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Using Market IQ Cyber in Workflows

Discover how to embed Market IQ Cyber insights in your processes, so they can aid the decisions you make and the oversight you maintain when dealing your vendors.

 Estimated Read Time: 8 minutes

Sections in this article:

 

Note: The features in this article are only available with Market IQ Cyber Advanced. 

View Market IQ Data in Workflows

Kanban View

When viewing a kanban board, vendors linked to Market IQ Cyber will display their Market IQ rating on any associated workflow cards. Hover over the rating to see the associated risk score.

List View

If the Market IQ | Cyber data section is added to the workflow form, vendors linked to Market IQ will have the fields automatically populated with cybersecurity metrics. These can be added as columns in the list view:

Email View

When editing email templates, you can add a dynamic tag to include the vendor’s Market IQ Cyber data in notification emails sent to users.

MIQ Cyber in emails

Using Market IQ Data in Workflows

Conditional Reviews/Approvals

When the Market IQ | Cyber form section is added and populated, you can use this data to automate reviews and approvals for high risk vendors. For example, the Cyber Rating field can act as a condition for triggering conditional reviews.

MIQ conditional approval

In the example above, the vendor will always require approval from Procurement to proceed through onboarding, but IT will only need to review the vendor if they have a score of less than 75.

Ongoing Risk Monitoring

Once Market IQ Cyber is connected to your vendors, live updates to the data can trigger review processes automatically. 

cyber score trigger

In the example above, vendors will automatically be added to a review workflow when their rating drops to a C or below. You can enable notifications to key stakeholders to prompt them to review and take action.

See our best practice template to learn about the workflow you can build to leverage this feature: 🛠 Create Your Own - Market IQ Monitoring and Escalation Workflow

Configure Market IQ Workflows

Connect a Vendor's Market IQ Cyber Data

To pull a vendor's Market IQ Cyber data during a workflow:

  1. Click on the start phase of the workflow to edit it.
  2. Navigate to Form, and ensure that the vendor core metadata is added to the form as a predefined section. 
    1. If this workflow involves existing vendors, ensure the Associate Vendor with the card checkbox is selected in the Vendor Name settings.
    2. If this workflow involves new vendors, ensure the Website field will be populated in the request form by setting it as mandatory. Then, the vendor will be connected to Market IQ using this field when the record is created by a workflow action.
  3. Click Add Section, then enter a section name (e.g MIQ Cyber Data or SecurityScorecard Data), then select the following from the dropdown lists:
    1. Predefined: Vendor
    2. Custom Data Group: Market IQ | Cyber
  4. Click Save.

Conditional Market IQ Approvals

To set up a conditional approval phase:

  1. Click the relevant phase to edit it.
  2. From Approval, select the  Enabled radio button.
  3. Under Approval Type, select Parallel, then click ➕ Add New Parallel Approval.
  4. Select the required approvers, then select the Conditional radio button and click Save.
  5. Click ➕ Add to assign conditions, then select MIQ / Cyber Rating or MIQ / Cyber Score.
  6. Complete the configuration as per your requirements, for example any vendor with a Rating of C, D, or F  would require approval from the selected reviewers.

conditional miq approval

See 📖 Parallel Approvals for more information about this feature.

Ongoing Vendor Monitoring 

This section outlines how to configure a trigger for a Market IQ monitoring workflow. This is not required for onboarding workflows. Once you have configured your Cyber Risk Monitoring workflow:

  1. From the navigation menu, click Workflows.
  2. Select the 3 dots on the relevant workflow then select Workflow Triggers.
  3. Click ➕ Add Trigger.
  4. Enter a Trigger Name (e.g. Cyber Security Rating Drop ) then click Create.
  5. Click ➕ Add to set up the following conditions:
    1. Vendor / Market IQ | Cyber / Cyber Rating / Trending = Down
      This will be true if Gatekeeper detects a decrease in a vendor's rating.
    2. Vendor / Market IQ | Cyber / Cyber Rating = one of C, D, F
      This will be true for a vendor if their rating matches any of the selected options. You can customise the ratings to suit your requirements.
  6. Set your Trigger Status to Live when you want to start pulling vendors into the workflow for review.

Note: You can customise the trigger to meet your requirements, for example:

  • You can use different criteria (e.g. using the Cyber Score rather than the Cyber Rating).
  • You can add extra conditions such as Vendor Type to only review vendors classified as Critical or Software.

See 🛠 Create your own - Market IQ Monitoring Workflow for a guide on how to set up our Best Practice Template Workflow for this use case. This workflow template can also be used for ongoing monitoring using the Creditsafe integration with Market IQ Financial.

Add Market IQ Scores to Notification Emails

You can configure email notifications to include Market IQ data, giving users relevant context before starting a contract or vendor review. To do this:

  1. Click on the phase you want to update to edit its email notifications.
  2. From Notifications, click the  pencil icon to edit the relevant email template.
  3. In Content, enter {{ market_iq_cyber.summary }} where you want the Market IQ Score data to appear, then click Update.

cyber dynamic tag

 

FAQs

Can users edit the Market IQ data?

No, the values for the Market IQ data fields cannot be edited.

Why aren't Market IQ ratings displaying on a workflow card?

Market IQ ratings require the card to be linked to a vendor record. Check whether the card displays Vendor: not set and see Associate Existing Contracts and Vendors in a Workflow for further details.

I have populated the Website field on a workflow form. Why hasn't the Cyber Score been applied to the card?

The Website field must be populated on the vendor record in the Vault for the Cyber Score to display.

  • If the website has been populated for a new vendor, use a Create Vendor action to set up a record in the repository for Market IQ Cyber to connect.
  • If the website has been populated for an existing vendor, use an Update Vendor action to publish the value to the associated vendor record in the repository.


Additional Reading 📚