If your organization is like most large companies, you likely have a whole host of departments and business users all looking to build new applications and data services so they can be more productive, efficient and competitive. Businesses in industries like marketing, finance or human resources may spin up a new cloud-based application without involving the IT department.
But each time a new vendor comes on board, so does the need for additional cyber risk monitoring. Though your organization can't completely avoid risk, it can quantify it to make an informed decision each time it considers adding a new vendor.
Whether you are a security leader or a stakeholder, it’s important to recognize that collecting the right information on each potential vendor is no simple feat. The process of evaluating third-party vendors can take weeks, and even then it may still overlook critical variables. A cyber risk monitoring tool can help accelerate decision-making by tapping into current threat intelligence so you can weigh all the security pros and cons.
The cyber security landscape has changed because the nature of large organizations has changed. You likely have geographically distributed facilities with many connection points, routers, switches and workstations. There's no longer a corporate-owned data center storing all data in a single, secure area surrounded by fences and doors requiring key cards. Data and applications reside all over the world, and a lot of security has moved up the application stack and into the cloud environment with controls.
This landscape means your organization is likely more reliant on the capabilities and facilities of third-party providers. Connecting two diverse networks creates opportunities for bad actors to interfere with that connection. Typical threats can include malware, botnet infections, spam propagation and unsolicited communications. Every external technology vendor that connects to your organization is an ongoing risk vector, further raising its risk of data loss, exposed credentials and breaches. It's not just your organization's security hygiene that matters; every vendor must go through an initial vetting process and be continually monitored and managed.