Author: Owen Denby, General Counsel, SecurityScorecard On October 30, 2023, the SEC charged both SolarWinds and their CISO Tim Brown with defrauding investors, by failing to make disclosures about cybersecurity issues and vulnerabilities related to the massive nearly two-year long “SUNBURST” hack of the company.
As web applications continue to grow in complexity and sophistication, ensuring their security has become an increasingly daunting challenge. From emerging threats like API vulnerabilities and serverless architectures to well-known risks like cross-site scripting and SQL injection, organizations—regardless of size or industry—must be prepared to address a wide range of security concerns in order to keep their web applications safe and secure.
SecurityScorecard recently participated and presented in the World Economic Forum’s (WEF) Annual Meeting on Cybersecurity, which brought together 160 leaders on cybersecurity, including: global Chief Information Security Officers (CISOs); academic thought leaders, heads of cybersecurity from multiple countries and entities (the United Arab Emirates, Canada, Singapore, Luxembourg, the European Union, and Interpol); and the CEOs of several major companies.
It might be hard to remember, but around twenty years ago, Amazon was only known for one thing: selling books. But it’s grown up in the last two decades, encompassing multiple business verticals, and selling more than just books (especially convenient when you need garbage bags, a spatula, and holiday decorations all at the same time).
In the high-stakes world of cybersecurity, one of the most daunting challenges faced by CISOs is the task of persuading their organization to invest in security capability. But in an age of worker shortages, cost-cutting measures, and a surge in third-party cyber risk at the enterprise level, CISOs need to get this message across urgently.
SecurityScorecard’s recent report with the Cyentia Institute found that 98% or organizations have a relationship with at least one third party that has experienced a breach within the last two years. This indicates that nearly every organization is at least indirectly exposed to risk through circumstances outside its control. With that in mind, it’s important for organizations to know how breaches can happen, how to detect them, and how they can respond effectively. Let’s explore.
It’s that time of the year again, 2024 planning. Security and third-party risk management leaders are scrambling to prioritize their initiatives for the coming year, advocate for more resources, and report on their progress over the past year. When only 16% of organizations report that they effectively manage third-party risk, the new year provides a blank slate to introduce new efficiencies to existing processes.
Just like other insurance markets, subjectivities have become a staple of cyber insurance. When a cyber insurance underwriter issues a quote to the broker and insured, there may be additional requirements that must be met before the policy and coverage are activated. The management and resolution of these subjectivities creates friction for all stakeholders involved. It takes longer for insureds to obtain coverage, for underwriters to collect premiums, and for brokers to earn their commission.
