Third Deadly Sin: Not measuring and reporting risk and risk outcomes

Posted by RiskRecon on Oct 18, 2018 8:00:00 AM

 

We’re running a blog post series on the “Seven Deadly Sins of Third-Party Cyber Risk Management;” here’s the third deadly sin, which is not measuring and reporting risk and risk outcomes.

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Topics: Third Party Risk, Vendor Security, Vendor Risk Management

Lockpath and RiskRecon Further Partnership to Increase Third-Party Risk Visibility

Posted by RiskRecon on Sep 18, 2018 11:31:11 AM

 

Lockpath, a leading provider of integrated risk management solutions, today announced the availability of the integration between its award-winning Keylight Platform and RiskRecon, a SaaS-based third-party cyber risk monitoring solution that delivers objective insights into third-party security performance and IT landscape. This product integration aims to enable precise, efficient reduction and elimination of organizations’ most critical third party security gaps.

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Topics: Third Party Risk, Vendor Security, Vendor Risk Management

RiskRecon Advisor Yong-Gon Chon Shares Cybersecurity Tips

Posted by RiskRecon on Aug 30, 2018 2:56:12 PM

 

In a recent article in the ABA Journal, noted cybersecurity expert and RiskRecon Advisor, Yong-Gon Chon, shared his thoughts on what law firms can do to bolster their cybersecurity. In particular, Chon suggests learning from other industries. For example, law firms can look to financial institutions, which have long struggled with protecting data as required under the Gramm-Leach-Bliley Act, he said. Data protection is key.

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Topics: Third Party Risk, Vendor Security, Vendor Risk Management, risk measurements, 3rd party risk management

Who’s Monitoring Your Third-Party Vendors for Cyber Risk?

Posted by RiskRecon on Jul 6, 2018 4:07:55 PM

 

Exactis Data Leak Illustrates the Enormity of an Organization’s Potential Third-Party Cyber Risk

With hundreds and thousands of complex, highly interdependent, Internet-connected systems, it’s no wonder that an enterprise’s potential third-party cyber risk has multiplied in recent years. 

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Topics: Third Party Risk, Vendor Security

You Can’t Manage What You Can’t Measure – Integrating Risk Formulas into Your Cyber Risk Management Framework

Posted by Kelly White on Jul 2, 2018 11:37:06 AM

 

By Kelly White | July 2, 2018 

Calculating cyber risk is a key element of any sound risk management strategy. While traditional risk management models have focused on financial, process, workplace and IT factors, for many organizations cyber risk is still a new component in their risk assessment practices. Yet issues such as accurately measuring exposure, understanding the correct level of security spend, and whether or not to buy cyber insurance (and how much to buy) depend on hard numbers. How do you tackle quantifying these concerns in practical business terms?

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Topics: Third Party Risk, Vendor Security, Vendor Risk Management

Breaking the Cybersecurity Insanity Cycle

Posted by Yong-Gon Chon on Jun 19, 2018 11:15:36 AM

 

By Yong-Gon Chon | June 19, 2018

I’m joining the Board at RiskRecon because with my 20+ years of experience working in information security, I truly believe their offering solves the failing state that dominates this domain.

To put it bluntly, Einstein defined INSANITY as “doing the same thing over and over again and expecting different results.” Over my long tenure in information security, I have witnessed exactly that: INSANITY. From firewalls to next-gen firewalls to something better than next-gen firewalls; from anti-virus to endpoint protection to endpoint protection with machine learning to AI orchestrated through “frictionless security,” we are doing the same thing over and over again expecting a different result. In some sense things are different—they’re worse. According to the 2011 Verizon Data Breach Investigations Report (DBIR), the cumulative caseload from 2004-2010 spanned over 1,700 breaches. In the 2018 DBIR alone it was 2,200.

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Topics: Third Party Risk, Vendor Risk Management, 3rd party risk management

Security Vulnerabilities Don’t Equal Security Risk – So How Do You Prioritize?

Posted by Kelly White on May 31, 2018 1:53:50 PM

 

By Kelly White | May 31, 2018 

While security vulnerabilities are found in many technologies, their presence doesn’t necessarily equal risk. Borrowing the FAIR Institute’s definition, risk is the probable frequency and magnitude of loss. Knowing what security vulnerabilities are present in your infrastructure can help you understand the probable frequency, but it offers no indication of loss magnitude. Rather, solving risk requires two foundational data points: what security vulnerabilities your technology has, and the value of the assets in which those vulnerabilities exist. Without that context, a given vulnerability is the same as any other.

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Topics: Third Party Risk, Vendor Security, Security Ratings, Vendor Risk Management, Scalability

Join us for the Fair Institute Tech Sponsor Webinar Featuring RiskRecon Founder and CEO Kelly White

Posted by RiskRecon on May 23, 2018 2:14:34 PM

 

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. 

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Topics: Vendor Security, Webinar, Third Party Risk, CISO, 3rd party risk management

When the media wrongly implicates you in a third-party data breach

Posted by Kelly White on May 1, 2018 6:48:15 PM

Be Prepared: The Media Might Drag you into a Vendor Data Breach Mess Even if Your Data Wasn’t Compromised

Kelly White | May 1, 2018

When your vendor gets breached, you might be dragged into the mess by media even if your data was not compromised. Consider the recent case of [24]7.ai data breach.

On April 4, 2018, online chat application vendor [24]7.ai publicly reported that they had “an incident potentially affecting the online customer payment information of a small number of our client companies…” Shortly afterwards, well-known corporations Delta, Sears, Kmart and Best Buy released statements acknowledging that their customer data was impacted by this breach.

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Topics: Vendor Risk Management, Third Party Risk

You Can’t Outsource Risk - A regulatory guide to third-party cyber security risk management

Posted by Kelly White on Apr 26, 2018 12:44:54 PM

 

 

Kelly White | April 29, 2018

Third parties are integral to the value chain—any given organization can have up to hundreds of vendors, depending on its size. Along with business process, IT bandwidth and application functionality, data also flows through that chain. While you can outsource systems and services, you cannot outsource your risk associated with that data and how it’s managed. Regulators have been consistently and clearly giving that message for years, in writing and in practice.

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Topics: Third Party Risk, Whitepaper, Vendor Risk Management