Security ratings enable businesses to continuously monitor the cyberhealth of their network ecosystem without having to burden themselves with costly and time-consuming security methods.
A good security rating is an organizational asset that can open business opportunities and partnerships while providing assurance to existing customers. Poor security ratings indicate that an organization's data is at risk by highlighting critical gaps in security. Just as credit ratings provide insight into organizational financial stability, cybersecurity ratings provide insight into the cybersecurity health and practices of an organization.
For this reason, leveraging security ratings has many benefits for enterprise organizations.
Below are three ways security ratings benefit business operations:
1. Continuously monitor cybersecurity posture
Security ratings give organizations an inside out view of their IT infrastructures, allowing them to easily monitor their security posture on an ongoing basis. This translates to improved threat identification and remediation, streamlining risk management processes. With security ratings, organizations across industries can ensure they are proactively addressing cyber risk as it emerges.
2. Improve decision making
With a comprehensive view of their cyberhealth, organizations can make more informed decisions around their cybersecurity. The visibility gained from security ratings is also useful during mergers and acquisitions as they help organizations perform proper cybersecurity due diligence. Finally, the insights from security ratings provide valuable insights that can be used when reporting to the board.
3. Limit third-party risk
As more organizations rely on third-parties to conduct business, managing vendor risk is essential. Security ratings help businesses identify cybersecurity risks across their vendor ecosystem and build third-party risk portfolios. With effective vendor management, organizations can quickly identify and address pertinent vendor risks.