How a global bank based in Singapore streamlined its third-party risk management using Cyber Sierra's platform

Location: Singapore

Solution: TPRM

For this leading global bank, data security and privacy are critical must-haves in its everyday operations. Therefore, the bank has a stringent third-party risk management process, and only organizations that meet its security requirements get chosen as vendors.

Challenge

As a global bank privy to private and confidential financial information and customer data, third-party risk management is business-critical.

With a well-developed third-party ecosystems, the bank required a reliable, faster and more efficient way to execute its core operations without compromising the privacy, confidentiality and integrity of its customer data.

Its existing third-party risk management process was long-winded. It depended heavily on external consulting firms to assess and measure the security health of the vendor(s). Even so, it didn't assure continuous compliance and security from the vendor. The existing process could only provide a 'point-in-time' security check of its vendor.

The limited scope of the 'point-in-time' check left the bank susceptible to security risks (with the possibility of higher fines in case of a breach) despite diligently following the process.

The bank needed a solution that could objectively analyze and minimize risks associated with outsourcing to third-party vendors or service providers, And in addition, could continually monitor the security posture of its vendors and flag off noncompliance and security oversights in real-time.

Solution

The bank found its solution in Cyber Sierra's automated TPRM platform. With the automated platform's help, the bank can now analyze and assess its third-party risks and monitor its vendors' security posture in real-time. It integrated and went live on the platform instantly. As a result, the entire workflow - from sending security questionnaires to maintaining a central communication line with the vendors - is now fully automated, streamlined, and available in the Platform.

Moreover, the bank can now continually monitor its SaaS vendors' security health thanks to Cyber Sierra's platform, which integrates with the vendor tech stacks and checks for controls per the bank's requirements.