Posted on Jan 16, 2018
Our initiative with the US Chamber of Commerce to release the Principles for Fair and Accurate Security Ratings started with defining and publishing the principles, and now SecurityScorecard is fostering this initiative by continuing to educate current and future users of our product about how we adhere to these principles.
We recently took a deep dive into other areas of these principles and this week we’re continuing our series by analyzing the principle of Independence, which reads:
Independence: “Commercial agreements, or the lack thereof, with rating companies, shall not have direct impact on an organization’s rating; any rated organization will be able to see and challenge their rating irrespective of whether they are a customer of the rating company.”
This principle --like its counterparts-- focuses on promoting quality, accuracy, and independence of security rating, fairness in reporting, and (most directly) a coordinated process for adjudicating errors or inaccuracies in the reported content. Breaking down each section of this principle, we’re able to see how the SecurityScorecard platform puts each part of this principle into practice.
Section 1: Commercial agreements, or the lack thereof, with rating companies, shall not have direct impact on an organization’s rating.
A foundation principle of SecurityScorecard is that ratings must be fully independent and free of any commercial bias. SecurityScorecard ratings ensure independence and fairness via a rating system that provides a level playing field for all rated companies, regardless of an existing commercial agreement between the rated company and SecurityScorecard.
Furthermore, SecurityScorecard uses statistical methods that ensure that similar companies are rated consistently. To facilitate a fair and meaningful evaluation of cybersecurity risk, SecurityScorecard categorizes companies into buckets by industry and the company size in terms of IP footprint; these groups are referred to as cohorts. SecurityScorecard determines a company’s industry using publicly accepted, externally-managed data repositories. SecurityScorecard determines a company’s size by the number of digital assets assigned to the company. Aligning ratings for every company with its cohorts ensures that companies are compared apples-to-apples and that commercial agreements with SecurityScorecard do not influence ratings.
Section 2: Any rated organization will be able to see and challenge their rating irrespective of whether they are a customer of the rating company.
SecurityScorecard provides the ability of any rated company to view their company’s scorecard.
Vendor management is the process an organization utilizes to assess and manage a third- or fourth-party vendor. Learn how SecurityScorecard can help.
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 can’t manage what you can’t measure. Check out our list of the top 20 cybersecurity KPIs to track in 2021.
No waiting, 100% Free
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.