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A Bitsight and Center for Financial Professionals (CeFPro) joint study “Third-Party Cyber Risk for Financial Services: Blind Spots, Emerging Issues & Best Practices” sheds light on how financial institutions are addressing challenges associated with third-party cyber risk.
At the core of Entrepreneurs' Organization (EO)'s mission is an unrelenting commitment to helping entrepreneurs learn and grow in every stage of business. Adopting an attitude of gratitude in recognizing employee wins is a critical component of success. We asked Tom Turner, CEO of Bitsight, about the importance of uncovering and recognizing invisible wins. Here's what he shared.
Third-party cyber threats are impacting major business decisions, according to a Bitsight and CeFPro report. Here are some of the biggest challenges.
Bitsight and the Centre for Financial Professionals (CeFPro) have released a joint study shedding light on how financial institutions are addressing challenges associated with third party cyber risk.
Many organizations work with hundreds of third parties, creating new risks that must be actively managed. The financial industry, in particular, has a massive business ecosystem made up of legal organizations, accounting and human resources firms, management consulting and outsourcing firms, and information technology and software providers. A new study into the financial services sector from security ratings company Bitsight finds that 97 percent of respondents say cyber risk affecting third parties is a major issue.
This podcast was recorded with Jake Olcott, VP of Government Affairs at Bitsight. The discussion focused on the recent research that Bitsight carried out with the Center for Financial professionals (CeFPro). The research focused on third party cyber risk and produced some interesting highlights.
For a view from the outside looking in, SC Media UK spoke to Jake Olcott, VP Government Affairs at Bitsight, who has previously served as legal advisor to the Senate Commerce Committee and as counsel to the House of Representatives Homeland Security Committee in the United States. "Organisations who were working with UK businesses may need to think about introducing new vendors and suppliers into their environment" Olcott warns "changing their existing relationships with a trusted supply chain." This will likely introduce greater risk to the business from a cyber-security perspective, of course.
Meanwhile, cybersecurity rater Bitsight is warning of the dangers of partnerships between attractive but insecure financial technology (fintech) startups and traditional banks. As it launched its Peer Analytics service at the RSA Conference for IT security in San Francisco, Bitsight warned that third-party partnerships were an emerging source of danger for banks. “The banks’ methods of risk assessment need updating,” said Bitsight’s vice-president of government affairs, Jake Olcott.
“Supply chain risk is one of the biggest challenges in cyber today. Tech companies issuing remote patching and remote updates to customers are increasingly targeted because of their broad, trusted relationships with their customers,” said Jake Olcott, VP Government Affairs at Bitsight. “Companies must conduct more rigorous diligence and continuously monitor these critical vendors in order to get a better handle on this risk.”
Tech companies that issue remote patches and remote updates to customers are big targets for attackers because of their broad trusted relationships with customers, says Jake Olcott, vice president at Bitsight. "As a risk management best practice, organizations must identify their most high-risk vendors, include security performance requirements in contracts with those suppliers, and monitor the cyber posture of those suppliers on an ongoing basis," he says. The challenge is that such assessment and monitoring process can be extremely time-consuming, he says. But simply turning a blind eye to this risk all together can have detrimental consequences, he notes.
Bitsight Vice President Jake Olcott said supply chain risk presents one of the biggest cybersecurity challenges today. “Tech companies issuing remote patching and remote updates to customers are increasingly targeted because of their broad, trusted relationships with their customers,” Olcott said. “Companies must conduct more rigorous diligence and continuously monitor these critical vendors in order to get a better handle on this risk.”
Security ratings player Bitsight has launched a new capability for insurers that delivers security performance information on millions of small- and medium-sized insurance applicants in seconds, enabling underwriters to evaluate and price cyber risk for the SMB market. Bitsight said the underwriting assessment leverages its security ratings platform and provides trustworthy security performance information. “Nearly half of the global cyber premium is written by Bitsight’s insurance customers, so we understand the unique challenges facing this community,” said Samit Shah, Insurance Strategy and Operations Manager at Bitsight. “As insurers expand their cyber coverage to small and medium-sized businesses, they must quickly obtain high quality, accurate, meaningful security performance data in order to assess the risk of an applicant and determine pricing. Bitsight is making it easier, faster and more cost-effective than ever for insurers to evaluate SMB cyber risk and issue policies.”
“One of the most critical business dynamics that’s taken place over the past five years is businesses holding each other accountable for cybersecurity,” said Jacob Olcott, vice president at Bitsight. “Market participants are holding each other accountable but, my god, have you ever tried to figure out a questionnaire? It’s completely subjective, so in an ideal world it would be a combination of security ratings plus the results of assessments or documentation.”
A report by Bitsight found that 15% of computers in the healthcare sector were running outdated versions of Windows or MacOS operating systems. In addition, 16% were also running outdated internet browsers.
Partnerships between big banks and agile fintech companies are being put at risk by the perceived insecurity of startups, according to cybersecurity auditor Bitsight.
Security rater Bitsight unveiled its Peer Analytics service at the RSA Security Conference in San Francisco on March 8th. Speaking after the event, the vendor’s VP of government affairs, Jake Olcott, warned that third-party partnerships are an emerging source of danger for banks.