Posted on Apr 13, 2020
You’ve invested in cybersecurity, but are you tracking it? Many organizations tend to buy into cybersecurity for the sake of compliance — they know they have to tick the infosec boxes in order to meet certain regulations. Unfortunately that sort of system doesn't work very well.
An effective cybersecurity program isn’t like a burglar alarm; you can’t just set your controls once and forget about them. Instead, your cybersecurity program needs to be regularly measured and monitored to make sure your tools, processes and controls are working, and that you’re staying one step ahead of bad actors — something not all businesses are doing. A report by Thycotic found that 58 percent of the businesses it surveyed failed to adequately measure their cybersecurity performance against best practices.
For your organization to track and improve your cybersecurity program, you should be benchmarking it. Fortunately, security ratings can help you do that.
Security ratings are a way of measuring your organization’s security performance. Ratings grade your organization by how well it protects data.
It may help to think of cybersecurity ratings as a digital cousin to financial credit ratings: consumer credit reporting agencies review a company's financial information, then assign a credit score by deciding how well the company can protect its financial assets. A security ratings organization does the same, reviewing a company's security posture and assigning a security score by evaluating whether the company can protect its data assets from cyber attacks.
As with a credit score, ratings are often delivered in a simplified format. Rather than handing an organization a list of complex metrics, a security ratings organization will often assign a number or a letter, so an organization can see, at a glance, how their security program is doing. SecurityScorecard, for example, uses an A-F rating system. It’s easy to read, but that letter encompasses an organization’s cyberhealth across 10 groups of risk factors, from patching cadence to hacker chatter.
Why use security ratings to benchmark your security program when there are other metrics you might use? There are several reasons ratings may make the most sense for your company.
SecurityScorecard Ratings allow you and your organization’s business stakeholders to continuously monitor the most important cybersecurity KPIs for your company and your third parties. The software automatically generates a recommended action plan when any issues are discovered and clearly shows your historical data.
By monitoring the cyberhealth of your extended enterprise, you’ll be able to collect data on your cybersecurity efforts and make informed security decisions in the future.
Check out our list of 3 top third party risk management (TPRM) challenges, and the actions you can take to bolster your program. Learn more.
Performing cybersecurity risk assessments is a key part of any organization’s information security management program. Read our guide.
Templates and vendor evaluations are needed to level that playing field, in a time efficient and fair way, so that the best vendors are chosen.
Co-founder and CEO, Alex Yampolskiy, speaks about the importance of measuring and acting on key indicators of cybersecurity risk.
You’ve invested in cybersecurity, but are you tracking your efforts? Check out our list of 9 cybersecurity KPIs you should track. Read more.
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Get your free scorecard and learn how you stack up across 10 risk categories. Answer a few simple questions and we'll instantly send your score to your business email.