Safeguard your organization from the ripple effects of third-party cyber incidents with effective, data-driven third-party risk management. An automated, risk-based approach enables you to identify the nature of your third-party relationships and how they access and transfer your critical assets. By leveraging CRQ, you can effectively deploy resources, make informed decisions, and build a cost-effective third-party risk management strategy that protects what matters most to your business.
Third-party risk management programs often rely on security ratings together with lengthy questionnaires that are completed manually to assess risk. These ratings fall short of providing actionable information as they don’t measure the potential impact a third-party incident could have on your critical assets. And depending on the role of the person responding to the questionnaire, the quality of answers can vary. This leaves you with an incomplete, or worse, inaccurate, understanding of your third-party risk. C-Risk deploys the SAFE One Third-PartyRisk Management solution to provide a collaborative, automated and scalable process for third-party cyber risk management. Automated risk-based assessments enable CISOs, security teams, procurement and business leadership tounderstand risk with a common business language and to prioritize actionsbased on level of access third parties have to IT services or critical assets andthe potential impact of a third-party incident.
In a recent report from Cyentia Institute and SecurityScorecard, 98% of organizations surveyed reported that at least one of their third parties experienced a breach in the last two years.
Organizations rely on the extended enterprise model to expand their capabilities, increase productivity and reduce time-to-market. An IT security incident within your third-party ecosystem can spread quickly, negatively impacting your top or bottom line. CISOs and Security Risk Managers today are tasked with identifying third-party risk across business units and how they can impact their organization’s critical assets.
CISOs, risk officers, security directors and business stakeholders have told us that traditional point-in-time third-party risk assessments just don’t work. These assessments never result in risk reduction.
The FAIR Institute has introduced a FAIR extension called FAIR-TAM (FAIR-Third Party Assessment Model). This assessment model uses the quantitative factors of the FAIR framework to assess third-party risk scenarios and provide data-driven insights on risk reduction actions.
Quantitative risk assessments of third-party risk provide CISOs with a complete picture, in financial terms, of who the most critical third parties are and where the organization’s critical assets are exposed along the value chains.
SAFE One’s TPRM, which integrates FAIR-CAM, FAIR-MAM and FAIR-TAM, enables continuous monitoring of your security controls and provides insights from inside-out telemetry of your organization as well as from your critical third parties.
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We review the most common methods for analyzing cyber risk. Our goal is to help you implement an effective risk management strategy.
Schedule a meeting with one of our third-party cyber risk experts to discuss how you can operationalize your third-party cyber risk management program with SAFE One.
A risk-based CRQ approach to Third-Party cyber risk management enables CISOs to prioritize resources and implement effective controls to protect their organization’s critical digital assets. This reduces the likelihood and impact of a third-party data breach.
Assess how your third parties could negatively impact the confidentiality, integrity or accessibility of your organization’s IT system, critical data or revenue generating activities.
SAFE One TPRM facilitates the inventory of your third parties that collect, store, have accessto, or otherwise process critical digital assets or business processes.
Leverage the FAIR framework, FAIR-MAM, FAIR-CAM and FAIR-TAM to quantify the financial impact of your critical third-party risk to your critical assets.
Near real-time, automated assessments of third-party security controls enable you to prioritize investments to keep risk within tolerance.
The SAFE One CRQ platform generates ROI insights and clear visualizations of third-party risk that can communicate cybersecurity risk in business terms.
With a complete and continuously updated picture of how your third, fourth and 3th parties interface with your IT services or critical digital assets, CISOs can drive effective business decisions with a proven ROI and improve cyber resilience.
We look forward to hearing from you.
Third parties may have access to sensitive data, systems, or networks of the organization, and if their security posture is not robust, they can become a conduit for security breaches. Some of the risks are supply chain attacks, non-compliance, and a network breach.
In a digital economy, cyber risk has become one of the top three operational risks that organizations face. The extended enterprise or third-party model rely increasingly on a vast ecosystem of externalized cloud and IT services, which are essential to keep organizations functioning. Ransomware accounted for 27% of all third-party attacks in 2021.
Identify your key third parties, with a focus on third parties that interact directly with your IT system.
Perform CRQ analysis on the cyber risk scenarios to identify the most probable and most costly risks.
Ensure that controls are in place to reduce the the probability or the magnitude of a loss event cause by a third party based on the CRQ analysis.
Continually monitor third parties.
C-Risk is a recognized expert in Cyber Risk Quantification using the FAIR™ methodology. We provide CRQ solutions, advisory services and training.
