CyberGRX Exchange data reveals growing trend of companies tracking third-party risk and control gaps across portfolios
process unity CyberGRX, which provides comprehensive end-to-end cybersecurity and third-party risk management solutions to leading enterprises, is a leader in Transforming Cybersecurity from Cost Center to Business Enabler, conducted by Enterprise Management Associates (EMA). We published a research report titled. This report highlights the paradigm shift that is reshaping the way organizations approach cybersecurity, particularly in terms of third-party risk management (TPRM).
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“We believe that modern TPRM strategies can put companies on the path to enlightenment.”
“We believe that modern TPRM strategies can put companies on the path to enlightenment,” said Christopher M. Steffen, CISSP, CISA, vice president of research at EMA. “Increased reliance on external partners, vendors, and suppliers to perform critical functions and provide critical services brings significant benefits, but also creates significant cyber risks. It is essential to look across the portfolio to proactively identify and manage the risks posed by third parties. Our analysis shows that modern TPRM can drive growth, foster innovation, and of organizations has the potential to instill a culture of cybersecurity awareness.”
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The published research explores and analyzes the current state of cybersecurity, the need to build a compelling case for adopting a risk-based approach to cybersecurity, and how TPRM explores what the future holds for cybersecurity strategies. are discussing. Key findings include:
- More than 60% of those surveyed said their organization experienced a cyber incident involving a third party. This number jumps to nearly 80% when asked whether their organization has experienced any cyber incidents. Traditional cybersecurity practices focus on protecting an organization’s internal networks and systems. However, this limited scope does not address the potential risks that may arise from relationships with third parties, leaving significant security gaps.
- 64% of those surveyed said TPRM is considered a strategic imperative for their organization by their board and management. Organizational leaders recognize that TPRM is more than just an IT project. However, success requires alignment with broader business objectives. Adopting a TPRM approach streamlines and strengthens various cybersecurity and procurement processes, allocates resources more effectively to reduce costs, and helps you prioritize security based on the potential impact to critical business functions and sensitive data. You can prioritize your efforts.
- Although 88% of survey respondents cited having a CISO within their organization, less than 50% reported that the CISO presents risks and makes recommendations to the board. Transforming the approach to cybersecurity will require transforming the role of the CISO as well. The modern CISO must be able to promote cybersecurity as a business enabler, align security efforts with the organization’s overarching goals, and ultimately improve the overall security posture of the enterprise. It won’t. This transformation is driven in part by recent SEC rules that identify security officers as critical members of business leadership.
“The results of this report are consistent with the activity we have been seeing within our customer base,” he said. fred kneipp, President of Process Unity. “Since February, the adoption rate of Portfolio Risk findings has increased significantly month-over-month, with new assessment share and customer acceptance rates increasing by more than 50%.The transformative power of TPRM is being realized now more than ever. The advent of artificial intelligence will continue to advance TPRM. I am encouraged by the direction in which business executives, security leaders, and the broader community are headed. Forging new paths builds operational and security resilience.”
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