Tracking key performance indicators (KPIs) will allow your organization to assess and elevate its third-party risk management (TPRM) program. By monitoring specific metrics over time, your risk management team will be able to reveal your TPRM program’s overall health and particular areas where personnel can implement changes to improve localized performance. According to one 2023 study, about 98% of organizations worldwide are connected to at least one breached third-party vendor.

Whether it’s supporting initiative prioritization, as discussed in Part 1, or justifying budget requests, pursuing cost-effective strategies, and calculating risk appetite levels, as discussed in Part 2, CRQ has the power to transform an organization’s mindset to include cybersecurity in strategic risk planning conversations. This transformation, known as a Shift Up strategy toward cyber management, has become more critical than ever as cyber threats evolve.

Could you imagine our interstate highway system without roadway bridges? I don’t think anyone would argue that bridges are not an essential part of an effective ground transportation network. So it doesn’t surprise me that when I ask people what makes a highway bridge “good,” I get quick responses with pretty consistent answers: guardrails, proper lighting, clear signage, smooth driving surface, lane markings, load capacity, structural integrity, and so on.

The number of tools organizations use is growing everyday. According to Zylo 2023 SaaS Management Index Report, the average organization has 291 SaaS applications in their tech stack — a number which only increases as your organization grows. The more tools that are added to your tech stack, the more third-party risk your business incurs. These risks could result in threats like data theft, service outages, or loss of revenue and customer trust. ‍

For your organization to implement robust security policies, it must have clear information on the security risks it is exposed to. An effective IT security plan must take the organization’s unique set of systems and technologies into account. This helps security professionals decide where to deploy limited resources for improving security processes. Cybersecurity risk assessments provide clear, actionable data about the quality and success of the organization’s current security measures.

Imagine navigating the vast, unpredictable ocean, where every wave and current brings a new challenge. This turbulent navigation experience mirrors the journey of companies navigating the complex world of cloud environments, filled with hidden dangers such as security vulnerabilities, misconfigurations, and compliance violations. In these deep digital seas, where threats lurk unseen, it’s crucial to have vigilance, a sophisticated understanding, and a guiding tool to illuminate the path ahead.

Conducting business, no matter in which industry, is innately risky. Historically, some of the primary drivers of this business risk included natural disasters, hardware and inventory theft, legal and compliance regulations, and economic downturns. However, in the midst of the digital age, cyber threats loom as one of the most prominent forms of organizational uncertainty, housing the potential to cause trillions of dollars in damages.

The core tenets of information security is to protect assets from unauthorized disclosure, prevent unauthorized changes, and to make them available as needed. These align with the CIA security triad of Confidentiality, Integrity, and Availability.

‍Cyber risk quantification (CRQ) is the process of attributing numerical values to a cyber event's impact on an organization. When defined in financial terms, these values enable enterprises to assess and manage their cyber risks at the operational level.

The problem with shadow IT isn’t really the need for new tools, it’s the fact that people use them without IT security teams knowing. This usually happens because they perceive security policies as restrictive and antagonistic toward their productivity. In this way, Shadow IT is a process issue—not a software issue. Hidden risk is increasingly challenging cybersecurity leaders as digital supply chains grow and more apps are added to the network.