Streamlining the Questionnaire Process
Completing security assessment questionnaires has become an important but often time-consuming chore in cybersecurity. Many executives in security, GRC, privacy, legal, and sales see these questionnaires, which are required for third-party risk assessments, as a necessary challenge.
While the goal of security questionnaires is to promote comprehensive security assessments, they frequently reduce productivity for both buyers and sellers. As a result, many firms are reconsidering their security risk management processes in order to reduce the amount of time and resources spent on questionnaires. This is how your team can benefit from these changes.
Understanding the Role of Security Questionnaires
Security questionnaires typically address the following topics:
Cybersecurity Documentation and Compliance Certifications: SOC 2 reports and ISO 27001.
Data, Product, and Application Security: This includes rules for data backup, erasure, and credential management.
Legal Policies: Topics such as cyber insurance and data processing agreements
Access Control: Focuses on data access and password security.
Infrastructure: Managing status monitoring and catastrophe recovery strategies.
Endpoint and Network Security: This includes disk encryption and firewalls.
Corporate Security and Policies: Includes personnel training and a code of behavior.
The Seller's Journey in Security Assessments
Sellers' responses to security questionnaires vary greatly depending on the customer. The complexity and effort required vary depending on the questionnaire's content, length, structure, technology, and buyer procedure. Typically, salespeople support this process by sending questionnaires to security teams and other pertinent departments such as GRC, privacy, and legal.
Sourcing Answers for Security Assessments
Responses to security questionnaires are gathered from a range of sources, including security white papers, policy documents, third-party reports, certifications, and previously completed questionnaires. These sources are maintained by multiple teams and kept in a variety of formats, which complicates the response process.
Challenges of Security Questionnaires
Despite their importance in fostering corporate trust, security questionnaires pose considerable challenges:
For Buyers:
Time-consuming: Developing, delivering, and assessing questionnaires is a labor-intensive process that may impede deal development.
Complex Coordination: Involving many teams complicates matters and increases the possibility of miscommunication.
High Risk of Miscommunication: Handling technical details across multiple touchpoints can lead to misunderstandings.
For Sellers:
Reactive Response: Sellers frequently wait for buyers to request security information, which limits proactive communication.
Resource-intensive: Sales, security, GRC, privacy, and legal departments must dedicate significant resources to completing questionnaires.
Inconsistent Responses: Multiple stakeholders might result in inconsistent and misleading responses, thereby misrepresenting the company's security stance.
Strategies for Reducing Security Questionnaires
Organizations can reduce the burden of security questionnaires by concentrating on important tactics.
Centralize information: Gather and preserve frequently requested information and documents from all relevant teams in one location.
Proactive Sharing: Share security information early in the sales process to anticipate the needs of customers.
Self-Service Tools: Consider investing in tools like a Security Portal that enable buyers to access and assess security information on their own.
Empower Sales Teams: Provide salespeople with the resources they need to confidently describe the company's security posture.
Automate Processes: Reduce manual labor by streamlining repetitive activities such as NDA signature.
Continuous Improvement: Analyze and enhance security assessment procedures on a regular basis, taking into account insights and comments.
Targhee Security is revolutionizing the security review process.
Targhee Security provides a scalable Security Portal that automates the security assessment process, allowing businesses to effortlessly exchange sensitive security paperwork with prospective purchasers and customers. Our software works with your CRM and data warehouse to streamline the NDA signing process and simplify security reviews.
If you're ready to reduce the amount of time your team spends on security questionnaires, improve the buying experience, and position security as a revenue driver, contact us immediately.
