Understanding that data is the new oil, security measures are not just a good idea, but a must have to keep organizations and sensitive information safe. Managed Security Services Providers (MSSP) offer remote monitoring and management of IT security functions delivered via shared services from remote security operations centers.
Does your organization consider hiring and working with a MSSP?

Hiring a MSSP can bring great benefits to your organization, since it offers trained staff to deal with the daily-basis security issues. You may want to hire a MSSP for numerous reasons such as:

• restricted IT budgets
• not having an IT Security team
• avoiding the herculean job of staying on top of the new and extreme sophisticated cyber threats.
  
  

How to evaluate and choose a MSSP?

 

Cyber Security is hard work, and choosing a MSSP is a delicate balance. Below you can find 5 points that will help you and make this important decision easier.

1. Are they qualified?

This is a crucial point. You must evaluate the qualifications of the MSSP and their technical team. Make sure that the MSSP has plenty of experience in your work field and certifications.

2. What should they offer?

Hiring a MSSP who offers a multi-layer security system is paramount. Make sure they offer the following protections:

• Identify vulnerabilities consistently by routinely scanning the footprint in order to identify potential security gaps and fix them;
• Network security with next-gen firewalls, threat prevention and detection (IPS/IDS);
• Endpoint protection with the most advanced AI Driven capabilities;
• Security Operations Center (SOC) working around the clock - 24/7/365;
• Block malicious and phishing emails;
• Training users regularly to identify phishing and raising the awareness of Cybersecurity in your organization.

3. How do they handle your data?

It is important to understand where your sensitive data is stored. How do they handle it? Be assured the MSSP takes data protection seriously and that they understand the data regulations involved. The ideal MSSP provider will safely store your data and make sure it can not be commingled with the data of other companies to whom they provide services.

4. Can they provide a leading-edge cybersecurity service?

Security threats are becoming more complex and sophisticated and MSSP providers should upgrade their footprint to provide leading-edge protection. At CyVent, we are pleased in offering Haven, from Corvid Cyberdefense.

5. What are their references?

As a matter of fact, Corvid Cyberdefense team is a Military-grade cyber security company with the best professionals in its field and they service the U.S. Department of Defense (DoD).

 

See more and schedule some time to speak with one of our experts: https://www.cyvent.com/products

 

The rapid increase in digital third-party relationships contributes to escalated cyber risk. With service outsourcing, companies need to grant access to the system to partners or organization’s supply-chain, which puts confidential business information, financial transactions and sensitive employee and customer data at risk.

The problem is not new , Target is just one of countless examples. In 2013, Target’s security breach occurred from e-mails sent to Fazio Mechanical, one of the companies affiliated with Target, that lead to the leak of 70 million customer data and 40 million bank information. Year after year, companies are exposed to more risks from their business relationships, weakened by poor safety standards of other companies.

According to the Ninth Annual Cost of Cybercrime Study (Accenture, 2019),
61% of organizations have experienced an IoT security incident and 67% observed an increase in security breaches in the last five years. Another shocking fact is that over half of all companies have experienced a third-party breach yet only 16% are able to mitigate those risks (Ponemon Institute. Data Risk in the Third-Party Ecosystem. 2018).

This type of threat is not always malicious. Most of the time, it is caused by negligent behavior. According to a recent report conducted by the Ponemon Institute, negligent behavior is the most costly to companies annually, even though its cost per incident is lower. On the other hand, criminal behavior is less frequent, although it costs approximately 3x more per incident.

The problem involves the entire company, since relations with third parties are present in services that involve logistics, sales, customer support, marketing, among many others. In addition, each company has a partner management model. Thus, the solution needs to be adaptable to different realities.

How to manage your business relationships securely?

In order to avoid commercial relations problems with third parties, the company needs to adopt strict security standards, which involve the choice of its partners and their cyber security management. Compliance and security standards must also be extended to third-party companies.

The Ponemon Institute's “Data Risk in the Third-Party Ecosystem” analyzed companies that were successful in avoiding the third-party data breach and named best practices to reduce incidence of third-party data breaches:

* Evaluation of the security and privacy practices of all third parties
* An inventory of all third parties with whom you share information
* Frequent review of third-party management policies and programs
* Third party notification when data is shared with Nth parties
* Oversight by the board of directors

To meet these protocols effectively, we need to have the support of technology. There are currently several tools on the market that offer risk analysis and protection from third parties. The challenge, however, is to find the most complete and adapted tool to the needs of your company.

At CyVent, we are confident to appoint RiskRecon, a Mastercard company. It’s the only solution that automatically provides risk prioritization and continuous monitoring.

Why choose RiskRecon?

We are thrilled to be RiskRecon partners. RiskRecon automatically collects security information from vendors, partners and your own enterprise to help you understand how well each organization manages their digital footprint.

 

It provides risk-prioritized ratings based on issue severity and the system value at risk. The platform data is independently certified to be 99.1% accurate. The accuracy is achieved by a combination of patent-pending machine learning automation and analyst quality control.
The system evaluates over 40 security criteria across 9 domains. The impact of all vulnerabilities is analyzed to produce a cyber risk score.

There’s a direct correlation between RiskRecon scores and actual data breaches. Based on a sample of 46,000 Companies, entities with a score of “C” experience a 3x higher frequency of breaches than those with a score of “A”.

All assessment details are visible to you and your vendors, and RiskRecon provides a report that includes a summary of your organization's current cybersecurity posture at no additional fee. In addition, the platform automatically produces action plans to highlight only issues that exceed your company’s risk policy.

With all this information, you can easily keep your business secure from businesses that aren’t. It allows you to select new vendors faster, prioritize your third-party assessments based on RiskRecon-rated vendor performance, focus your vendor assessments on areas where you know they violate your risk requirements, improve your M&A analysis and more.

See more and schedule some time to speak with one of our experts: https://www.cyvent.com/en-us/prevent-your-company-from-third-party-risk-with-riskrecon