Use case: Third-Party Risk Management for Insurance

Overview

Cybervergent is a comprehensive solution designed to enhance security, compliance, risk, and privacy management for organizations.

With both on-premises and cloud capabilities, it seamlessly integrates with third-party APIs, platforms, and systems.

Cybervergent helps with data protection and governance to ensure that organizations meet global regulations while maintaining operational efficiency.

The Challenge

The reliance on third-party vendors for core services (such as claims processing, policy management, and IT infrastructure) exposed a leading insurance firm to severe, unmonitored risk. In a major incident, a trusted vendor's lazy cybersecurity controls led directly to a breach of sensitive customer information (PII).

This security lapse resulted in fraudulent claims, triggered heavy regulatory fines under data protection laws, and caused a massive loss of public trust. The firm's existing, manual process for vendor risk assessment was inconsistent, lacked real-time monitoring, and failed to scale as their vendor ecosystem grew, leaving them blind to critical security gaps that ultimately proved costly. The challenge was transitioning from periodic, manual audits to a continuous, proactive risk posture.

The Risk Posture Management Solution

The Cybervergent Risk Posture Management (RPM) solution was implemented to provide end-to-end oversight of the insurer's entire third-party ecosystem. It provides:

Automated Vendor Risk Assessments: Replaced manual questionnaires with automated, evidence-based assessments, allowing the firm to quickly identify security gaps in vendor systems before granting access to sensitive data.

Continuous Vendor Monitoring: Deployed Monitor capabilities to gain real-time visibility into third-party security posture, issuing instant alerts for policy violations or changes in vendor security status.

Regulatory Compliance Enforcement: Ensured third-party compliance against key industry standards, including data protection laws, reporting requirements, and governance policies, thus providing a detailed audit trail for regulators.

The Results

By adopting the Cybervergent RPM platform, the insurance firm successfully shifted to a proactive third-party risk management model. The organization realized a 60% reduction in the time spent on vendor assessments, freeing up compliance teams to focus on strategic risk mitigation. This ensured that high-risk vendors were flagged immediately, drastically reducing the likelihood of future vendor-caused breaches and securing the firm's reputation and financial stability.