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Security Scorecard

Mitigating Cyber Threats With Continuous Monitoring

Erika Hammond
Posted on June 15th, 2022

The supply chain for organizations has become increasingly susceptible to unplanned cybersecurity interruptions that negatively impact revenue, inventory, and consumer confidence. As a result, there has been an increasing focus on understanding how critical services are delivered, the reliance on third parties and fourth parties, and key risk controls that can be implemented to mitigate the risk of cyber security incidents.

Gartner highlights a number of challenges organizations are facing with their supply chain and vendor relationships as part of their 2021 insights, specifically:

  • Third parties require more access to the organization's data assets and are increasingly working with their own third parties, multiplying the size and complexity of the third-party network.

  • 66% of enterprise risk management executives have at least one third-party risk in their top 10 risks.

  • Twice as many compliance leaders identify third-party risk as a top threat.

  • 92% of legal and compliance leaders stated material risks could not have been identified through a point-in-time assessment

  • 60% of Chief Supply Chain Officers are expected to make faster, more accurate, and consistent decisions in real-time.

  • 27% of leaders agree that they have the talent needed to meet current supply chain performance requirements.

Organizations coordinate a myriad of vendor relationships to maintain their customer experience. That being said, it is nearly impossible to manually monitor and control emerging cybersecurity risks while anticipating and mitigating unplanning disruptions to distribution that can negatively impact customers and suppliers.

By using a central platform for continuous risk monitoring of vendors and emerging cybersecurity threats, risk mitigation can become preemptive instead of reactive. Platforms such as SecurityScorecard provide the opportunity for business process automation, application of machine learning, and real-time cyber security threat intelligence to quickly identify, assess, and mitigate risks in the supply chain before they exacerbate systemic issues.

SecurityScorecard’s platform enables awareness of risks third parties present to the business, enabling you to improve your response time to incidents from critical third parties. This level of visibility can allow organizations to develop risk thresholds that align with the organization’s appetites.

A holistic approach to risk – one that combines a 360º view of the attack surface with the ability to communicate risk meaningfully and respond effectively – is critical for business success in today’s cybersecurity threat landscape. With SecurityScorecard’s “Evolve from Risk Management to Risk Intelligence” product release, organizations now have everything they need to build a world-class risk intelligence program.

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