Case Study: New York Life improves third-party risk visibility and transparency with SecurityScorecard

New York Life cleans up 3-4 third-party risk issues with SecurityScorecard

New York Life, a large mutually owned life insurance company, sought to improve its third-party risk management across its diversified business areas. The challenge was gaining consistent, external visibility into the cybersecurity posture of both existing and prospective vendors to enable proactive risk discussions and informed procurement decisions. They implemented SecurityScorecard's security ratings platform to address this.

SecurityScorecard provided a straightforward methodology to rate and profile third parties, which New York Life centralized and scaled company-wide. The solution normalized risk data, enabling easy comparisons and transparent dialogues with vendors. In one instance, a poor score for a prospective third party prompted a remediation discussion facilitated by SecurityScorecard’s insights, leading to a cleaned-up score. Results include procurement teams proactively requesting ratings for due diligence, the ability to generate robust reports for all audiences, and a more targeted, resource-efficient approach to third-party risk.

New York Life