SecurityScorecard unveils Managed Cyber Risk Services to solve the third-party cyber risk puzzle

SecurityScorecard has unveiled new partner-focused Managed Cyber Risk Services designed to help customers of all types and sizes operationalize third-party cyber risk management. With 98% of organizations having a relationship with at least one-third party that experienced a breach, SecurityScorecard combines its platform and experts to solve the third-party cyber risk puzzle.

“Many CISOs are challenged with manual third-party risk approaches that are inconsistent and focused on checkbox compliance. Customers consistently shared that they need a way to operationalize third- and fourth-party cyber risk management,” said Aleksandr Yampolskiy, CEO, SecurityScorecard.

“Today, SecurityScorecard is meeting that customer need. The next evolution of security ratings will focus on operationalizing cyber risk management and threat intelligence to directly impact our customers’ ability to deliver on their mission,” Yampolskiy continued.

Integrated security ratings platform + third-party managed cyber risk services approach

SecurityScorecard Managed Cyber Risk Services was developed with customers and will be delivered by partners to achieve strategic business and security outcomes, including:

• Identifies and mitigates third-party cyber risk: Dynamically discovers risk across a customer’s attack surface, including their third- and fourth-party ecosystem, to dramatically reduce the risk of a compromise. Verifies that vendors’ vulnerabilities or other security issues are remediated.
• Addresses cybersecurity skills gap: Improves the capacity of customers’ security teams. SecurityScorecard works hand-in-hand with customers or through partners to deliver the strategic and tactical capabilities needed to maximize the value of the SecurityScorecard platform.
• Manages third- and fourth-party risk portfolio: Continuous monitoring, investigation, and analysis of risk indicators with centralized threat intelligence. Proactively identifies cyber threats across a customer’s unique attack surface. Manages alerts for customers.
• Makes security ratings more actionable: Incorporates business context to drive decisions. Deploys best practices to improve security posture. Proven playbooks proactively protect customers and support incident response if an incident occurs.
• Verifies contract compliance: Streamlines contract security compliance through a defensible, traceable process. Proactively manages vendor communication, questionnaires, and escalation management.
• Tracks issues resolved: Measures results based on trusted analysis, timely delivery, and empowering guidance. Estimates time saved to demonstrate return on investment.
• Enhances board reporting: Effectively communicates third-party cyber risk and benchmarks against peers. Customers also have the flexibility to run their own research, reports, and investigations.
• Delivers peace of mind: Ensures customers’ third-party risk management program is handled by the best and brightest minds in the industry. SecurityScorecard solves complex customers’ challenges by evaluating, improving, and implementing their third-party cyber risk programs.

SecurityScorecard Managed Cyber Risk Services are directly connected to the SecurityScorecard Platform, allowing drill down into specific portfolios, companies, findings, and issues. Built on an API-first architecture, data can be directly ingested into their own security stack and reporting tools or integrate into their preferred MSSP or services provider to achieve improved security and business outcomes.

In July 2023, the company appointed cybersecurity veteran and former Mandiant leader Jeff Laskowski as SVP and GM of Professional Services.

“Over the past year, SecurityScorecard has delivered several innovative solutions to the market: The world’s first third-party focused attack surface management solution. Automatic vendor detection to identify unknown third- and fourth parties connected to their business. Risk quantification technology that helps risk management teams understand their financial exposure,” said Jeff Laskowski, SVP & GM, Professional Services, SecurityScorecard.

“As we consolidate adjacent solutions into our platform, combined with expert services, we not only help our customers build economic efficiencies but also effectively mitigate third-party risk,” Laskowski added.

“Operationalizing third-party cyber risk management requires a specialized and skilled workforce. Many organizations struggle with lack of visibility into their vendor landscape, questionnaires, threats, and financial impact of risks,” said Larry Slusser, VP, Global Head of Professional Services Delivery, SecurityScorecard.

“By applying the principles of incident response to vendor risk management, customers can take charge with a turn-key, proactive, and comprehensive program designed to eliminate business disruption and drive cyber resilience,” Slusser continued.

This new offering will be available to all customers by the end of the year.