Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Risk used to be a word thrown around as if it could be defined generally and, once defined, consistently applied to all business and technology use cases. This didn’t work out so well for customers, CISO’s, or vendors. Risk was a “four-letter-word” and it fell out of common use.

We’ve entered Week #3 of National Supply Chain Integrity Month, an initiative that CISA and other government agencies started to highlight the importance of securing our nation’s most critical systems and ensuring they stay resilient. For Weeks #1 and #2, I wrote about maturing your third-party risk management program and securing the small business supply chain.

When a major security event like SolarWinds or Log4j happens, how do you assess the impact across your third-party supply chain? Most organizations struggle to effectively react to zero day attacks and other critical vulnerabilities at scale, often following manual and cumbersome workflows. But our latest capability is here to change that.

A recent study found that financially material cyber attacks are increasing in frequency and that the top 5% of such attacks lead to an average $52M in losses. As these types of cyber attacks become more frequent and more severe, it has become increasingly critical for risk managers outside of enterprise security functions —such as compliance and credit officers—to consider cybersecurity risk in their assessment of customers, suppliers and investments.

Today we are announcing updates to the Bitsight ratings algorithm. Bitsight is committed to creating the most meaningful, trustworthy, and actionable security ratings and analytics in the marketplace. As part of this commitment, we periodically make updates to our ratings algorithm based on new data observations and capabilities, internal and external research, and market feedback. For this year’s update, we have made several adjustments, including modifying the weights of several risk vectors.