Cyber risk uncertainty is growing. Despite massive spending worldwide to the tune of $173 billion, cyber attacks keep occurring. Ransomware attacks—a type of cyberattack that encrypts an organization's network or locks users out of their devices and requires a ransom before restoring access—are costing companies 20 days of downtime on average. Within the next few years, nearly half of companies worldwide will experience cyber attacks on their software supply chains.

Every organization faces cyber risk. But that risk can vary by industry, business size, the regulatory environment, supply chain, and more. Understanding your security risk posture is essential for targeting your security budget and effective resource allocation. Conducting a risk assessment can assist you in this endeavor, but to gain optimal insights, you should also include a comprehensive cybersecurity risk analysis as part of this process.

Cyberattacks on state and local governments are on the rise. In 2020, more than 100 government agencies, including municipalities, were targeted with ransomware – an increasingly popular attack vector. Recently, average down time from cyber attacks on these targets is 7.3 days and results in an average loss of $64,645. These incidents are costly and disruptive. Most state cybersecurity budgets are a paltry 0% to 3% of their overall IT budget on average.

A cyber risk management strategy is a plan for how you will secure your organization from evolving cyber threats. Your strategy is made up of key elements that work together to create a comprehensive approach to proactively mitigating risks and protecting organizational assets. Here are the basic steps you should take to develop an effective cyber risk management strategy.

Vendor risk management is top of everyone’s mind considering recent headline grabbing supply chain attacks, such as SolarWinds. But as more vendors enter your digital supply chain, keeping up with vendor adoption is tough. According to Accenture, 79 percent of businesses are adopting technologies faster than they can address related security issues. For your organization to be truly protected against supply chain cyber risks, you must develop a robust vendor risk management (VRM) program.

Verizon’s much anticipated 2023 Data Breach Investigations Report (DBIR) has hit the market and we have the missing pieces you need to convert its findings into action. In this blog, we’ll break down.

The ransomware trend continues to run rampant. One in four breaches involve ransomware, and organized crime actors use ransomware in more than 62 percent of incidents. Cyber criminals are taking advantage of these new opportunities to exploit a greatly expanded attack surface: But ransomware is only one small piece that a security leaders has to manage. The threat of ransomware is compounded by a distributed workforce, trends toward technology consolidation, geopolitical upheaval, and budget constraints.

When it comes to improving cybersecurity at your organization, there are some fixes that you can undertake with very little preparation. More robust risk remediation efforts, however, usually start with a cybersecurity risk assessment. These assessments are commonly offered by third-party consultants, sometimes as a stand-alone service and sometimes as the first step in a larger end-to-end cybersecurity engagement.

Every cybersecurity leader is looking for best practices to prevent cyber threats and cyberattacks. Chief among them is a relentless focus on cyber hygiene—the practice of maintaining the cyber health of your digital infrastructure. Good cyber hygiene significantly lowers the chance of cyber incidents. Indeed, a Bitsight study found that poor cyber hygiene, as determined by an organization’s security rating, increases the risk of a ransomware attack by 4.6 times.

A data breach is an IT security incident where data is compromised or stolen from a system without the knowledge or authorization of its owner. But what happens when a third party is involved? Stolen data may include sensitive, proprietary, or confidential information such as credit card numbers, trade secrets, customer, or patient data. Third party breaches cost millions of dollars every year to companies of all sizes.