TakeCIO’s Post

51% of companies organizations were impacted by third-party breaches (Ponemon Institute, May 2021). As your third-party ecosystem expands, third-party cyber risk management should be a top priority. In the event that a third-party risk becomes remarkably high, does your organization follow the 4Ts? 📌Tolerate: accept the risk and make no particular changes 📌Treat: take steps to mitigate the frequency and impact of a risk 📌Transfer: move the risk to another third party, like an insurance company 📌Terminate: total elimination or avoidance of the risk by ending a third-party activity or partnership By leveraging CRQ, you can identify top third-party risks, prioritize risk mitigation efforts, and strengthen your overall security posture. 👉Join Christophe Forêt and Neil MacGowan on Thursday, November 28th to learn more about applying CRQ to third-party risk management. They will discuss how a data-driven risk management approach with Cyber Risk Quantification (CRQ) can help you build a resilient and responsive third-party risk management program. Register now: https://lnkd.in/eauXDMFr

Are you looking to fortify your company's risk management arsenal? Our managed IT services could be the game-changer you've been seeking. Mitigating risks today isn't just about protecting your data; it's about safeguarding your entire business ecosystem. From cybersecurity threats to compliance challenges, the stakes have never been higher. Here's how you can revolutionize your risk management playbook with help from your MSP: https://hubs.ly/Q02zSC-C0 Don't let risk management be an afterthought. Empower your business with the proactive protection it deserves. Reach out today to learn how an #MSP like Proper Sky can be your trusted ally in the fight against uncertainty. 💪 #RiskManagement #ManagedIT #MSP #ITSupport #Cybersecurity #BusinessResilience #Compliance #BusinessContinuity #RiskMitigation #BusinessStrategy #CorporateGovernance #OperationalRisk

Do you even #risk, bro? If you’re running a business, any business, risk is an inherent part of running your organization. From personnel to collections, equipment to vendors any entrepreneurial endeavor offers risk-a-plenty. But as your business matures, few are as likely as poor #cybersecurity. Let’s talk about your business and what #cyberrisk keeps you up at night. Proper Sky - Managed IT Services might be able to help you manage it just a #littleeasier

Don’t wait until it’s too late—protect your entire business ecosystem with proactive measures. Reach out today to learn how Proper Sky can be your trusted partner in managing risk. 💪 #RiskManagement #MSP #Cybersecurity

🔍Third-Party Risk Assessment Questionnaires: A Key to Developing Robust Mitigation Strategies🔍 In the complex world of third-party risk management, a well-designed risk assessment questionnaire can dramatically enhance your mitigation strategy. Here are some key factors to consider: 𝟭. 𝗖𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲𝗻𝗲𝘀𝘀: Your questionnaire should cover all possible aspects of potential risks associated with your third-party vendors. This includes cybersecurity, financial stability, regulatory compliance, and operational resilience. 𝟮. 𝗖𝗹𝗮𝗿𝗶𝘁𝘆: Clear, concise questions are critical. The aim is to gather insightful information about vendors, not to confuse them. 𝟯. 𝗥𝗲𝗴𝘂𝗹𝗮𝗿 𝗥𝗲𝘃𝗶𝗲𝘄: Risk landscapes change rapidly. Regularly updating the questionnaire to reflect emerging risks will keep your assessment process relevant and effective. 𝟰. 𝗧𝗮𝗶𝗹𝗼𝗿𝗲𝗱 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵:Generic questionnaires usually fall short. Customize your questionnaire to reflect the specific risks your organization faces. 𝟱. 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻: To save time and reduce manual errors, consider automating your risk assessment process. There are tools available that can streamline this task, making it more efficient and accurate. So, what does your current risk assessment questionnaire look like? Are there areas where you could improve, or do you have a robust system in place? Sharing your thoughts might help others navigate this complex issue.🙂 Reach out if you would like some help in getting started... #RiskManagement #Cybersecurity #RegulatoryCompliance

There is a "materiality ecosystem" that exists within modern cybersecurity risk management discussions. The process begins with determining what constitutes materiality for an organization. This is organization-specific and is primarily based on a clearly-defined financial threshold. Defining materiality is an executive leadership determination, not a cybersecurity determination. Often, cybersecurity teams incorrectly hypothesize what “should be material” through the myopic perspective of the cybersecurity department. However, those cybersecurity-led definitions are often incorrect and are not material to the organization, much to the frustration of legal counsel that sometimes have to reprimand cybersecurity practitioners for incorrectly labeling incidents as material. For example, while a $5 million dollar incident may appear material (e.g., it is a significant sum), that financial amount may not come close to the actual materiality threshold for a prosperous organization. Once the materiality threshold is clearly defined, it then requires a look at an organization’s risk and threat management practices to identify those specific risks and threats that could lead to a material incident. Ideally, this means reviewing established risk and threat catalogs to identify known risks and threats that have material implications. In the end, the due diligence activities performed to define material risk and material threats assist with broader incident response operations. This prior work assists the organization in defining material incidents, or at least pre-determined criteria associated with incidents, that would elevate incident response activities to the proper organizational leadership, due to the existence of a material incident (e.g., external reporting requirements, reputation damage control, etc.). During incident triage is not the correct time to develop incident threshold categories to determine materiality, due to requirements such as the US Securities and Exchange Commission (SEC) requires public companies to disclose material incidents within 72 hours. #cybersecurity #sec #material #materiality #risk #incident #threat #control #grc #ciso #incidentresponse #irp

When it comes to safeguarding an organization, risk management plays a pivotal role in business continuity planning. But what does that really mean? Simply put, it’s about ensuring that your organization can bounce back quickly from cybersecurity incidents. By identifying critical assets and potential vulnerabilities, risk management helps businesses develop actionable strategies that are vital for maintaining operations during disruptions. Imagine facing a cyberattack and having a clear, well-defined plan to follow—how reassuring would that be? A robust business continuity plan, driven by effective risk management, outlines the key steps for data recovery, system restoration, and communication protocols. This proactive approach not only minimizes downtime but also protects sensitive information. It equips organizations with the tools they need to respond effectively to incidents, ensuring operational resilience, even in the toughest times. So, how prepared is your organization for unforeseen challenges? #RiskManagement #BusinessContinuity #Cybersecurity #DataProtection #OperationalResilience #CrisisManagement #BusinessSecurity