More than ever before, companies of all sizes are at risk of a cyber breach via their third-party vendors. Research from the Ponemon Institute has shown that 56% of companies have experienced a breach due to a third-party vendor. Whether it’s a cloud storage service or an office cleaning supplier, companies have no control over the security of the vendors they work with, making it hard to assess the cyber risks they are being exposed to by their supply chain.
As the overall scope of cyber threats continues to grow, companies across all industries find themselves under increased pressure to reduce cyber risk. Too often, third party vendors represent a potential threat which lies outside the control of CISOs, security and risk teams.
The CyGov third-party risk management solution allows companies to better understand and assess third-party threats. For the very first time, it hands cyber security teams the visibility of the entire company’s supply chain. Furthermore, by streamlining the management of external third-party risks, the platform allows these teams to reduce their workload without compromising risk management. All of this makes understanding and combating cyber risk more manageable, not only for those directly responsible for cyber security, but for the senior management of the company.
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How does the platform work? It includes several features which help give companies a competitive edge. It enables the efficient assessment and seamless on-boarding of vendors with user friendly pre-defined questionnaires, automated workflows, threat intelligence feeds and integrated collection tools, allowing for multiple vendors to be managed simultaneously. The platform also provides comprehensive and logical analysis, comparing and categorizing vendors via a clear and objective scoring system. There is another significant advantage too – the platform monitors both the public and ‘dark’ web in real time, alerting companies to threats and breaches facing vendors.
CyGov CEO Yair Solow commented, “No company exists in isolation. Third party providers and services are necessities for the success of any company. However, they also pose dangers to the cyber security of the company. Our platform is a one-of-a-kind tool, which helps understand and assess the risk and gives companies much greater peace of mind when it comes to their supply chain.”
The CyGov third-party risk management platform can be deployed as a stand-alone tool, or alternatively packaged together with CyGov’s other solutions – in particular, the company’s internal risk and compliance management solution or the board risk reporting solution.