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4 Ways Using SecurityScorecard Can Help You Monitor Vendor Risk

Posted on August 12th, 2022

According to a Gartner report, 60 percent of organizations work with more than 1,000 third parties that connect to their internal systems, and nearly 58 percent of organizations believe they have incurred a vendor-related breach. Many third parties require more access to organization data assets and are increasingly working with their own third parties, further multiplying the size and complexity of the third-party network.

In today’s business climate, 65 percent of attacks happen due to vendor negligence, yet more than 50 percent of organizations fail to assess third parties' cybersecurity and privacy practices before granting access to sensitive information.

As cyber threats grow, managing the risks associated with third-party networks remains a critical challenge for the world’s leading organizations. However, with SecurityScorecard, monitoring the risk third parties pose to your organization is simple and automated.

1. Use SecurityScorecard’s Free Plan to monitor vendor security ratings

SecurityScorecard’s free plan makes it easy to follow companies in your vendor portfolio. Identify your organization's cyber risk exposure by gaining insights into the threats posed to your organization from vendors and partners.

Now, with the free plan, you have the ability to add or remove up to five companies at a time so that you can gather even more cybersecurity insights that affect your organization. Simply add companies to your portfolio, remove them when you want, and add another company to check on the cybersecurity health of the vendors that help your organization run.

2. Periodically check the companies you follow

Organizations that are slow to respond to a security incident can face immediate consequences like lost revenue and customer confidence. Continuous monitoring can help your organization mitigate risk by giving you timely insight into the security health of your third parties. Using a central platform for continuous risk monitoring of vendors and emerging cybersecurity threats, allows your organization to remain proactive, instead of reactive.

3. Visualize Third and Fourth Party Risk with Automatic Vendor Detection (AVD)

SecurityScorecard’s Automatic Vendor Detection (AVD) instantly gives you a view of your entire third and fourth-party ecosystem, enabling you to visualize and take proactive steps to mitigate risk.

4. Check out the financial impact of a breach with Cyber Risk Quantification (CRQ)

With cyber risks becoming increasingly prevalent, boards of directors and executives need to evaluate those risks and become more involved with cybersecurity.

SecurityScorecard’s Cyber Risk Quantification portfolio helps security and business leaders understand cyber risks in dollars. Using the platform allows you to gain a comprehensive view of the cyber risk posed to your organization in a universally understood metric that can help security leaders prioritize what to report to the board and where to allocate funding.

Knowing the cost of a breach can help your organization prioritize the funding of third-party risk management to help mitigate risk posed. The platform can help you not only answer questions but also drive decisions across your organization.

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