Tony Turner’s Post

Continuous Monitoring in TPRM: Why We Need to Stop Relying on “Set It and Forget It” Due Diligence As risk professionals, we’ve all seen it happen: we onboard a vendor, conduct rigorous due diligence, check all the boxes, and then… move on. Maybe we run an annual review if we’re diligent (pun intended). But here’s the truth: relying solely on initial or periodic due diligence is like getting a health checkup once a year and ignoring your diet and exercise in between. The reality is, vendor risk evolves continuously—cyber threats, regulatory shifts, and even a vendor’s internal changes can happen in real-time. That’s why continuous monitoring isn’t just a “nice to have”; it’s essential. It fills the gap between those initial checkups and ensures we catch emerging risks before they become our problems. So, how can we implement continuous monitoring without making it a resource-draining nightmare? Here are three practical steps: 1. Leverage Automated Risk Monitoring Tools: Tools that track third-party cyber hygiene, financial stability, and compliance in real-time are your first line of defense. Set up alerts that notify you when there are significant changes—like a drop in security posture or legal action against a vendor. No more manually chasing after the latest reports! 2. Integrate Continuous Monitoring Into Your Vendor Management Processes: Make continuous monitoring part of your day-to-day risk management workflow. Incorporate monitoring results into quarterly vendor reviews, and use the insights to adjust your risk mitigation strategies on the fly. If the data says a vendor’s risk has changed, you should change your approach. 3. Monitor Key Risk Indicators (KRIs): Define specific KRIs for each critical vendor. Whether it’s financial health, cybersecurity metrics, or changes in leadership, continuously track these indicators to assess risk levels in real time. Not all vendors need the same level of scrutiny, so tier them accordingly and focus your attention where it’s needed most. Remember, continuous monitoring doesn’t mean adding more work—it means working smarter. It gives you the visibility to manage risk dynamically, not reactively. And in a world where risks are constantly evolving, that’s the peace of mind we all need. #TPRM #ContinuousMonitoring #RiskManagement #CyberSecurity #VendorRisk #GRC #RealTimeRisk SecGenX

Cybersecurity with Proactive GRC Reviews and Risk Management In the digital age, where cyber threats loom larger and evolve quicker than ever, the significance of robust cybersecurity measures cannot be overstated. That’s where our Regular GRC Review and Cyber Risk Management service steps in, providing a comprehensive framework to safeguard your organisation’s digital assets and ensure compliance with evolving regulations. What We Offer: Governance: Establish a solid governance structure, align cybersecurity strategies with business objectives, and develop policies that foster a secure and compliant organisational environment. Risk Management: Employ a risk-based approach to identify, prioritise, and mitigate cyber threats. Through continuous risk assessment and the implementation of effective controls, we enable organisations to stay ahead of potential vulnerabilities. Compliance: Navigate the complex landscape of regulatory requirements with ease. Our service ensures that your organisation not only meets but exceeds industry standards, maintaining the trust of stakeholders and customers alike. Why It Matters: 🔒 Proactive Protection: In an era where cyber threats are ever-present and constantly evolving, a proactive stance is key. Our service ensures that your organisation is not just reacting to threats as they occur, but actively working to prevent them. 💡 Strategic Alignment: By integrating cybersecurity strategies with your overall business objectives, we help unlock new opportunities for growth and innovation. 🌐 Trust and Compliance: In today's market, consumer trust is paramount. Demonstrating a commitment to cybersecurity and regulatory compliance can significantly enhance your brand's reputation and reliability. Join us in transforming cybersecurity challenges into opportunities for growth and resilience. Let’s empower your organisation to navigate the complexities of the digital world with confidence and strategic foresight. #Cybersecurity #GRC #RiskManagement #Compliance #DigitalTransformation

🚨 Cyber Threat Alert! 45% of Organisations Experienced Downtime in the Last 2 Years🚨 Despite cyber risk management investments, outages persist. Key outcomes for effective management include Resource Efficiency, Risk Management and Resilience, and Influence on Business Decision Making. Gartner recommends 4 essential actions: 👉🏻 Review third-party risk communication regularly. 👉🏻 Track third-party contract decisions for risk management. 👉🏻 Conduct third-party incident response planning. 👉🏻 Collaborate with critical third parties to enhance security practices. Feel free to reach out if you have any questions on how to bolster your defences in 2024. #PFH #Gartner #CyberAttack #CyberSecurity 

𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐫𝐢𝐬𝐤 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐢𝐧 𝐭𝐨𝐝𝐚𝐲'𝐬 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐥𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 In today's digital realm, where every click, swipe, and transaction leaves a footprint, the importance of security risk management can not be overstated. As businesses and individuals alike navigate through a landscape rife with cyber threats, understanding and effectively managing these risks is paramount to safeguarding assets, data, and reputation. Gone are the days when security was merely an afterthought. With the exponential rise in cyber attacks, ranging from data breaches to ransomware incidents, organizations are compelled to adopt proactive measures to mitigate risks. Failure to do so not only exposes sensitive information but also undermines consumer trust and jeopardizes long-term viability. Security risk management encompasses a multifaceted approach, encompassing threat identification, vulnerability assessment, and mitigation strategies. By staying abreast of evolving threats and implementing robust security protocols, organizations can preemptively thwart potential attacks and fortify their defenses. Moreover, compliance with regulatory frameworks such as the Data Protection Act is no longer optional but imperative. Non-compliance not only incurs hefty penalties but also tarnishes brand reputation and erodes customer confidence. In essence, security risk management is not a luxury but a necessity in today's hyperconnected world. It's about fostering a culture of vigilance, where every individual within an organization plays a pivotal role in safeguarding assets and thwarting cyber threats. By embracing this mindset and investing in robust security infrastructure, businesses can navigate the digital landscape with confidence and resilience. #CyberSecurity #RiskManagement #DigitalTransformation #DataProtection #CyberAwareness #BusinessSecurity #LinkedInContent

Do you rely on annual assessments to manage your third-party risks? It's time to rethink your approach. In my conversations with customers and prospects, many claim they are compliant with SOC 2 regulations because they have a third-party risk management program. They often mention conducting annual assessments using an Excel spreadsheet or a platform that provides yearly evaluations. However, that's simply not enough. As soon as you receive that spreadsheet or automated report, it's already out of date. It's just a point-in-time snapshot of your vendor network, which is insufficient. Today, it's easy to spin up a database in the cloud without proper security measures, allow outdated software to remain in your system, or let software certificates expire. Vulnerabilities can emerge instantly between those annual assessments — or even with assessments conducted only at vendor onboarding. This is why continuous monitoring is critical. Continuous monitoring allows organizations to detect real-time risks within their supply chain and their own operations. This enables rapid mitigation and the elimination of significant risks. Moreover, continuous monitoring provides a safe harbor amid evolving regulatory standards. While SOC 2 includes a requirement for third-party risk management, it doesn't specify what that entails. We're seeing regulations like DORA, set to take effect in the EU on January 17, 2025, that explicitly require continuous monitoring. More regulations are moving in that direction. Lastly, continuous monitoring fosters proactive threat management. It allows you to oversee your supply chain in real time. Any instance that creates elevated risk can be addressed proactively, ensuring that issues are secured before they can be exploited. How is your organization approaching continuous monitoring in its supply chain? #DataSecurity #CyberSecurity #ThirdPartyRiskManagement #ThirdPartyVendor #ProcessBolt Video by GrowthMatch

Traditional Third-Party Risk Management (TPRM) methods are inadequate for today's complex digital ecosystem. A comprehensive, risk-based approach to TPRM is critical as businesses rely more on third-party vendors. The FAIR Institute is developing FAIR-TAM, an extension of the FAIR model to address third-party risk management challenges. It aims to provide a more accurate, dynamic, and quantifiable view of third-party risk. Implementing FAIR-TAM 1. Risk-based Prioritization: - Use FAIR assessments to evaluate vendor risk. - Leverage FAIR-MAM to analyze risk based on access and revenue impact. - Tier supply chain partners by risk levels. 2. Comprehensive, Continuous Monitoring: - Utilize inside-out telemetry from first and third parties. - Implement continuous, automated reporting. - Apply FAIR-CAM to gauge breach likelihood. 3. Actionable Mitigations: - Treat third parties as part of your attack surface. - Apply Zero Trust Principles to TPRM. - Foster collaboration and data sharing with third parties. FAIR-TAM aligns with the trend towards sophisticated, data-driven cyber risk management solutions. #CyberSecurity #ThirdPartyRisk #FAIR #RiskManagement

Risk Assessments beyond the Checkbox Frustrated by generic risk assessments that feel like checklists, failing to capture your unique business context? At Cyvergence, we believe in risk assessments that go beyond the checkbox, providing valuable insights tailored to your specific organization. We understand that industry, operations, and risk landscapes vary significantly, and a one-size-fits-all approach simply won't cut it. Our comprehensive risk assessments delve deeper, offering: Business Context Integration: We analyze your specific industry, operations, and unique risk landscape, identifying potential threats relevant to your organization, not just generic possibilities. Customizable Frameworks: We leverage established industry frameworks while tailoring them to your specific needs, ensuring your assessment addresses your unique requirements and delivers actionable insights. Cyber Risk Quantification: We translate qualitative risks into quantifiable terms, estimating potential financial losses and downtime associated with various threats. This provides a clear understanding of the business impact of different security risks, aiding informed decision-making and resource allocation. Data-Driven Insights: We provide actionable insights based on industry trends and your organization's internal data, not just hypothetical scenarios, ensuring your decisions are grounded in reality. Don't settle for generic risk assessments that leave you in the dark. Contact me today and experience the power of contextualized risk assessments with cyber risk quantification. We provide valuable insights, prioritize threats, and empower informed decisions for a more secure and resilient future. Contact me for more information. #cybersecurity #cyberriskquantification #enterpriseriskmanagement #riskmanagement

