Introduction
This well-established convenience and fuels retailer operates more than 300 locations across multiple states in the US, offering customers a wide variety of products and services, such as fuel, car washes, snacks, and other convenience items. The company takes pride in its workforce of 5,000 employees and has established strategic partnerships with several vendors and suppliers. As a result, its convenience and fuel retail businesses are some of the largest in the region. Its fuel retail operations serve a crucial role in the regional supply chain, managing fuel stations across several states. Due to its vast network of third-party connections and numerous locations, the retailer recognized the importance of cyber risk mitigation, particularly given the recent surge in supply chain attacks.
Challenge
The retailer had no mature processes for third-party cyber risk management. Additionally, it experienced slowed business operations due to the successful breach of a vendor in recent months. The company heavily depended on vendors and third-party providers to handle crucial aspects of its business, such as payment processing, inventory management, and fuel distribution. However, the company realized it lacked the means to verify whether its vendors had sufficient security measures or were susceptible to cyber-attacks. The retailer terminated its relationship with the breached vendor, but was shaken. The company acknowledged the necessity of adopting a stronger approach towards third-party cyber risk management and for cyber risk mitigation.
The retailer’s inability to establish standardized procedures for identifying and evaluating the risks associated with third-party vendors resulted in compliance issues and a lack of control over third-party cyber risk. As a consequence, the company was susceptible to significant risks, including but not limited to sensitive data loss, financial loss, legal penalties, and reputational damage resulting from successful third-party breaches.
Assessment, Identification, and Prioritization
The retailer adopted myCYPR for its innovative risk intelligence gathering and risk assessment capabilities to identify, assess, and manage their third-party cyber risk.
To begin, the retailer identified all its third-party vendors and classified them based on their criticality to the business and the leverage it had in each relationship. They assessed vendors comprehensively using myCYPR’s Self-Assessment Questionnaire, aligned with NIST and CIS cybersecurity frameworks. The platform’s automated scoring and reporting allowed for quick identification and prioritization of high-risk vendors.
After identifying areas of weakness and high-risk vendors, the company prioritized remediation activities and cyber risk mitigation. Working with their vendors, the necessary security controls, policies, and procedures were implemented. Vendors used myCYPR’s dashboard to review recommendations, send tickets for completion, note POAMs, and track progress. myCYPR’s tracking and reporting capabilities allowed the retailer to monitor remediation progress and ensure compliance.
Additionally, the retailer demonstrated effective third-party cyber risk management and controls, alongside a comprehensive view of its total vendor risk profile. Using myCYPR’s reporting capabilities, the retailer shared its own risk standing weighted with total vendor risk score, as evidence of security posture and compliance. This improved communication with vendors, partners, and stakeholders, building a culture of cybersecurity awareness and trust.
“With myCYPR in place, I am confident that we have a comprehensive and accurate view of our third-party risk posture. The platform’s ability to provide up-to-date and actionable insights has been invaluable in our efforts to proactively manage and minimize potential risks.” -Chief Information Security Officer
Cyber Risk Mitigation
The adoption of myCYPR enabled the convenience and fuels retailer to establish a robust third-party cyber risk management program. This decision streamlined their vendor assessment and management processes, allowing the company to prioritize high-risk vendors and take the necessary action for cyber risk mitigation. With myCYPR’s innovative risk intelligence gathering and risk assessment capabilities, the retailer can now easily identify and assess potential cyber risks associated with third-party vendors.
Moreover, the retailer’s decision to involve vendors, partners, and stakeholders in the third-party risk management program was crucial. This approach fostered a culture of cybersecurity awareness and trust throughout the company, ensuring that everyone involved was aware of the importance of managing third-party cyber risks effectively. By taking this approach, the retailer demonstrated its commitment to not only its customers but also its vendors and partners, ensuring that everyone involved in the supply chain was actively working to mitigate cyber risks.
Ultimately, myCYPR’s centralized platform for managing third-party cyber risk allowed the convenience and fuels retailer to maintain an accurate and up-to-date view of its third-party risk posture. This view was essential in identifying high-risk vendors and taking the necessary actions to mitigate potential risks. The adoption of myCYPR provided the company with a comprehensive view of its vendor risk landscape, which ultimately helped to prevent cyber-attacks and maintain a secure environment for both customers and employees.
