June 16, 2023 4:03 pm

David Wadler

The past decade has seen the rise of the CISO, or Chief Information Security Officer, typically at enterprises. These leaders and their teams are ultimately responsible for the security of their organization's data. This includes ensuring that their vendors have the appropriate security measures in place to protect our data. One of the ways they do this is by issuing and evaluating IT security questionnaires.

What is a security questionnaire?

A security questionnaire is a document that asks a vendor a series of questions about their security practices. The questions typically cover topics such as access control, incident response, data encryption, and vulnerability management. The answers to these questions help IT security teams assess the vendor's security posture and determine whether they are a safe partner for their organizations.

Why issue security questionnaires?

There are many reasons why security questionnaires are critically important for enterprise organizations. Here are five key reasons:

  1. Protect sensitive data. In today's digital world, businesses collect and store a vast amount of sensitive data. This data includes customer Personally Identifying Information (PII), financial information, and intellectual property. It is essential to protect this data from unauthorized access, use, or disclosure. Security questionnaires can help to identify and mitigate security risks associated with third-party vendors.
  2. Comply with regulations. Many industries are subject to data protection regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). These regulations require businesses to take steps to protect the privacy of their customers' data. Security questionnaires can help businesses to demonstrate compliance with these regulations.
  3. Reduce risk. By understanding a vendor's security posture, organizations can reduce the risk of a data breach or other security incident. This can help to protect the company's reputation, financial performance, and ability to operate.
  4. Make informed decisions. Security questionnaires can help businesses to make informed decisions about which vendors to work with. By understanding the vendor's security posture, organizations can assess the level of risk associated with doing business with them. This can help organizations to choose vendors that are a good fit for their security needs.
  5. Build trust. By asking vendors to complete a security questionnaire, businesses can demonstrate their commitment to security. This can help to build trust with customers and partners, and it can make it easier to attract and retain top talent.

Why your SOC 2 certification doesn't stop the security questionnaire requirement?

Even if a vendor has a SOC 2 certification, they are almost always issued security questionnaires anyway. Many startups spend time and money on a SOC 2 thinking that it's going to be a silver bullet that fundamentally alters the sales process. While it can certainly help, it's important to realize that it cannot — by design — replace or eliminate the security questionnaire. This is because SOC 2 is a framework, not a guarantee of security. As a consequence, the questionnaire is critically important in helping security teams get a more detailed understanding of the vendor's security practices and to identify any areas where they may need to improve.

Sorry, but no amount of hand wringing is going to change the fact that security questionnaires are an essential part of any enterprise's security program. By issuing and evaluating security questionnaires, businesses can protect their sensitive data, comply with regulations, reduce risk, make informed decisions, and build trust. There's real value there, but we understand that it can be daunting and time consuming to have to fill these out. Fortunately, the same engine that powers Vendorful's AI assistant for RFP automation can be used to tackle security questionnaires. Our product can deliver a 10x+ reduction in time to fill out security questionnaires.

About the Author

David Wadler is a co-founder and Chief Revenue Officer at Vendorful. Prior to Vendorful, he was the General Manager for Rich Media & Cloud at Lexmark Enterprise Software, where he was responsible for strategic direction of Lexmark’s initiatives as they related to rich media and cloud products. He came to Lexmark in 2013 with the acquisition of Twistage, where he was a co-founder and CEO. Prior to Twistage, he worked in a variety of industries and roles while trying to figure out what he was supposed to do with himself. David is a holder of a degree in economics from Brown University and is a resident of New York City.

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