Choosing the Right Cyber Risk Management Solution: RFI vs. RFP and Beyond

Selecting a cyber risk management solution is a critical decision for any organization. The process requires careful consideration of your needs, how a platform can meet them, and how the solution supports legacy GRC functions. This post will delve into the key elements for a successful selection process, including evaluating product capabilities, service levels, and the overall vendor relationship. This blog will also discuss the importance of a strong ongoing partnership with the chosen vendor, which is stressed for successful implementation and long-term success.key considerations for selecting a cyber risk platform, drawing from an expert discussion.

RFI vs. RFP: Understanding the Difference

The objectives of the RFI and RFP processes differ, particularly when selecting a cyber risk management or cyber GRC solution.

1. RFP (Request for Proposal): This process is primarily geared towards comparing pricing, assuming the organization already has a good understanding of the platform, its goals, and the vendors under consideration. An RFP is most appropriate when the organization knows enough about what it wants and is ready to compare costs.
2. RFI (Request for Information): This process is designed to understand the platform, the vendor, and their market position rather than focusing on pricing. An RFI is useful for structuring questions to gain a thorough understanding of what a vendor does and who they are.

In the Cyber GRC market, with many players using different approaches, starting with an RFI is often more beneficial. This approach allows an organization to comprehensively understand a vendor’s capabilities before considering pricing. An RFI helps determine which vendors are the right fit for a GRC tool before a deeper evaluation.

Building Your RFI: Key Considerations

When building an RFI for a cyber risk management solution, you must balance your organization’s unique program components with the standard features needed in such a platform. Begin by focusing on your business drivers, identifying what your organization needs beyond compliance requirements, and clarifying your goals for the platform. Next, define your functional requirements, including how the platform will be managed, the types of cybersecurity board reporting needed, and whether they will replace existing tools like spreadsheets. Conduct thorough market research by exploring market leaders and seeking input from peers about their experiences with various solutions. Finally, ensure the platform supports the authoritative frameworks and control families your organization requires, such as NIST CSF and CIS Top 18, as well as those relevant to specific regional or industry needs.

In-Depth RFI Criteria & Questions

Businesses can best define their GRC software needs by focusing on several key areas, starting with understanding their business drivers and functional requirements. Here’s a breakdown of how to approach this:

• Start with Business Drivers: Identifying the organization's unique business needs and goals is essential. This means going beyond just saying, "We need a GRC platform," and instead thinking about what the business wants to accomplish with the platform. This could include meeting compliance requirements, improving risk management, or moving off of manual systems like spreadsheets.
• Define Functional Requirements: Once the business drivers are clear, the next step is to define the specific functional requirements. This includes how the platform will be managed, what kind of executive dashboards and reporting are necessary, and how the platform will integrate with existing processes. For example, if the business needs to manage multiple clients across different regions and frameworks, those needs should be specified.
• Consider Compliance: Ensure the platform supports the necessary authoritative frameworks and control families relevant to the organization. This could include frameworks such as NIST, CIS, and other industry-specific standards or those required for business in specific regions.
• Research the Market: Businesses should look at market leaders and ask peers what solutions they use and their experiences. This step helps to understand what solutions are available and what works well for similar organizations.
• Ask Detailed Questions: Businesses should have a comprehensive list of questions when engaging with vendors. These include:
  • • • • 1. Company Overview:  To understand the vendor's transparency, financial stability, and market position.
          2. Product Overview: To understand what the product does, its architecture (SaaS-based or otherwise), and the effort required for deployment.
          3. Functional Requirements**: To explore how the platform supports multiple clients across different regions and frameworks.
          4. Security: To understand how the vendor secures their data.

• Prioritize Needs: As part of the selection process, businesses should also define priorities around key areas such as product capabilities, service levels, and overall company stability. It is important to identify not only current needs but also future functional requirements.

By carefully addressing these areas, businesses can create a solid foundation for choosing a GRC platform that aligns with their needs and supports their long-term goals. The RFI process is particularly useful because it allows businesses to understand the various aspects of the GRC market before focusing on pricing.

The Importance of Vendor Engagement

The RFI process is not only about gathering information but also about evaluating vendor engagement. Transparency is key; vendors should be open and willing to share customer references. They must also demonstrate a deep understanding of the cyber risk environment, showcasing their expertise. Look for a vendor committed to being a long-term partner rather than just a short-term provider. Additionally, prioritize vendors that involve their executives, technical experts, and customer success teams early in the process, as this signals a serious commitment to understanding and supporting your business needs.

Vendor references play a crucial role in the RFI process by providing insights into how a cyber GRC platform is used operationally and whether it meets the needs of similar organizations.

Here’s how vendor references contribute to the RFI process:

• Real-World Insights: References provide a view into the day-to-day use of the platform, which goes beyond the vendor's marketing materials or demos. This can reveal how the platform performs and whether it matches its claims.
• Operational Perspective: Talking with references can uncover how the platform is used daily, highlighting the strengths and weaknesses that might not be apparent in a controlled demonstration.
• Understanding Use Cases: By speaking with references in similar verticals, an organization can learn how the platform is being utilized and how well it fits the specific needs of its sector. This can confirm whether the vendor has experience in a particular area or has dealt with similar compliance challenges.
• Unfiltered Feedback: While vendors will provide references likely to speak positively about them, the conversation between the organization and the reference is an opportunity to ask specific questions about the operational aspects of using the platform. References can offer candid feedback on their experiences and share any challenges they have faced.
• Validating Vendor Claims: Vendor references can help an organization validate the vendor's claims, giving a clear view of its ability to deliver on its promises.
• Minimum Requirement: Organizations are suggested to obtain at least three references for each vendor they are considering.

By engaging with vendor references, organizations can make a more informed decision on which platform best fits their needs and better understand the vendor's overall approach to support and partnership.

Evaluating the Solution: Beyond the Demo

After the initial RFI responses, narrow your list and perform deeper evaluations.

• Demonstrations: Ask vendors to demonstrate exactly what the platform can do. Ensure that demos are smooth and that the vendor isn't struggling to configure their sandbox.
• Stakeholder Involvement: Involve key stakeholders in the final decision to ensure you have a comprehensive picture of how the platform can benefit your organization.
• Mock Assessments: Use mock data to walk through the workflows, run cybersecurity risk assessments, and confirm that the reports are generated as stated and the platform performs as intended.

Successful Implementation: What to Look For

A successful implementation comes from a thorough selection process and a vendor that continues to support you.

• Alignment: Ensure that what was promised in the evaluation period aligns with the implementation.
• Vendor Support: Look for a vendor that provides ongoing support and training even after the sale.
• Due Diligence: Don't skip any part of the process. Ask tough questions and be confident with your choice.

When weighing your options for a cyber risk management platform, it’s important to consider several key factors. Start by prioritizing market leaders—established, knowledgeable, and financially stable vendors who bring credibility and reliability. Ensure the product and its features align with your business drivers, as well as your functional and security requirements. Equally important is the relationship and support offered by the vendor, from the initial introduction and RFI process to onboarding and ongoing platform management. By carefully evaluating these criteria, you can select a platform that not only meets your immediate needs but also delivers long-term value and becomes a trusted partner in your organization’s success.

Learn more about selecting a cyber GRC solution in this STRONGER 2024 session, Building Your Cyber Risk Management Scorecard: A Guide to Evaluating Platforms.