Today, most organizations measure third-party risk by emailing Excel questionnaires to their vendors, having back and forth questions to obtain more information, multiple meetings with the vendors and internal teams, and finally determining a risk rating for the vendor. Additionally, companies have difficulty prioritizing internal security controls to increase security maturity.
Velocity is a cloud risk assessment platform that utilizes known security frameworks and regulations including NIST, CIS, HIPAA, FFIEC, MITRE ATT&CK, and Velocity’s own breach risk framework. Velocity was developed to solve two security problems affecting most organizations:
- Measuring Third-Party Risk
- Improving Internal Security posture
Velocity makes your team more efficient by handling the lengthy manual work and automatically calculating risk. Using the Velocity web application, an organization can send a Velocity vendor questionnaire and quickly receive a risk rating for the third-party. Instead of evaluating one vendor at a time, you can now evaluate hundreds. Velocity even estimates breach costs for each vendor!