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This blog takes a closer look at why third-party cyber risk tools often miss critical vendor issues and what a more effective approach looks like.
Cyentia Institute and RiskRecon analyzed over 800 multi-party cyber incidents to determine the impact on multiple downstream organizations. This first-of-its-kind report analyzes the ripple effect of multi-party vs. single-party security incidents, the results show that financial losses of multi-party cyber-incidents are 13x greater vs single-party events.
Key findings:
You rely on your third- and fourth-party vendors to do business, but those vendors also pose risk to your enterprise’s sensitive data. RiskRecon gives you accurate, non-invasive visibility into your vendors’ security postures and then ranks vulnerabilities in order of priority so you know which issues to tackle first.
With our third-party cyber risk assessments, you’ll also be provided with custom-fitted risk action plans so you can immediately start engaging with your vendor for remediation. And if a vendor’s cyber risk degrades or an element falls out of policy, you’ll be notified instantly.