In this blog post, ProcessUnity, the leading provider of Vendor Risk Management software and Cybersecurity Program Management software, covers key strategies for addressing third-party cyber risk. Modern cybersecurity programs need to evolve rapidly to navigate new challenges, such as the COVID-19 pandemic and high-profile cyber attacks.

Today, many organizations look at information security and governance as a baker would icing on a cake. Something you apply at the very end, mostly to make it look better and add a bit of flavor. It isn’t a structural component or key ingredient, its simply there to cover up the raw product. As can be expected, icing cannot save a cake that’s missing key ingredients like sugar, or eggs.

The proliferation of cyberattacks targeting the financial sector has forced the establishment of several mandatory cybersecurity regulations. Though often considered an unnecessary burden on security teams, regulatory compliance is one of the most effective strategies for keeping financial services accountable for their security posture. Cybersecurity regulations must be malleable to remain relevant in a rapidly evolving threat landscape.