Every successful risk management program works by identifying, analyzing, prioritizing, and mitigating risks. In most enterprises this process is repeated at regular intervals, so that organizations can generate data each time about the threats to business operations, the risk those threats pose, and the steps necessary to reduce risk. That is an enormous amount of data a company must track. To do so — and to do so smartly — companies can build a risk register.

Amid escalating data breaches and supply chain attacks, businesses are placing an unprecedented emphasis on third-party risk management. That’s a logical and prudent idea, but achieving this level of security requires a comprehensive approach — which makes a checklist for third-party risk assessment indispensable. In this article, we’ll explore what that checklist for third-party risk assessments should contain.

Information security is the effort companies undertake to protect their enterprise data information from security breaches. Without information security, an organization is vulnerable to phishing, malware, viruses, ransomware, and other attacks that may result in the theft, tampering, or deletion of confidential information. The average cost of a single incident can run $4.45 million.

Any organization that relies on third-party vendors for critical business functions should develop and maintain an effective third-party risk management (TPRM) policy. A TPRM policy is the first document an organization should create when establishing its TPRM program. TPRM policies allow organizations to document internal roles and responsibilities, develop regulatory practices, and appropriately communicate guidelines to navigate third-party risks throughout the vendor lifecycle.

A Third-Party Risk Management Program (TPRM) is a systematic approach to mitigating risks associated with third parties, such as vendors, suppliers, and contractors. It includes an assessment process that identifies, evaluates, and remediates any risks affecting your organization. Implementing effective third-party risk management (TPRM) measures can safeguard organizations against potential threats and promote seamless and confident collaborations with external partners.

We’re happy to announce the open beta availability of Snyk’s new Risk Score! Replacing the existing Priority Score, the new Risk Score was designed to help you prioritize more effectively by providing you with an accurate and holistic understanding of the risk posed by a given security issue.

Financial crime risk management (FCRM) is the practice of proactively looking for financial crime, including investigating and analyzing suspicious activity, rooting out vulnerabilities and taking steps to lower an organization’s risk of becoming a victim. For organizations in every industry across the globe, an effective FCRM strategy has never been more important.

A customer walks into a clothing store to purchase a pair of pants. The salesperson directs them toward ten racks, all filled with khaki pants. Some are slightly different colors. Others are hemmed differently. But overall, the pants are essentially identical: monotonous, repetitive and drab. The problem is, the customer wants jeans, yoga pants and navy slacks. They feel isolated, confused and like they don’t belong. They leave the store without buying anything.

In the world of risk management, risk is commonly defined as threat times vulnerability times consequence. The objective of risk management is to mitigate vulnerabilities to threats and the potential consequences, thereby reducing risk to an acceptable level. When applied to cybersecurity risk, this equation provides a great deal of insight on steps organizations can take to mitigate risk.

Governor Kathy Hochul recently unveiled New York’s first-ever state-wide cybersecurity strategy, intended to protect the state’s digital systems and infrastructure from the ever-growing presence of cyber threats.