The state of vendor breaches and supply chain attacks today underscores the need for prioritization of third-party cyber risk management. Many of these risks can be drastically reduced if we modernize our approach and focus on the collection and analysis of cyber risk intelligence and data, compared to traditional risk management methodologies,” said Dr. Amoroso, CEO and Founder of TAG Cyber.
“The goal of this report is to demonstrate to security, risk and procurement professionals how the CyberGRX platform encompasses these principles and can support them on their third-party cyber risk management journeys.”
The report outlines the advantages of a data intelligence approach and how it can strengthen risk management processes to better manage cyber risk and the reputation of third parties. TAG Cyber lists some of the key intelligence features below:
- Emphasis on Data Analytics—Rather than just managing questionnaires, risk-intelligence-driven approaches depend on the use of advanced analytics.
- Support for Scaling—For third-party cyber risk management (TPCRM) to scale across enterprise and third-party participants, methods such as crowdsourcing can simplify data gathering.
- Focus on Actionable Insight—Effective solutions for TPCRM must focus on driving actionable insights for both enterprise and third-party participants.