Beacon by ThirdPartyTrust: Scaling your Security Response Process

As a third-party, you are inundated with security requests from your customers. You probably find yourself answering the same sets of questions every week and thinking: there’s gotta be a better way! Well, there is. Beacon by ThirdPartyTrust is our functionality for vendors who need to build a single security profile, enabling a scalable response process and reducing the time spent on assessments.

Beacon is the centralized repository for all questionnaires, certifications and attestations, such as:

• SIG Core and Lite, Cloud Security Alliance CAIQ, and other questionnaires
• SOC reports, ISO certifications, HiTrust and many others
• Penetration tests, application scans and other attestations
• Insurance documentation and other audits

Reducing the Overlap and Repetitive Work

Back in the day, ThirdPartyTrust Founder and CEO Anders Norremo was sitting at the receiving end of these gigantic spreadsheets. They would range anywhere from 40 to 400 questions around security policies and procedures, and he realized there was a lot of overlap.

At the end of the day, every organization performing due diligence is after the same goals:

• Safeguarding their data
• Checking that a potential third-party will handle it the right way
• Making sure they’re not exposing their company to a potential data breach

These long questionnaires are a key part of the agreement with new customers, but they’re very time-consuming and redundant, as they’re usually a manual process. As a vendor, you might know this pain point better than anybody.

On the other hand, enterprises also struggle with follow ups and chasing hundreds of vendors to complete the assessments. Big, heavy GRC tools won’t do the trick because they can’t help scale this process or automate it, and they’re not focused on the third-party risk management (TPRM) use case.

Enter Beacon by ThirdPartyTrust: A New Way to Scale Your Security Response Process

With Beacon, your company can take command of requests through a single security profile, including all questionnaires, certifications and attestations. When a customer asks for a certain document, you can just invite them to the ThirdPartyTrust platform to see your profile, where they’ll be able to access every piece of information in a simplified and secure manner.

These are the main benefits of using Beacon:

Maintaining Ownership Control

Instead of having sales and support staff share your company’s security documents insecurely, put a formal process in place. You will differentiate from your competition proving to your customers their data will be safe.

Getting Ahead of Security Assessments

You can save time and effort by securely sharing a single security profile, and avoid starting from scratch on every customer security assessment. There aren’t enough hours in the day to respond to each customers’ request!

Improving Communication

If an issue arises regarding a security assessment, you can start direct messaging with your customer without leaving the platform. Thus, cutting down the back and forth and lowering the amount of emails and calls.

Here’s a quick video to understand what ThirdPartyTrust can do for you: