If you’re even loosely connected to the financial services industry, you’ve no doubt heard about the newest cybersecurity requirements issued by the New York State Department of Financial Services (called 23 NYCRR 500). Though right now these requirements just apply to regulated entities within the jurisdiction of the NYDFS, they’re likely indicative of future regulations to come to industries across the board.
RiskRecon Founder and CEO Kelly White will be presenting a FAIR Institute Tech Sponsor Webinar titled "Solving third-party risk at scale - a true risk-based approach" on Friday May 18th at 3 pm EST.
We speak with many clients that already have some form of governance, risk management, and compliance (GRC) program in place to assist with managing their enterprise programs. And some have software solutions to help them manage the process. This is not surprising when the market for GRC solutions is expected to grow to $38 billion by 2021.
Most companies are seeking ways to obtain more value from their GRC system—often by extending their coverage to their third-party risk management programs. Using the new class of continuous vendor security monitoring solutions is one of the best ways to add immediate value to GRC. This pairing offers a number of benefits, such as speed to identify and manage risk, valuable insight for prioritization of response, visibility into an accurate and complete vendor IT footprint, and critical transparency of exposure and actionable information on inherited vulnerabilities.
Mitigating your third-party exposure to Apache Struts2 requires accurate, actionable data -- and fast. If you can apply automated techniques to rapidly identify which of your vendors are most likely exposed to the exploit, you can quickly prioritize your risk resources and engage constructively with impacted vendors.
More and more enterprises are increasing their budgets for threat intelligence in order to stay on top of the latest security risks. The dramatic increase in third party cyber security risk seems to make it another area where threat intelligence can be applied. But is threat intelligence actually a good fit for your third-party risk management program?
One of the most common questions we’re asked is how to incorporate continuous monitoring into a third-party risk management program. In part one of this two-part blog, we discussed beginning with the end state in mind to establish goals for your continuous monitoring program and suggested you jumpstart your program with a pilot. So once the pilot is complete, now what?
Like many organizations today, you have existing processes, tools and people laser-focused on analyzing periodic vendor security questionnaires, documentation, and on-site reviews. Moving to a continuous monitoring program can be daunting. Our advice: Don’t focus on where to start…think about where you want to end up. Begin with the end state in mind.
CISOs know that security risks abound. But objectively measuring risk and balancing it against the needs of the business is essential. Third-party risk provides a perfect case in point and spotlights one of the top challenges facing CISOs today.
Take the shift to cloud infrastructure as an example. It makes obvious business sense to allow your company to reduce its operational footprint to reduce costs to deploy, maintain and support critical IT functions. Local or decentralized IT and line of business areas are now often able to procure SaaS solutions on their own, entirely bypassing the formal IT governance process. From a security perspective, this introduces a larger external footprint and leaves your organization exposed to hard-to-measure inherent risks and controls.