Case Study: NorthStandard strengthens third-party security and compliance with Panorays

How NorthStandard Is Meeting Security Regulations With Panorays While Managing Third-Party Risks More Effectively

NorthStandard, one of the world’s leading marine insurance companies, needed a better way to manage third-party cyber risk across more than 250 suppliers. After relying on spreadsheets and manual processes, the security team lacked ongoing visibility into supplier vulnerabilities, struggled to keep up with emerging regulations like DORA and PRA SS2/21, and faced inefficiencies and security risks from managing sensitive data in uncontrolled documents. Panorays’ third-party security and risk ratings platform was brought in to replace the one-size-fits-all approach.

With Panorays, NorthStandard gained continuous monitoring, automated assessments, questionnaire management, and deeper visibility into 4th- and 5th-party risk. The platform created a tailored risk score using business criticality, assessments, and threat intelligence, helping the company prioritize its most critical suppliers and produce clearer reports for executives, auditors, and vendors. Panorays also helped NorthStandard automate data input and save 75% of assessment time, while improving compliance readiness and delivering more actionable third-party risk insights.

NorthStandard

Declan Burke

Head of Cyber Security and Operational Resilience