Why organisations need Third-Party Cyber Risk Management?
Cyber threats through indirect routes have risen exponentially in recent times. 84% of business leaders report that their organisations have experienced third-party incidents in the last three years according to the Deloitte Third-Party Risk Management Global Survey Report 2020. Third-party suppliers include vendors and tech partners that are a frequently hidden and unknown source of cyber breaches due to the increased interconnectivity of organisations. In response to this growing issue, Threat Essentials, one of the exciting new market entrants in cyber intelligence, has developed an in-house solution for third-party cyber risk management. This brand new cyber tech solution provides real-time data, taking into account current cyber threats across all routes, providing a wraparound alert and intelligence system.
What are the benefits of Third-Party Cyber Risk Management?
The third-party cyber risk management solution delivers multiple benefits such as full comprehension of the risk potential of third-party partners, quantifying and measuring threats. In addition, users gain increased security in collaboration, helping businesses to be more confident with plans and goals particularly for major developments such as IPOs and product launches. The platform also helps to minimise avoidable costs from ransomware threats both directly and indirectly by reassuring organisations that third-parties have declared their past security incidents. This provides organisations with more visibility of future risk, even if not reported, and with intelligence to select the right security tools.
How does it work?
Threat Essentials’ intelligence platform leverages data, continually grades third-party relationships against 10 key security criteria and scores them from A to F. Incidents found in any of the 10 cyber risk evaluation criteria contribute to the final risk level of the supplier, making it easier for organisations to spot potential danger. The criteria include Domain Name System (DNS) health checks, web app security, dark web chatter and social scoring amongst others.
Paul Kenealy, Managing Director at Threat Essentials said:
“Across the past 12 months, there has been an increased awareness of the growing cyber risk from third-party vendors, suppliers and tech partners. In a world of rising interdependence of online operations, inadequate cyber security can leave organisations vulnerable to attacks.
The use of intelligence platforms are transformative and can rapidly reduce risk, helping organisations to understand the dangers within the supply chain and ensure that data remains safe. Threat Essentials is ideally positioned to leverage its deep intelligence foundations, shining a spotlight on your third parties to expose the good and the bad.”
Threat Essentials bridges the divide between cyber threat intelligence and business risk, helping organisations understand the value of their data and strengthens their cyber safe culture.
Organisations and businesses that are concerned about their third-party risks can make full use of Threat Essentials’ no-obligation demo and further information to gain actionable insight and spot vulnerabilities.