 Understanding the landscape of IT security and understanding and managing risks are paramount to ensuring the resilience of our digital infrastructure. Let's embark on a journey to explore the essential steps in effective risk management, laying the foundation for a robust defense against potential cyber threats. - Identification of Risks: The first step in risk management involves a comprehensive identification of potential threats. This includes examining internal and external factors that could pose a risk to the organization's IT assets. Whether it's vulnerabilities in software, human error, or external malicious actors, a thorough understanding of the threat landscape is crucial. - Assessment and Quantification: Once identified, each potential risk needs to be assessed and quantified. This step involves evaluating the likelihood of a threat occurring and its potential impact on the organization. By assigning values to these factors, IT professionals can prioritize risks and allocate resources more effectively. - Prioritization and Categorization: Not all risks are created equal. The following fundamental aspect is prioritizing and categorizing risks based on their severity and potential impact on business operations. This helps organizations focus on addressing the most critical vulnerabilities first, ensuring a targeted and efficient risk mitigation strategy. - Developing Mitigation Strategies: Armed with a clear understanding of identified risks, the next step is to develop mitigation strategies. This involves designing proactive measures to prevent or minimize the impact of potential security breaches. It could include implementing security controls, updating software, or training staff to enhance their awareness. - Implementation of Controls: Mitigation strategies are put into action through the implementation of security controls. These controls could be technological, procedural, or a combination of both. Regular testing and monitoring of these controls are vital to ensure they remain effective in the face of evolving threats. Continuous Monitoring and Adaptation:   The IT landscape is dynamic, and risks can change over time. Therefore, continuous monitoring is crucial. Regularly reassessing the threat landscape and adapting risk management strategies help organizations stay ahead of emerging risks, ensuring a proactive approach to cybersecurity. Organizations can establish a resilient and adaptive security posture by embracing these fundamental steps in navigating IT security risks. This proactive approach mitigates potential threats and fosters a culture of awareness and preparedness. Together, let's build a fortified defense against cyber risks.  #CyberKrush #ContactUS #Partner #ATO #RMF #DCSA #RiskManagement #ITSecurity #CyberRisk https://cyberkrush.com/

Did you know that IT Risk Management and Cybersecurity go hand in hand? 🤝 With the increasing frequency and sophistication of cyber attacks, organizations need robust risk management strategies to protect their sensitive data. Here's why: 🔒 Proactive approach: IT Risk Management helps identify potential vulnerabilities and weaknesses in an organization's IT infrastructure, enabling proactive measures to mitigate cyber threats. 🌐 Holistic protection: Effective risk management encompasses not only technological safeguards, but also policies, procedures, and employee awareness, creating a comprehensive defense against cyber threats. 💼 Business continuity: A well-developed risk management strategy ensures business continuity even in the face of cyber attacks, minimizing disruption and financial losses. 🔐 Client trust: By demonstrating a strong commitment to cybersecurity through risk management practices, organizations build trust with their clients, enhancing their reputation and competitive advantage. 📈 Stay ahead of regulations: A proactive IT Risk Management approach helps organizations stay compliant with changing cybersecurity regulations, avoiding hefty fines and reputational damage. Now more than ever, organizations need to prioritize IT Risk Management and Cybersecurity to protect their assets and maintain their competitive edge. 💪 #ITRiskManagement #Cybersecurity #CyberAttacks #RiskManagement

As I've written and presented over the years, I've attributed the cyber security failures we continue to experience to three root causes: 1. Risk illiteracy (see 4-part series starting here, https://lnkd.in/eRzCY9ba) 2. Lack of C-suite/Board engagement (see, as an example, https://lnkd.in/dPmm3yHZ) 3. Failure to see enterprise cyber risk management (ECRM) value creation opportunities (see, https://lnkd.in/eip8kdne) The headline of this morning's The Wall Street Journal article (https://lnkd.in/eWPmnw5H) illustrates the last point. How can organizations struggle with cybersecurity as a budget issue when a) it represents an existential risk to their organizations and b) strong ECRM programs have proven to create business value and competitive advantage? My executive and board training was to find the damn money when great opportunities presented themselves. #riskmanagement #enterprisecyberriskmanagement #cyberriskmanagement #cyberriskilliteracy #cyberopportunitymanagement #cybersecurityvalue #boardcyberoversight #boardofdirectors