New software capability helps manage third-party cyber risks

With digital transformation enabling supply chains to become ever more integrated, businesses no longer have to worry just about the risks posed by their own systems, they must consider those they are connected to as well.

Vendor monitoring solution RiskRecon is launching a new tool that enables enterprises to automatically produce assessments and action plans based on their unique risk requirements, allowing risk professionals to easily understand and act on their third-party risk.

Customers configure their risk appetite using a simple administration interface, selecting from a set of default policies or configuring their own policy. Customers can set their own risk policy for each security criteria through a graphical user interface by selecting the combinations of asset value and issue severity to identify issues important to their organization.

In addition to automatically creating custom-fitted risk assessments and action plans, organizations can also tune RiskRecon's continuous monitoring to show only the material issues that violate their risk policy.

"This capability enables risk professionals to instantly understand third-party cyber risk within the context of their policy and to easily act on that risk," says Kelly White, RiskRecon's co-founder and CEO. "Manual third-party risk assessment approaches require large amounts of effort to gather and analyze information and determine which issues violate their risk policy. RiskRecon automates this whole process, freeing professionals to focus on strategic third-party risk issues."

You can find out more on the RiskRecon website.

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