The RiskOut platform
The global average cost of a data breach in 2023 was $4.45 million, an increase of 15% over the last 3 years.
Any third party that has access to sensitive company data (or its customers’ data) potentially represents a Data Breach threat.
According to the latest IBM Ponemon Institute’s Cost of a Data Breach report, the average cost of a data breach in 2023 reached an all-time high of $4.45 million, equating to an average cost of $165 for each compromised record
This is the only cost relating to the remediation measures implemented to deal with the Data Breach, which does not include the further costs resulting from the loss of customers and the reputational damage that the company will inevitably suffer following the breach.
Conformity and Compliance
The ability to adequately evaluate third parties and promptly intercept any threats and risk elements is increasingly an essential requirement also to guarantee the company’s conformity and compliance.
Every year the number of standards and regulatory interventions that place direct emphasis on relevance and need to implement a safeguard of cyber and privacy risk related to the management of third parties.
In some sectors, the presence of third-party selection and monitoring processes actually represents a mandatory requirement in order to operate.
The major difficulties for companies
The major challenges that companies face in managing third-party risks can be traced back to the growing complexity that these processes require, also due to the large number of third parties that today must be integrated and managed.
The situation is also complicated by the growing attention of global regulations on the topic.
All this while being able to count on an often limited amount of resources, both in terms of personnel and skills, and in terms of time.
Teams dealing with third-party risk management are now called upon to:
- Identify and monitor the risks of a dense network of third parties;
- centralize third party risk management;
- enhance the reporting capabilities of the third-party risk management program;
- limit the management costs of the third-party risk management program;
- identify and estimate in real time all risks related to the third party already in the onboarding phase;
- prepare audit reports for each third party assessed.
Measure, monitor, and reduce third-party risk by aligning it with
your business goals
Assessment questionnaires
Security ratings
Reporting
Efficiency
Evidence collection
Standards and Regulations
Integrated reporting
While evaluating the different third-party risk management tools and platforms on the market, companies look at those features that differentiate the solutions and provide added value
A distinctive feature of RiskOut is certainly the integrated reporting, which allows you to automate the risk profile analysis and results reporting activities.
The integrated reporting is divided into 4 complementary sections, which allow companies to be able to count on a detailed and global vision of the risk profile of third parties:
- General
- By supplier
- Comparative analysis
- Supplier ranking
Integrated reporting allows you to examine the risks of the entire third-party network, moving from a global and aggregate view to potential risk graphs at the level of supply areas, cyber and privacy risk areas, and the type of data processed by individual third parties.
Exporting charts simplifies and speeds up third-party risk management program reporting.