and the Industrials Market
Today’s manufacturing supply chains are digital ecosystems with multiple tiers of partners – suppliers, vendors, contract manufacturers, distributors, agents and freight forwarders – that serve not only the manufacturer, but its vendors. This makes it much more difficult to know where third-party cyber risks exist and manage them efficiently.
According to a study conducted by Deloitte and MAPI in late 2016, 28 percent of manufacturing executives cited security breaches as a top cyber threat. The study also concluded that many manufacturers are just beginning to assess cyber risks related to key third parties in their broader supply chain networks, such as subcontractors, suppliers, logistics service providers, and other critical business partners.
As numerous entities within a manufacturer’s digital ecosystem need to be involved with third-party cyber risk management, including IT, security and procurement, it is important that they communicate and collaborate on a regular basis.
HOW CYBERGRX CAN HELP
THIRD-PARTY CYBER SECURITY
Third parties not only include vendors, but also include suppliers, joint venture affiliates, subsidiaries and customers. You need at-a-glance visibility into your holistic third-party risk posture.
CyberGRX provides a reliable method to ensure cyber security remediation requirements negotiated in a third party’s contract are monitored and enforced.
Modern third-party cyber risk management (TPCRM) programs require continuous, open communication between the large enterprise and its partners. A TPCRM program should be mutually beneficial, where each party is genuinely interested in the other’s progress.
ENABLING SAFE, COMPLIANT, AND EFFICIENT INDUSTRIAL COMPANIES
The CyberGRX Exchange is the market’s first cyber risk exchange designed to make it simple, easy and cost effective to get up-to-date, comprehensive one-click access to your third parties cyber risk assessments. The platform is purpose-built to transform your third party cyber risk management process from a compliance-based to a risk management-based approach.
The CyberGRX Exchange provides industrial organizations:
-Visibility to understand the cyber risk posture of everyone in your digital ecosystem, including third and fourth parties.
-Real-time analytics to answer the question, “Which of the companies in my industrial ecosystem pose the greatest risk to my organization based on today’s threat landscape?” at any time.
-A unique collaborative model that ensures you will never receive a progress update call or email again from your upstream business partners.