Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

As cyber security threats proliferate, cyber risk conversations are no longer limited to the Security Operations Center (SOC); they command the attention of the C-suite and the boardroom. Ultimately, cyber-crime is a significant and prominent issue. The average cost of a data breach in the U.S. has soared to nearly $9.44 million this year. Since 2018, cyber insurance carriers report that incident-related claims increased by an astonishing 486%, the majority being ransomware-related.

Cyber insurers regularly get requests for new business and increased limits. How can they determine which organizations will be a risk worth taking? In my previous blog, I discussed how understanding an applicant’s cyber hygiene is the best indicator of whether they may experience a successful ransomware or other cyber attack. In this blog, I’ll walk through how to measure an applicant's cyber hygiene and which metrics are categorically proven to stand out.

Cybersecurity is not an easy task. New threats are constantly emerging—in your IT infrastructure and that of your vendors and partners. But, as a cybersecurity leader, you can help your organization mitigate these threats if you adopt cyber risk exposure management practices. In this blog, we explore everything you need to know about how cyber risk exposure and management can help you reduce the risk of gaps and vulnerabilities in your network and across your third-party supply chain.

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.

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.

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.

Cyberattacks on state and local governments are on the rise. In 2020, more than 100 government agencies, including municipalities, were targeted with ransomware – an increasingly popular attack vector. Recently, average down time from cyber attacks on these targets is 7.3 days and results in an average loss of $64,645. These incidents are costly and disruptive. Most state cybersecurity budgets are a paltry 0% to 3% of their overall IT budget on average.

A cyber risk management strategy is a plan for how you will secure your organization from evolving cyber threats. Your strategy is made up of key elements that work together to create a comprehensive approach to proactively mitigating risks and protecting organizational assets. Here are the basic steps you should take to develop an effective cyber risk management strategy.

The ransomware trend continues to run rampant. One in four breaches involve ransomware, and organized crime actors use ransomware in more than 62 percent of incidents. Cyber criminals are taking advantage of these new opportunities to exploit a greatly expanded attack surface: But ransomware is only one small piece that a security leaders has to manage. The threat of ransomware is compounded by a distributed workforce, trends toward technology consolidation, geopolitical upheaval, and budget constraints.

Vendor risk management is top of everyone’s mind considering recent headline grabbing supply chain attacks, such as SolarWinds. But as more vendors enter your digital supply chain, keeping up with vendor adoption is tough. According to Accenture, 79 percent of businesses are adopting technologies faster than they can address related security issues. For your organization to be truly protected against supply chain cyber risks, you must develop a robust vendor risk management (VRM) program.