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Why It Is Important to Assess and Monitor Third Party Risk

Why It Is Important to Assess and Monitor Third Party Risk The handling of risks associated with third parties is essential to avoiding numerous problems. Failing to assess these risks can open up an organisation to supply chain attacks, data breaches and cause reputational damage. Due to these factors, governments around the world are enforcing regulations in order for organisations to properly monitor and control vendor risk. This includes keeping track of both sub-contracting and on-sourcing arrangements (fourth-party risk). Read on to learn more about why it is important to assess and monitor third party risk. It is increasingly becoming more and more important to assess and monitor third party risk. This is in part because the creation, delivery or support of products and services may involve collaboration with external parties where data and/or network access with a third party may be shared.  This poses new and significant reputational, commercial

By |2023-03-30T17:09:13+00:00January 3rd, 2023|Blog|Comments Off on Why It Is Important to Assess and Monitor Third Party Risk
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5 Cyber Security Tips to Keep Your Business Safe

5 Cyber Security Tips to Keep Your Business Safe A major concern for CISO's, IT teams, SOC teams and other cyber security personnel during 2022 has been protecting their organisations from cyber security attacks. But are you taking all the necessary steps to keep your organisation's data and online presence secure? As businesses become more reliant on technology, they also become more exposed to cyber threats. However, knowing where to start in terms of protecting your business can be daunting. Here is "5 Cyber Security Tips to Keep Your Business Safe": a guide to help businesses navigate the world of cyber threats. Keeping information safe and secure has been a challenging task for businesses of all sizes over the last few years. Meteoric shifts from in-person-, to online-, to hybrid workplaces forced companies to change, or at least reexamine, their cyber security practices and protocols. Far too often they weren’t

By |2023-03-30T17:09:13+00:00November 16th, 2022|Blog|Comments Off on 5 Cyber Security Tips to Keep Your Business Safe
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The Anatomy of a Data Breach

The Anatomy of a Data Breach Arguably no phrase has dominated the tech world the last 24 months more than the term “data breach.” From breaches that have impacted critical infrastructure like the Colonial Pipeline event, to hackers compromising healthcare records at UC San Diego Health. The last two years have been thoroughly saturated by headlines of cyber security mishaps. Yet, despite the prevalence of the breach-centric newscycle, many everyday individuals may not know what exactly a data breach is, how they typically start, and why they occur. Elasticito has dissected the topic and compiled "Anatomy of a Data Breach" to help you understand the ins and outs of the topic. According to IBM, the average time it takes an organisation to identify that a breach has occurred is a whopping 287 days. IBM furthermore reports that the average time it takes to contain a breach is an astounding 80

By |2023-03-30T17:09:13+00:00October 26th, 2022|Blog|Comments Off on The Anatomy of a Data Breach
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4 Ways to Use Security Ratings Tools to Automate Risk Assessments

4 Ways to Use Security Ratings Tools to Automate Risk Assessments Your organisation is at risk of being attacked by cyber criminals. It's just a fact of life in this digital age. But how great is the risk you're facing and what can you do to mitigate it? Security ratings tools are an essential part of any good cyber risk management strategy. These tools help organisations understand, control and mitigate all forms of cyber risk. They are so vital, in fact, that they stand as critical components of an effective data protection and risk management strategy. With more and more businesses relying on digital systems for day-to-day operations, the potential for new vulnerabilities also grows — which means greater risks for everyone involved. Here are "4 ways to use security ratings tools to automate risk assessments" which will enable the minimisation of your cyber security risks. Introduction The way that

By |2023-03-30T17:09:14+00:00October 12th, 2022|Blog|Comments Off on 4 Ways to Use Security Ratings Tools to Automate Risk Assessments
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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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