Save Time and Enhance Security with SIG and SIG Lite Questionnaires

In today's digitally driven world, third-party vendor relationships are essential for business success. But with increased reliance comes heightened risk. Security breaches often occur through vulnerabilities in vendor systems, highlighting the need for robust third-party risk management (TPRM) practices.

One crucial element of TPRM is vendor security assessments. Companies are increasingly requiring vendors to answer detailed questionnaires covering their security policies, procedures, and controls. While this helps assess risk, it creates a significant burden for vendors who often receive multiple, overlapping requests.

We propose a solution: completing the standardized SIG and SIG Lite questionnaires. Not only will this streamline the assessment process, but it will also enhance your security posture, saving you time and resources in the long run.

Understanding SIG and SIG Lite

The Standardized Information Gathering (SIG) questionnaire, developed by Shared Assessments, is a comprehensive framework for collecting security control information from third parties. It covers 19 critical risk domains with over 855 questions, offering a deep dive into an organization's security practices. It covers a broad spectrum of topics, including policies, procedures, and controls across various domains such as network security, physical security, business continuity, and privacy.

The SIG Lite version, with around 126 questions, is a condensed version of the full SIG questionnaire. It provides a focused, high-level assessment suitable for lower-risk vendors or initial screenings. Both utilize a standardized format, simplifying completion and comparison across assessments.

The Growing Tide of Security Questionnaires

The demand for vendor security assessments is surging. Studies show that over 80% of companies require vendors to complete questionnaires, with an average of 14 requests per vendor annually. For vendors, this has led to a significant uptick in the requirement to complete detailed security questionnaires. This trend translates into an increasing administrative burden as they strive to comply with varied and often extensive security inquiries from multiple customers.

Why SIG and SIG Lite are Your Time-Saving Allies

In this context, having completed versions of the SIG and SIG Lite questionnaires ready is not just beneficial for vendors; it is strategic. Here's why:

1. Industry Recognition and Acceptance

Many organizations, particularly in sectors like finance, healthcare, and technology, either directly use the SIG questionnaire or employ derivatives of it. By completing the SIG or SIG Lite, you are effectively preparing yourself to meet a large portion of your customers' security assessment requirements. This readiness significantly reduces the time and effort needed to respond to individual questionnaires, as responses can often be repurposed or adapted from the SIG documentation.

2. Comprehensive Security Insight

The SIG framework is designed to cover a broad spectrum of security domains, providing a holistic view of your security posture. By completing the SIG, you are not just ticking a box for compliance; you are undertaking a thorough internal review of their security practices. This exercise can reveal critical insights into the state of their security, identifying strengths, weaknesses, and areas for improvement. Such an introspective analysis is invaluable, offering a roadmap for enhancing security measures and reducing vulnerabilities.

3. Efficiency and Standardization

With the SIG or SIG Lite completed, you have at your disposal a standardized set of responses that can cater to a wide array of customer inquiries. This standardization streamlines the process of responding to security questionnaires. Rather than crafting bespoke responses for each customer, you can focus on fine-tuning your SIG responses for a specific request.

4. Closing the Security Gaps

The process of filling out the SIG or SIG Lite can serve as a catalyst for strengthening your security framework. It encourages the identification and documentation of relevant policies, procedures, and controls, and highlights any gaps that may exist. Addressing these gaps not only enhances security but also positions you as a trustworthy and reliable partner in the eyes of current and prospective customers.

5. Competitive Edge

In a market where security compliance is increasingly becoming a differentiator, having a completed SIG or SIG Lite can offer you a competitive advantage. It signals a commitment to security and risk management, making you more attractive to potential customers who prioritize these aspects in their third-party relationships.

Be Proactive and Avoid Unnecessary Work

1. Submit your SIG questionnaire with all your proposals, even if it is not requested.

This approach can save time. If your customer already accepts the SIG questionnaire. You can avoid filling highly-customized questionnaires and build trust with prospective customers.

2. Use the SIG questionnaire to build a library of questions in your Response Management system (like RFP Ninja).

The SIG questionnaire covers most questions that customers may ask.  A completed SIG can be uploaded into your Response Management system to build a centralized library of questions and responses. This can enable the sales and IT team to automatically respond to most questions, without significant time invesment.

Conclusion

The requirement for vendors to complete security questionnaires is a reality that reflects the broader emphasis on cybersecurity in business relationships. In this environment, the SIG and SIG Lite questionnaires stand out as invaluable tools for vendors. They offer a pathway to not only meet customer demands efficiently but also to enhance their own security practices. The adoption of SIG and SIG Lite is a strategic decision that aligns with the interests of both vendors and their customers, fostering a security-conscious ecosystem that benefits all parties involved.

Need help in managing your workload when responding to Security Questionnaires? Contact our team to see how we can help.