According to a recent report by Deloitte, organizations spend 10.9% of their IT budgets on cybersecurity on average. Unfortunately, despite investing tens of thousands of dollars every year, many organizations may fall prey to a threat that’s hiding in plain sight: third-party vendors. It's vital to minimize the risk you could introduce by working with a third-party provider, especially because they often have varying levels of security tools and protocols.
The great news is you can drastically reduce the risk by simply knowing how safe each third-party vendor is. With CyberGRX’s global cyber risk exchange, it’s easy to see how much risk each of your vendors may expose you to. At the heart of CyberGRX’s solution is the exchange model. Here’s how it works, its core features, and why it’s such an effective tool.
Advantages of Utilizing an Exchange Model
The foundation of the cyber risk exchange model consists of the one-to-many concept of third-party cyber risk management (TPCRM) and the standardization of the exchange data.
How Data Standardization Powers the Exchange Model
Data standardization involves bringing disparate kinds of data into a common format, making it easier to share research, analytics, and tools. The cyber risk exchange is both unprecedented and unique because it incorporates standardized data. This makes it far easier to quantify the level of risk in a consistent, easily understandable way.
The One-to-Many Concept
The foundation of the one-to-many concept is the ability to complete an assessment once, and then be able to share it with many customers. As a result, the system eliminates redundant work, while leveraging the insights that come from the standardization of the data.
Exploring Predictive Analysis
The data sourced through the cyber risk exchange also makes it possible to explore predictive analytics. In this way, organizations can leverage the information in CyberGRX’s system to approximate which third-party vendors will be most likely to introduce a threat, as well as the kinds of threats that could be an issue. You then can use this information to bolster your defenses accordingly.
Complete Vendor Ecosystem Visibility
The data collected in the Exchange model not only gives you full visibility into a vendor’s risk profile but also allows you to establish security benchmarks you can use to reduce your risk. In addition, you get real-time threat awareness as the security profiles of vendors change. This empowers you to make data-based decisions to mitigate your risk.
Incorporating MITRE ATT&CK
CyberGRX has mapped its assessment system to the MITRE ATT&CK (adversarial tactics, techniques, and common knowledge) guidelines. This makes it easier to assess third-party threat profiles and decide on security ratings. They provide a standard for the types of threats to focus on and the tactics malicious actors use. If a vendor does a poor job avoiding threats outlined in the MITRE ATT&CK guidelines, for example, they would be assigned a higher risk profile. Those participating in the Exchange directly benefit from the MITRE ATT&CK integration.
Strengthen Your TPCRM with CyberGRX’s Exchange Model
A true cyber risk exchange model provides standardized, comprehensive data, full visibility into vendor risk, accurate threat profiles governed by MITRE ATT&CK guidelines, and paves the way for predictive risk analysis. To see what CyberGRX’s solution can do for your organization, request a demo today.
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