Thank you for Subscribing to CIO Applications Weekly Brief

BlueVoyant Releases Research Findings on Third Party Cyber Risk Management
Global expert-driven cybersecurity services company, BlueVoyant, released its international research findings into third-party cyber risk management.
By
CIO Applications | Tuesday, October 06, 2020

The study was conducted by independent research organization Opinion Matters and recorded the views and experiences of 1505 CIOs, CISOs, and Chief Procurement Officers in organizations with more than 1000 employees across a range of vertical sectors, including business and professional services, financial services, healthcare and pharmaceutical, manufacturing, utilities, and energy.
FREMONT, CA: Global expert-driven cybersecurity services company, BlueVoyant, released its international research findings into third-party cyber risk management. The study shows that 80 percent of organizations surveyed experienced a cybersecurity breach that originated from their vendor ecosystem's vulnerabilities in the past 12 months. The average respondent's organization had been breached in this way 2.7 times. The research also found organizations are experiencing multiple pain points across their cyber risk management program as they aim to mitigate risk across a network that typically encompasses 1409 vendors.
"That four in five organizations have experienced recent cybersecurity breaches originating in their vendor ecosystem is of huge concern. The research clearly indicated the reasons behind this high breach frequency: only 23% are monitoring all suppliers, meaning 77% have limited visibility and almost one-third only re-assess their vendors' cyber risk position six-monthly or annually. That means in the intervening period they are effectively flying blind to risks that could emerge at any moment in the prevailing cyber threat environment," said Jim Penrose, COO of BlueVoyant, commenting on the findings of the research.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
The study was conducted by independent research organization Opinion Matters and recorded the views and experiences of 1505 CIOs, CISOs, and Chief Procurement Officers in organizations with more than 1000 employees across a range of vertical sectors, including business and professional services, financial services, healthcare and pharmaceutical, manufacturing, utilities, and energy. It covered five countries: the U.S.A., the U.K., Mexico, Switzerland, and Singapore.
“BlueVoyant delivers integrated and automated cybersecurity protections that keep watch over a company’s systems and networks 24/7/365—combining several layers of defense, including advanced endpoint detection, ransomware and malware blocking, network defense, threat intelligence and real-time, remote response—backed by modern, fully-equipped security operations centers,” said David Etue, Global Head of MSS, BlueVoyant. The company was listed as one of the Top 10 Managed Security Service Providers for 2019 by Enterprise Security Magazine.
The survey found that 29 percent say they have no way of knowing if cyber risk emerges in a third-party vendor. Less than one quarter (22.5 percent) of the study group monitor their entire supply chain, and 32 percent only re-assess and report their vendor's cyber risk position either six-monthly or less frequently. The study revealed that the average headcount in internal and external cyber risk management teams is 12. Eighty-one percent say that budget for third-party cyber risk management is increasing by an average figure of 40 percent.
More in News

