Proactive Cybersecurity Vendor Risk Management

Posted on Feb 26, 2018

Recognizing the importance of proper cyber protections, businesses of all sizes and across every industry are making increasing investments in the cybersecurity risk management process and supporting technology. In many cases, businesses and organizations are indirectly or directly required by specific industry regulations and mandates to make these investments. Many of these mandates emphasize the importance of ongoing risk assessments and monitoring.

Written, Point-In-Time Risk Documentation Falls Short

In many industries, vendor risk management oversight is managed exclusively using security control checklists and questionnaires.  Without the use of automated technology these methods are subjective and quickly fall out of date.  The information security landscape changes frequently, and therefore the cybersecurity documentation and processes needs to keep pace. There is a better way to achieve effective cybersecurity risk management.

Regulators are or have mandated continuous risk assessment and management processes to be in place at organizations handling sensitive data. A few examples include:

In the healthcare industry the HIPAA guidelines suggests:

“Risk analysis should be an ongoing process, in which a covered entity regularly reviews its records to track access to [electronically protected healthcare information] e-PHI and detect security incidents, periodically evaluates the effectiveness of security measures put in place, and regularly reevaluates potential risks to e-PHI.”

NERC CIP CIP‐010‐1 Table R3 specifies active vulnerability assessment:

“At least once every 15 calendar months, conduct a paper or active vulnerability assessment”

There are many more examples of this requirement in various regulations and standards.

Automation is Key to More Effective Cybersecurity Risk Management

When trying to stay ahead of the risk that attackers might pose to your company,   automated and intelligent cyber risk monitoring solutions, like SecurityScorecard, are available to help organizations gain:

  • Timely insight into cybersecurity health
  • Highly accurate and objective cybersecurity reporting information
  • Prioritized and actionable security information

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