Today’s CISOs are tasked with the challenge of limited funds and resources to focus on high priority cybersecurity projects, ranging from breach detection and response to managing the third party risks. Shortages in budget and skills require security leaders to make critical decisions or compromises when it comes to implementing a strategy. And with the average total cost of a data breach being $3.92 million in 2019, it’s not surprising that most of that money is spent on protecting their own network.
An effective third-party cyber risk management solution helps identify, quantify and remediate security risks to prioritize threats found within an organization’s vendor network. Most of these solutions utilize a risk scoring system to make it easier to identify and mitigate serious vulnerabilities faster. As network environments and attack surfaces grow in complexity (across network, databases, applications, IoT devices, containers, etc.), risk scoring has become essential to prioritize limited security resources for maximum benefit.
In a recent report, the Ponemon Institute found that 59% of respondent companies experienced a data breach caused by a third-party or vendor.