As digital transformation picks up pace, companies are working with more vendors than ever. According to Gartner, 60% of organizations now work with more than 1,000 third-party vendors — including partners, sub-contractors, and suppliers. These third parties are essential to helping businesses grow and stay competitive, but third parties can also introduce unwanted cyber risk and overhead into the organization.

Compliance testing, also known as conformance testing, is a periodic, independent, and objective assessment of compliance-related processes or controls. As the name implies, you’re testing those controls to see how well they actually work.

Cyber risk uncertainty is growing. Despite massive spending worldwide to the tune of $173 billion, cyber attacks keep occurring. Ransomware attacks—a type of cyberattack that encrypts an organization's network or locks users out of their devices and requires a ransom before restoring access—are costing companies 20 days of downtime on average. Within the next few years, nearly half of companies worldwide will experience cyber attacks on their software supply chains.

Threat intelligence is one of the most potent weapons we have against digital hazards. Yet, many organizations remain uncertain about what it entails, how to apply it effectively, and what threat intelligence solution to choose. This lack of understanding could be detrimental as cyber threats continue to evolve, becoming more sophisticated and disruptive. So, what is threat intelligence, and how can it help bolster an organization’s security posture?

Compliance is often viewed as a “one and done” activity – an annual rite of passage, for example, performed during yearly audits. That is an archaic approach to compliance in the modern business world, and won’t suffice any longer. Instead, organizations must adopt a mindset of continuous compliance, where adherence to regulatory requirements becomes integral to day-to-day operations. How can a company achieve that evolved state?

The evolving threat landscape necessitates proactive approaches to identify, assess, and mitigate potential cyber security risks. Threat intelligence is one of the most potent weapons we have against digital hazards. Yet, many organizations remain uncertain about what it entails, how to apply it effectively, and what threat intelligence solution to choose. This lack of understanding could be detrimental as cyber threats continue to evolve, becoming more sophisticated and disruptive.

Every organization faces cyber risk. But that risk can vary by industry, business size, the regulatory environment, supply chain, and more. Understanding your security risk posture is essential for targeting your security budget and effective resource allocation. Conducting a risk assessment can assist you in this endeavor, but to gain optimal insights, you should also include a comprehensive cybersecurity risk analysis as part of this process.

The demands and pressure on GRC and cybersecurity professionals are increasing more than ever before, which means teams need to expand and grow to keep up. However, companies are finding it difficult to fill their open positions with skilled staff. In fact, 80% of GRC and IT security professionals agree that their cybersecurity and risk teams are understaffed, found the 2023 RiskOptics Cyber Risk Viewpoints Report. What does this mean for you?

Over the following years, the costs associated with cybercrime, projected at $10.5 trillion annually by 2025, will exceed the estimated worldwide cybersecurity spending—$267.3 billion annually by 2026. Leadership needs to change its perspective on managing cyber risks instead of just spending more money to match the losses incurred.