Recent reporting has shown that third-party–linked cyber incidents in NSW government have more than quadrupled in just two years. This sharp rise is a reminder that cybersecurity is no longer limited to your internal systems – it’s about the entire ecosystem of vendors and partners you rely on.
Vendor Risk Assessment in Practice
At Goanna Solutions, we’ve worked with a range of organisations across government, not-for-profit, and corporate sectors to help them understand, manage, and reduce their exposure to third-party risks.
Our approach goes beyond a one-off checklist. We’ve helped clients:
- Integrate vendor risk assessments into the procurement and supplier onboarding process, ensuring new suppliers are assessed before they ever touch critical systems or data.
- Profile and segment vendors based on the sensitivity of their role and level of access.
- Assess security posture and maturity across a standard set of criteria, from data handling to incident response capability.
- Provide vendors with clear feedback and roadmaps to help them progress up the “cybersecurity maturity curve”.
This last point is especially important. Vendor risk assessment isn’t just about identifying weaknesses – it’s an opportunity to build stronger relationships with suppliers. Helping a vendor improve their maturity lowers risk for the client organisation while also giving the supplier a “stamp of confidence” they can use in other engagements. For many vendors, receiving the all-clear becomes a feather in their cap that demonstrates their credibility.
Strategic Value for Purchasers and Suppliers
For purchasers, this work delivers:
- Lower risk exposure from external parties.
- Procurement confidence, knowing that vendor selection isn’t just about cost and capability, but also resilience.
- Actionable insights to continuously monitor vendor performance.
For suppliers, it provides:
- A clear understanding of how they compare on the maturity curve.
- Constructive pathways to improve and remain competitive.
- Government readiness – for organisations aiming to win government business, a vendor risk assessment provides assurance they can meet security expectations.
Looking Ahead
With third-party incidents continuing to rise, embedding vendor risk assessment into procurement and supplier management is not just a compliance exercise – it’s a strategic lever. Done well, it lowers organisational risk, strengthens supplier relationships, and creates a more resilient ecosystem for everyone involved.
At Goanna Solutions, we’re proud to be supporting organisations on both sides of the equation:
- Clients who want to minimise exposure and strengthen governance.
- Suppliers who want to demonstrate maturity and be ready for government and enterprise contracts.
If you’d like to explore how vendor risk assessment could become a part of your procurement or supplier management processes, let’s connect.”