used to schedule, repeat, and monitor the assessment on an ongoing basis.
Our customer was able to implement cyber risk automation for all the selected 3rd parties on the Alfahive platform within a short timeframe of just 4 weeks. With the platform's recommendations and planning modules, they were able to quickly implement changes and improve their overall cyber risk posture. The dashboards and reporting from the platform allowed them to collaborate with their vendor management and business teams to evaluate control criteria for their existing 3rd party agencies, as well as establish a process for onboarding new agencies using the automated score from the Alfahive platform.
In this case study, a customer faced challenges in assessing the cyber risks of their third-party vendors due to a manual and time-consuming process. They chose the Alfahive cyber risk automation platform to assess and automate the internal controls of their third parties. The platform used machine learning techniques and pre-curated control questions to validate responses and rank control maturity. As a result, the customer was able to improve speed by approximately 60% and reduce costs by approximately 50%, while gaining comprehensive visibility into their cyber risks based on both inside-out and outside-in views. Additionally, the customer was able to use the platform's planning and reporting dashboards to collaboratively work on solutions and vendor evaluation criteria with business teams, resulting in an improved business engagement score.
We invite forward-looking organizations to take advantage of our free-of-charge two-week value discovery pilot with our platform and join us in our approach to automate the cyber risk assessment for third parties.