BitSight researchers examined more than 35,000 companies from over 20 industries across the world to explore the use of outdated operating systems and outdated Internet browsers over the last year and their correlation to data breaches.
Good corporate governance—which can’t be legislated—means you have an obligation to understand vendor risk and to actively take steps to mitigate the risk and its impact on your business.
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.