The GDPR obliges organisations to safeguard personal data, and extends responsibility beyond their four walls and out to partner organisations. If your company shares data with third parties – for example, for use in credit-risk scoring, market research or payroll activities – you retain joint responsibility for that data, and can be held jointly liable in the event of a breach.
Understanding data-protection and third party risks is hard enough for internal systems. When external organisations come into the picture, each with their own partners, and their partners in turn, the resulting web of dependencies makes it even harder to understand exposure.
For many organisations, monitoring third-party compliance around the GDPR involves significant manual work in getting external partners to complete checklists. The time taken to gather and analyse the information typically makes this an annual exercise, potentially leaving you exposed to risk for months at a time.
To enable informed decisions and help your organisation operate securely in an open and collaborative digital world, the Northdoor Third-party Compliance Solution integrates third-party risk management into your enterprise risk management strategy.
Drawing on a comprehensive framework for identifying and managing digital risks, backed by machine-learning tools that can determine exposure across multiple degrees of relationships, the Northdoor solution automates compliance monitoring to provide an executive view of cyber risk in real time.
With tens, hundreds or potentially even thousands of suppliers to deal with, many organisations are struggling to get to grips with managing their networks of Data Processors. To overcome this challenge, Northdoor proposes a structured approach to sustainable compliance, backed by an advanced machine-learning solution.
RiskXchange resolves these issues, providing a simple, automated, centralised approach that empowers organisations to conduct business securely in an open, collaborative, digital world.
As the de facto global standard for cyber risk score ratings, research and analysis, the RiskXchange solution uses powerful machine learning to map the enterprise’s ecosystem and determine the 360° cyber risk rating score and posture of multiple degrees of relationships to the prime enterprise.
Clear, informative dashboards show executives the risk position in real time, helping them make informed and measurable business risk decisions.
RiskXchange - 3rd party cyber risk management
Your GDPR Checklist - Cyber Security from RiskXchange
RiskXchange Cyber and Third Party Risk Management
Cyber security and its impact on the GDPR - IBM Business Opportunities 2018
We are proud to be finalist in the “Data, Information Management or Analytics Solution of the Year “ category at the prestigious European IT & Software Excellence Awards 2019 for our RiskXchange solution.
Northdoor has successfully achieved supplier status and can offer our compliance solutions to public sector organisations looking to manage their enterprise and third-party cyber risk exposure.
"RiskXchange helps us facilitate sometimes tricky security analysis with our suppliers, making it an integral part of our vendor risk management program."Miguel Fiallos - CIO
“With RiskXchange, we have seen the time taken to assess third-party companies cut in half and we no longer have to manually approach our due diligence.”Alan Cain - Head of Security, Pret A Manger
Automated connections in the extended supply chain make it difficult for underwriters to price and monitor the risk for cyber security insurance policies. Particularly for SMB customers, underwriters need to be able to assess and price risk faster, more accurately and at lower cost. They then need the ability to monitor that risk as it changes over time
By investing in a solution that constantly measures the security maturity level of policyholders, encompassing also the multi-dimensional risk across their supply chains, insurers can significantly improve their assessment of aggregate portfolio risk. In addition to helping underwriters provide rapid, accurate and consistent pricing quotations – particularly valuable in securing SMB business – detailed ongoing risk assessments allow insurers to build closer relationships with policyholders rather than only being in contact at renewal time.
For more information, read our full offerings paper here
Hear from a panel of insurance professionals and thought leaders including KPMG, Chubb, QBE and Northdoor on a webinar topic of “Cyber Security – Implications for the Insurance Industry”.
Under the new legislation, organisations bear a significant amount of responsibility for safeguarding information that they have shared with third parties. It’s one thing to control the risk of data leakage from internal systems, but quite another to be confident that your suppliers (and any companies they may choose to subcontract with) are taking just as much care.
If you’re struggling to determine your exposure to third-party data risk, and you missed our recent webinar with the Direct Marketing Association, find out about the Northdoor approach to compliance by reading our blog and watching our on-demand webinar.