3 Steps to Holistic Third-Party Risk Management

3 Steps to Holistic Third-Party Risk Management As businesses increasingly rely on third-party organisations to provide goods and services, it's important for CISOs and risk teams to understand the potential risks involved. If data sharing or interaction with customer data is required, the organisation's exposure to risk can significantly increase. By keeping a close eye on third-party activity, CISOs can help protect their company's data and reputation. Here are 3 steps to holistic third-party risk management. Definition Third-party risk management (TPRM) is a newer term that describes vendor risk management, vendor management, supply chain risk management or supplier risk management. TPRM is a focused subset of enterprise risk management that identifies and reduces risks when third parties are leveraged to perform specific tasks. These entities include vendors, suppliers, partners, contractors, and service providers. TPRM is all about understanding, monitoring and managing the risks that come from interacting with external organisations.

By |2023-03-30T17:09:14+00:00October 4th, 2022|Blog|Comments Off on 3 Steps to Holistic Third-Party Risk Management
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Using Cyber Risk Ratings for DORA Compliance

Using Cyber Risk Ratings for DORA Compliance The number of cyber attacks across the world is on the rise, and the European Union is taking steps to strengthen the IT security of financial institutions such as banks, insurance companies and investment firms. DORA, the Digital Operational Resilience Act, will help ensure that the financial sector in Europe can maintain operations even in the event of a severe operational disruption. The Council presidency and the European Parliament have reached a provisional agreement on DORA, which is a positive step forward in protecting Europe's finances. Continue reading to learn more about using cyber risk ratings for DORA compliance. Introduction In today's digital world, it is essential for companies and organisations operating in the financial sector to have robust security measures in place for their network and information systems. The EU's DORA sets out uniform requirements for such security, as well as for

By |2023-03-30T17:09:14+00:00September 26th, 2022|Blog|Comments Off on Using Cyber Risk Ratings for DORA Compliance
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7 Questions to Ask About Cyber Insurance

7 Questions to Ask About Cyber Insurance As more and more aspects of our lives move into the digital realm, the risks we face from cyber threats are also increasing. This warrants the need for a plan to protect ourselves from the repercussions of such dangers. Enter the realm of cyber insurance policies. This topic, at first, may seem difficult to navigate. For this reason, Elasticito has compiled a list of 7 questions to ask about cyber insurance to make the journey as easy to understand as possible. Defining Cyber Insurance In today's digital age, organisations face a range of cyber threats that are constantly evolving. The Identity Theft Resource Center’s (ITRC) 2021 Annual Data Breach Report revealed there were more “cyberattack-related data compromises” (1,603) in 2021 than “all data compromises” in 2020 (1,108). These attacks increased in nearly every primary business sector. Cyber insurance can help protect your organisation financially in the

By |2023-03-30T17:09:14+00:00September 20th, 2022|Blog|Comments Off on 7 Questions to Ask About Cyber Insurance
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How Do You Determine the Risk Impact of a Vendor?

How Do You Determine the Risk Impact of a Vendor? Vendor risk assessment is an important part of business management. Vendor relationships can deliver value, but they also have risks. A vendor risk assessment is an important step when evaluating the risks your business may be taking with third-party vendors. Such a risk assessment can be about determining the risks your company is exposed to by a vendor’s products and services, or about the vendor potentially mishandling sensitive customer data or even interacting with customers. It’s important for a company to perform due diligence questionnaires and conduct third-party risk assessments when onboarding a new vendor. It’s also important for an organisation to continue performing periodic vendor risk assessments to assure its vendors are maintaining quality standards and don’t introduce any unexpected risks. This article will walk you through what the different types of vendors are and the risks associated with them. You’ll

By |2023-03-30T17:09:15+00:00March 31st, 2022|Blog|Comments Off on How Do You Determine the Risk Impact of a Vendor?
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A Business Perspective of Supply Chain Risk

A Business Perspective of Supply Chain Risk Today's supply chains are just as long, complex, and important as the ancient Silk Road. But where the Silk Road became vital to civilisations of the past, modern supply chains could be their downfall, jeopardising functionality and consequently organisations' reputations. In the interconnected, globalised economy, companies are connected to many suppliers and partners through their supply chains. This exposure leads to a plethora of risks that can severely damage a company’s finances, reputation, and future competitiveness. It’s time to understand the challenges and implement a proactive strategy to get on the front foot. Continue reading for a business perspective of supply chain risk. Defining Risk The APICS Dictionary, 14th Edition, defines supply chain risk as “decisions and activities that have outcomes that could negatively affect information or goods with in a supply chain.” In other words, supply chain cyber attacks put organisations at

