Operational risk is defined as the risk of a loss that results from inadequate or failed business processes, people and systems, or from external events. More simply, operational risk pertains to any uncertainty or threat your organization faces (or might face in the future) during day-to-day business activities. The risk arises from operational disruptions and is likely to result in losses or reputational damage. Some operational risk is inevitable for every organization.

Most businesses today want to deliver modern applications, products, and services to customers as efficiently as possible. This seemingly simple goal is far more complex than it sounds – particularly in the age of digital transformation.

The vendor risk management process is now an essential requirement of all cybersecurity programs. Without it, you're a sitting duck for supply chain attacks and third-party data breaches. In recognition of this, regulatory bodies are increasing their third-party risk compliance requirements and enforcing obedience by threatening heavy financial penalties for non-compliance.

Global regulations for data privacy and cybersecurity are quickly becoming more common and more stringent. That puts added pressure on organizations to manage their risks appropriately or face potentially painful consequences. In particular, organizations around the world and across industries are experiencing high demand from regulators to implement compliance risk management.

Cybersecurity threats abound, and the pace of cybersecurity attacks is increasing steadily year after year. At the same time, consumers are also becoming more aware of cybersecurity harms, and demanding better performance from the companies with which they do business. Regulators hear that sentiment from consumers too, and are responding with ever more stringent rules for data privacy.

Organizations must enact effective third-party risk management (TPRM) programs to ensure their vendors fulfill cybersecurity requirements. Otherwise, they risk carrying the financial and reputational harm caused by customer data breaches. The PCI DSS standard covers aspects of third-party risk management as it's applicable to all organizations that process credit card data, especially the heavily regulated finance industry.

As mentioned in SecurityScorecard’s (SSC) previous Zhadnost blog posts (part one and part two), the DDoS attacks against Ukrainian and Finnish websites do not appear to have a lasting impact, as the sites were back online within hours of the attack.

SecurityScorecard’s own Ondrej Krehel talks with News 12 in New York about how to protect yourself from what might be the most surreal spam number of all—your own. Most of us are used to getting spam texts: You’ve paid your bill, click this link for a free gift! You’ve won the sweepstakes, click here to redeem! It’s no surprise that nothing good comes from clicking those links.