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RiskXchange overview
RiskXchange is the global standard for enterprise and third-party cyber risk score ratings and cyber risk analysis. RiskXchange provides a simple, automated and centralised risk management solution that enables organisations to manage their own cyber risk score as well as ensuring their suppliers and third-party partners meet your GDPR requirements.
RiskXchange provides a 360° view of the Enterprise Cyber Risk Posture using AI Machine Learning. A simple, clear and informative dashboard enables senior executives to see in real time their Enterprise and Third-Party Cyber Risk Score position, helping them to make informed and measureable business risk decisions.
The RiskXchange platform enables the centralised sharing of risk score data upstream and downstream for simple, one‑to-many exchange of cyber risk data.
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What is the value of RiskXchange?
- Represents industry de facto standard for cyber risk score ratings
- Enables enterprises to securely adopt an open collaborative supplier digital ecosystem
- Provides 360° view of enterprise and third-party cyber risk management and forensics
- Simplifies and streamlines processes for GDPR compliance for your suppliers and third parties
- Delivers consistent, real-time and accurate view of enterprise cyber risk and GDPR posture.
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Key challenges that enterprises face today
- Cybercrime losses are expected to reach $6 trillion by 2021
- 75% of enterprises consider the cyber risk associated with third parties as serious and increasing
- 26% of enterprises consider today’s cyber risk measurements to be ineffective
- 72% of enterprises are estimated to have a cyber skills shortage
- Today’s manual cyber risk assessments are slow, error-prone, inconsistent, time-consuming, and leave the enterprise unable to enjoy the crucial benefit of making real-time business decisions
- There is insufficient scalability to assess the 360° cyber risk view of an enterprise’s third- and fourth-party network of partners and suppliers
- Compliance requirements (GDPR, PCI DSS, PSD2, ISO27001) continue to raise the need for having simple, shareable access to cyber risk information.
How does RiskXchange work?
RiskXchange uses powerful machine learning capabilities to map an enterprise’s ecosystem and determine the 360° cyber risk rating score and posture of multiple degrees of relationships to the prime enterprise.
This information is also very beneficial in providing visibility of the industry average cyber risk score and peer benchmarking for competitive advantage.
Rail Delivery Group (RDG) deployed RiskXchange from Northdoor to gain a clear view of both internal and third-party cyber security risks.
“RiskXchange enables us to gain enterprise-level insight into our cyber security risk and identify areas for remediation. Working with Northdoor we were able to rapidly implement and configure RiskXchange and establish essential policies and procedures as the foundation of a greatly improved cyber security posture.”
Alain Cain, Head of Information Security, Rail Delivery Group.
Northdoor’s RiskXchange solution enables the Salvation Army to reduce third-party cyber risk across its entire supply chain.
Miguel Fiallos, CIO of the Salvation Army, says: “We are thrilled with the RiskXchange solution that has been provided to us by Northdoor.
Ensuring that our third-party supply chain is secure is of paramount importance to us and whereas it used to take weeks and in some cases months to complete lengthy third-party vendor assessments, it now takes us hours. Northdoor has helped us to streamline the process, saving valuable time and money, which we can re-invest into helping people in need.
The Automated Security Ratings and Assessments solution that RiskXchange provides helps us facilitate sometimes tricky security analysis with our suppliers, making it an integral part of our vendor risk management program.”
Delivering GDPR Third Party risk assessments through the RiskXchange platform
Under the GDPR and UK-specific data protection regulations, companies are responsible for personal data shared with their third-party providers and suppliers.
Typically, auditing third-party risk involves sending individual spreadsheets to multiple third parties, collating their feedback, manually assessing their GDPR status, and trying to determine your risk of corporate exposure.
This is extremely inefficient, prone to error and could leave your organisation exposed.
RiskXchange can send each of your third parties a GDPR assessment questionnaire – one of our pre-built options or your own bespoke version.
All responses are gathered in the solution, automatically centralising the responses.
RiskXchange completes an external cyber risk assessment of each third party as part of the process.
The solution then scores the assessment and provides an easy-to-understand dashboard to allow you to quickly and easily see any areas of concern.
RiskXchange delivers forensic data insights for security and risk gap analysis, helping to improve your cyber risk posture.
Read our articles about third party risk
Solution
Protect Your Business From Third Party Cyber RisksDiscover how hackers, partners, and customers see your organisation’s cyber security posture! Get ahead of the hackers, and see what they see before it’s too late!
Interested in seeing RiskXchange in action?
Request a demo or contact sales on: 0207 448 8500
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