By |2023-03-30T17:09:15+00:00March 16th, 2022|Blog|Comments Off on A Business Perspective of Supply Chain Risk
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Understanding Cyber Risk Exposure for Vendors in Russia & Ukraine

Understanding Cyber Risk Exposure for Vendors in Russia & Ukraine It was only 60 years ago when the world feared a global nuclear war. Fortunately, we made it through that period. But with geopolitical tensions at an all-time high, the risk of a devastating global cyber war is becoming more and more likely. This is why each of us needs to do our part to reduce cyber risk. Understanding cyber risk exposure for vendors in Russia and Ukraine should be a priority for all businesses with vendors in those countries. Recently, the United States (US)  and other countries imposed sanctions on Russia for its invasion of Ukraine. These sanctions have sparked a considerable amount of concern, especially surrounding the issue of cyber attacks on US organisations and those based in allied countries. These are uncertain times, but many experts predict that the attacks will be wide-ranging. They'll involve ransomware and

By |2023-03-30T17:09:15+00:00March 10th, 2022|Blog|Comments Off on Understanding Cyber Risk Exposure for Vendors in Russia & Ukraine
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The Business Case for Risk Quantification for Third Parties

The Business Case for Risk Quantification for Third Parties With so many technologies out there, companies need to be smart with how they invest. When it comes to cyber security, if you're not investing in it, you're risking your own success. Cyber security requires monetary investment and attention to implementation due to the new data privacy regulations, ballooning risk registers, and an increased frequency of security breaches. Although the field of cyber security is saturated with risks, businesses are often forced to make difficult choices when it comes to security. Quantification of risk can help assess the value of a project using statistical modelling of risk and expected loss. This common framework ranks all prioritised decisions based on their financial value, making risk management more manageable. Here we make the business case for risk quantification for third parties. Why are Cyber Security Breaches so Damaging? It's a harsh reality –

By |2023-03-30T17:09:15+00:00March 3rd, 2022|Blog|Comments Off on The Business Case for Risk Quantification for Third Parties
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Will conflict in Ukraine raise the risk of cyber attacks in other countries?

  Will conflict in Ukraine raise the risk of cyber attacks in other countries? In a nutshell, the general consensus is, yes. Conflict in Ukraine will raise the risk of cyber attacks in other countries. If as is expected, the situation in Ukraine escalates to all out conflict, we can expect significant offensive cyber operations against Ukrainian government, utility and industrial targets and targets beyond Ukraine as well. Not NotPetya again? As we saw in 2017 with the NotPetya Ransomware campaign, which was aimed at Ukrainian companies via a popular local accounting software platform, that was widely attributed to Russian threat actors in the wake of the Crimean peninsula annexation, cyber attacks can spread in an uncontrolled manner, even when the threat actor is not specifically targeting a wider audience. NotPetya ended up seriously affecting the business operations of hundreds of companies around the world, including A.P. Møller-Mærsk (who

By |2023-03-30T17:09:15+00:00February 13th, 2022|Blog|Comments Off on Will conflict in Ukraine raise the risk of cyber attacks in other countries?
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Data Privacy and the Future of Business

Data Privacy and the Future of Business 2021 was a watershed year in terms of business data use. And 2022 is likely to be another. Therefore, it is imperative that businesses put their best foot forward when it comes to data privacy.  Let's take a look at data privacy and the future of business. These few steps can help businesses make significant strides in developing better privacy habits. With the global big data market set to be worth nearly $235 billion by 2026, to say that data is now core to business success today would be a massive understatement. From tweaking shipping strategies to delivering more relevant advertising campaigns to customers, businesses are constantly looking for ways to make more data-driven decisions. But with this access to consumer data comes great responsibility. And unfortunately, in many consumers’ eyes companies are not doing all they can to make sure that their

By |2023-03-30T17:09:31+00:00February 10th, 2022|Blog|Comments Off on Data Privacy and the Future of Business
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How to Take Back Control of Your Data

How to Take Back Control of Your Data From social media to online shopping, our lives and the digital world become more and more intertwined everyday. And while the digital world has afforded us a whole new level of convenience and access to information, it is imperative that consumers remember the best practices for protecting their personal data and ensuring it is being used the right way. Here's how to take back control of your data in a few steps: learn to better manage your personal information, make informed decisions around your data and understand how it is being used. By 2020, it was estimated that 1.7 MB of data was generated by every individual worldwide every second. This includes data about an individual’s activities, behaviours, and interests. Data comes in many forms; there is personal data, like social security and driver’s license numbers and there is physical data, like

By |2023-03-30T17:09:32+00:00February 2nd, 2022|Blog|Comments Off on How to Take Back Control of Your Data
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