Outsourcing, digitization, and globalization have led to new products and services, increased specialization, lower costs, and better access for customers and organizations alike. They've also introduced significant cyber risk, particularly the risk of unintended data exposure in the form of a data breach or data leak. In fact, a recent study by the Ponemon Institute and IBM put the average cost of a data breach at $3.92 million.
Outsourcing, digitization, and globalization have created new products and services, increased specialization, lowered costs, and improved access for customers and organizations alike. The downside is they've introduced cyber risk. Particularly the risk of data breaches and data leaks. In fact, a recent study by the Ponemon Institute and IBM put the average cost of a data breach at $3.92 million.
A major problem with your information technology (IT) systems can totally disrupt your business, costing you time and money while you wait for repairs. An IT audit checklist helps ensure that your IT department has the necessary tools to secure your network and avoid these expensive repairs.
Due to increased outsourcing, digitization, and globalization, vendor risk management has become a top concern for CISOs and senior management around the world. These three forces have led to better products and services for consumers while giving organizations the ability to focus on core competencies while reducing costs and accessing new, global markets. That's the good news, the bad news is these same forces introduce significant cyber risk, particularly data breaches and data leaks.
Outsourcing, digitization, and globalization have made vendor risk management a top priority for CISOs and senior management alike. These forces have led to innovative products and services, increased specialization, lower costs, and increased access for customers and organizations alike. However, they've also introduced significant cyber risk, particularly the risk of unintended data exposure in the form of a data breach or data leak.
In casual conversation, threats, vulnerabilities, and risks are often talked about interchangeably. The reality is that the three are quite different. Threats represent something that might happen. Vulnerabilities show that systems have inherent weaknesses attackers may exploit. Risks keep business owners up at night by shining a light on potential harm inherent in running an enterprise.
Robust vendor risk management practices has never been more important. It is increasingly one of the top concerns of CISOs around the world. This is because outsourcing, digitization, and globalization have changed the way we do business over the last few decades. These forces have led to innovation in products and services, the ability to focus on core competencies, reduced costs, and new global markets.
The Sarbanes-Oxley (SOX) Act was signed into law on July 30, 2002. The law drafted by congressmen Paul Sarbanes and Michael Oxley aimed to improve corporate financial governance and accountability while protecting shareholders from accounting errors and fraudulent activity. The real fuel for the SOX law came from the inappropriate financial conduct of three large companies Enron, Tyco, and WorldCom.
There are a lot of security ratings providers now, and choosing the right one can be overwhelming. That's why we wrote this post to make it as easy as possible to help you compare RiskRecon and UpGuard. Regardless of whether you're a CISO, Vice President of Security or an individual contributor, it's safe to say you understand how important cybersecurity risk management is.
