5 Reasons to Consider SecurityScorecard when Evaluating Cyber Risk Solutions

By Phoebe Fasulo

Posted on Mar 23, 2020

Technology is constantly changing, and so is the cyber risk landscape. Take 5G, a technology that is poised to change or lives and businesses by delivering faster speeds, increased efficiencies, and innovations in the Internet of Things (IoT).

However, 5G is also likely to cause more vulnerabilities as companies adopt this tech later this year— 5G is new, and the IoT is notoriously hackable.

Keeping up with rapidly changing risks — and keeping up with the growing number of tools that are being developed to manage that risk — can be overwhelming. Infosec is a huge, rapidly-growing industry — the global cybersecurity market is projected to reach $259 billion by 2025.

So why should you consider SecurityScorecard when you’re evaluating cybersecurity solutions? It comes down to continuously monitoring your own controls and those of your third parties.

1. You’re managing several third party relationships

    You are only as secure as your third parties. Third parties — your vendors, suppliers, and partners — are often the backbone of your extended enterprise. But because they have access to mission-critical systems and networks, they can also be major sources of risk. They can also cost you more; according to the Ponemon Institute’s Cost of a Data Breach Report, if a third party is involved in a data breach, the cost of the breach increases by more than $370,000.

    Unfortunately, it’s difficult and labor-intensive to manage third party risk. You don’t have direct control over their security controls, for one thing, and you’re also limited when it comes to their responses to vendor risk management questionnaires. Either your security organization simply accepts your third party’s survey answers at face value, or is constantly suspicious.

    SecurityScorecard helps you trust but verify your third party’s answers. Our smart tool, Atlas accelerates the questionnaire process by allowing you and your vendors to manage, complete, and review questionnaires and exchange evidence in one secure central location. Atlas’ Smart Mapping Engine also automatically aligns questionnaire responses with our SecurityScorecard Ratings, giving you an instant 360° view of any third party’s cybersecurity risk and enabling you to validate the accuracy of your vendor’s responses.

    2. You need to see how your cybersecurity looks from outside

      You probably know what your security looks like from the inside — you know what your controls are, what training employees are getting, and what your time to patch is. But do you know what a cybercriminal sees when they look at your company?

      We grade your organization’s security performance on an A-F scale across 10 groups of critical security risk factors. Our dashboard displays the most critical and common risk issues for your company and provides a plan for addressing the most critical issues and reaching a target letter grade.

      SecurityScorecard gives you an outside-in view of your organization’s security posture of your IT infrastructure, offering you comprehensive visibility of your network and system vulnerabilities. You can also see how secure you are compared to others in your field, using our Comparison Tool.

      3. Your leadership needs clear and simple cybersecurity reporting

      When it comes to reporting your cybersecurity posture to your Board or C-suite, it’s often difficult to choose appropriate metrics. Some organizations use metrics like “number of attacks” (which isn’t a useful number — many such attacks come from unskilled hackers and don’t reflect actual threats) or “time to patch.” SecurityScorecard’s easy to understand security ratings are in an A-F letter format so that you can easily present security information to leaders without a technical background — and you’ll be able to spend more time discussing security issues and less time explaining and defending the metrics themselves.

      4. You need to continuously monitor compliance

      Compliance is tricky — if you’re using static assessments and audits, you might be in compliance one day, and out of compliance the next. You may also wander out of compliance when regulations change, and that can open you up to enforcement actions from regulators.

      SecurityScorecard allows you to move beyond the static assessments of the past and continuously track compliance with current security mandates. Our compliance mapping tracks specific security standards that are important for your business, including PCI, NIST, ISO, SIG, HIPAA, and GDPR, that apply to your business. We also help you detect potential gaps and address them — before the regulators do.

      5. You want to address attacks proactively

      The problem with responding to threats is just that — you’re responding. But what if you could find the threats before they found you? SecurityScorecard’s threat intelligence capabilities and attribution engine do just that.

      SecurityScorecard scans the internet for vulnerabilities and risk signals. Then the platform ingests that telemetry into our data analysis engine. We use that information as well as commercial and open-source threat intelligence feeds to enrich our dataset and give you visibility into your ecosystem’s security posture, so you’re aware of threats before they happen.

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