When one of your vendors takes a hit, you could take the fall. But do you have a clear picture of your vulnerability?
A recent HSB survey found that nearly half of the data breaches in 2017 were caused by a third-party vendor or contractor. As organizations invest in creating or strengthening vendor risk management (VRM) programs, they must ensure they are leveraging technology-enabled automation to keep up with an ever-growing vendor base, as well as the speed at which cyber threats emerge.
As organizations grow, the number of vendors on which they rely increases to form a complex ecosystem. Many cyber attacks, however, are launched through third-party vendors. In addition, compliance with regulations requires an understanding of the risks posed by ecosystem partners. To reduce third-party cyber risk and protect company data as it leaves the corporate network, organizations need processes and solutions that leverage automation, allowing security and risk managers to focus on the most imminent risks.
BitSight Security Ratings for Vendor Risk Management offers timely, data-driven insights into any organization’s security performance by continuously analyzing and monitoring information on compromised systems, security diligence, user behavior, and data breaches.
In the attachment we outline eight key reports that vendor risk managers need to run an effective and efficient program.
In this Ebook, we’ll explore those traditional programs and identify the areas where they fall short. We’ll discuss what it takes to create a VRM program that’s ready and able to stand up to the current state of affairs.
The practice of Enterprise Risk Management has been around as long as there have been enterprises, but now technology has caught up and organizations can take advantage of effective enterprise risk management processes to optimize the level of risk.
Ransomware continues to dominate headlines with no sign of slowing down. What started more than 30 years ago has become one of the most prevalent and lucrative cyberattacks that does not discriminate by company size, industry, or geography. In addition, with the growth of the digital ecosystem, ransomware can now work its way not only through the primary target, but affect the third parties that a business may also be working with.