and the Energy Industry
Few industries have become more interconnected and digitized as quickly as the energy industry, due to the emergence of smart grids and the explosion of industrial control systems connected to the Internet of Things (IoT). This opens new security vulnerabilities and has led to a significant increase in cyber-attacks over the last two years.
As a result, an October 2016 report by the World Energy Council recommended that “energy utilities must view cyber as core business risk, increase awareness and build strong technical and human cyber resilience strategies. Adopting a common cross-sector cybersecurity framework for example can help locating key areas of cyber risk management and identify those systems that need to be protected at all costs.”
Learn about how CyberGRX can help the energy industry.
ENABLING SAFE, COMPLIANT, AND EFFICIENT ENERGY COMPANIES
To understand and begin a successful third-party cyber risk management strategy, energy companies must fully understand the risk third parties pose to them based on the nature of their relationships, understand the controls third parties have in place to mitigate risk, collaborate with the third party to achieve an acceptable risk posture, and continuously monitor the security posture of the third party over time. Only then can an organization have visibility into their entire risk portfolio that third parties present.
CyberGRX helps energy and utility companies manage and mitigate cyber risk from all third parties. And with many regulatory bodies requiring different cyber security frameworks, CyberGRX helps normalize third party security data to provide a holistic picture of your dynamic risk.
The CyberGRX Exchange helps energy companies take the following steps to put a world-class third-party cyber risk management program in place:
Tier – The CyberGRX enables energy companies to determine the inherent risk of each third party in order to prioritize assessments through an integrated view of their third-party portfolio. This is important to understand the relative inherent risk and prioritize how each third party at each level needs to be assessed.
Assess – CyberGRX provides visibility into the security controls in place and the effectiveness of these controls. Many third parties do not have large security staffs and may have vulnerabilities that pose extreme risk to a partner. CyberGRX provides several options for performing a cyber risk assessment that allows the customer to understand the inherited risk.
Mitigate – CyberGRX allows third parties to understand where there are gaps and how to remediate these issues. The Exchange helps third parties prioritize which control matters more than others, based on what’s important to their customers.
Monitor – CyberGRX enables ongoing monitoring for data leakage and attacks that could potentially exploit weak controls that have not yet been remediated. If a new attack vector is discovered, the Exchange allows third-party risk managers to understand their exposure to new risk.