Vendor Risk Management Insights

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

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

Why the Security of Your Vendor’s Entire Enterprise Matters

Posted by Kelly White on May 15, 2018 11:34:14 AM

 

By Kelly White | May 14, 2018  

Reliably protecting systems and data over time requires the disciplined execution of a robust security program that spans an entire enterprise. As a former CISO and now advisor to third-party risk management teams, I’ve seen some vendors take the contrary position, arguing that customers need only be concerned with security of the systems that host their data.  

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Topics: Vendor Risk Management, Vendor Security, 3PRM

What is the True Cost of Administering Your Vendor Security Questionnaire?

Posted by Kelly White on May 8, 2018 7:04:45 PM

 

By Kelly White | May 8, 2018

The more questions you ask in your third party assessments, the higher the cost. But how much does an extra question really cost? And what is its value?

In late 2017, we at RiskRecon explored this issue as part of a detailed study in which we analyzed the third-party cyber risk management practices of thirty firms. Let’s walk through a few of the study data points that led us to the answer.

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Topics: Scalability, Vendor Risk Management, Vendor Security

Public Customer Vendor References – Good Partnership but Risky Business

Posted by Kelly White on May 3, 2018 9:38:32 PM

 

By Kelly White, Founder and CEO, RiskRecon

A public testimonial from a satisfied customer is marketing gold for most any business. Who isn’t proud to display the logos of respected brands on your customer list, or to publish case studies about the great work you did for them? When I was a CISO of a top-30 financial institution, vendors frequently offered us financial incentives for permission to leverage our brand. There’s also a human element – people like helping other people. In the digital age where a negative customer experience can spread like wildfire through social channels, positive testaments are more important than ever.  

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Topics: Vendor Risk Management, Vendor Security

The Playbook for Managing Third-Party Security Risk

Posted by RiskRecon on Mar 21, 2018 12:02:49 PM

Get our All-New Playbook reflecting real life data from executives of 30 companies that offers a window into how organizations are confronting persistent breach risks stemming from third parties.

We are excited to announce the release of our inaugural Third-Party Security Risk Management Playbook. An inside look at how real companies are managing third party cyber risk. To get this important information we have conducted in-depth interviews with security executives from 30 participating organizations across multiple industries. The Playbook reveals how companies are managing the security risks of their complex digital supply chains and sensitive business partnerships.  Our study identified 14 vendor-neutral capability sets comprising 72 common, emerging, and pioneering practices that firms have implemented to manage third-party security risk. As a study of real-world third-party risk management programs, the Playbook is a valuable tool executives can use to benchmark their own programs and gain insight into pioneering practices other firms are adopting.

 

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Topics: risk exposures, risk transparency, Vendor Risk Management, 3rd party risk management, risk measurements, Whitepaper, Vendor Security, 3PRM, Third Party Risk

Why Third-Party Security Risk Matters

Posted by RiskRecon on Mar 8, 2018 3:10:08 PM

Big Impact
Enterprises entrust the protection of their crown jewels—their customer data, their reputation, their finances, and their business availability—with third parties. Are they trustworthy? Why? Why not? What should be done about it? These questions are yours to answer and execute on. A breach of your third-party is a breach of your enterprise.

Big Challenges
Third-party risk management is hard. It requires deep transparency, strong accountability, and effective collaboration. Third-party risk has to achieve this position with hundreds and even thousands of organizations while being an outsider to every organization. Additionally, third-party risk has to solve this with limited personnel and resources. This need—to achieve really good risk outcomes from the outside with limited resources —will result in dramatic risk management innovation, key of which will be development of machine learning and artificial intelligence-based risk assessment capabilities. These inventions will occur within the context of third-party risk management and be adopted by enterprises for internal risk management. Necessity is the mother of invention, and the necessity is pressing in a big way.

The Greater Good
Third-party risk management is a process of holding enterprises accountable to good security practices. As you improve the security of your third parties you improve the security of the Internet. It decreases the likelihood of data being breached. It decreases the likelihood of systems being turned into DDOS drones or malware servers. It increases the likelihood that systems are going to be consistently available to fulfill their intended purposes. The work of third-party risk management is work for the greater good.

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Topics: Continuous Monitoring, 3rd party risk management, Security Ratings, Vendor Security, 3PRM, Third Party Risk

Managing Third-Party Meltdown & Spectre Risk Exposure Strategic Recommendations Beyond Patching

Posted by RiskRecon on Jan 17, 2018 6:49:26 PM

Summary

The Meltdown and Spectre vulnerabilities represent an entirely new class of security flaws that are deeply rooted in long-standing CPU architecture. As such, Meltdown and Spectre are likely the first of many issues that will have to be dealt with quickly as research in CPU security flaws intensifies. Tactically, it is important that you ensure your third-parties implement the necessary patches. Strategically, it is essential that you reassess your standards governing third-party use of cloud-hosting providers and implement measures to bring your third-parties into compliance with the updated standards. 

In this document, we provide a brief explanation of the Meltdown and Spectre vulnerabilities and why they are so impactful, particularly to cloud computing. We also suggest a tactical plan for addressing the issue with your third-parties, and recommend strategic considerations for your larger third-party risk-governance program.

 

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Topics: Continuous Monitoring, 3rd party risk management, Security Ratings, Vendor Security, 3PRM, Third Party Risk

Principles for Fair and Accurate Security Ratings

Posted by RiskRecon on Jun 20, 2017 12:01:00 PM

The U.S. Chamber of Commerce just issued “Principles for Fair and Accurate Security Ratings.”  These ratings are the first-of-its-kind guidelines for an emerging class of solutions that provide objective assessments of third-party security practices. These solutions complement traditional third-party risk management data gathering processes of vendor security questionnaires, attestation document reviews, and on-site assessments.

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Topics: Continuous Monitoring, 3rd party risk management, Security Ratings, Vendor Security, 3PRM, Third Party Risk

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