BlueVoyant is helping more Philippine organizations in enhancing their cybersecurity posture, with the company’s in-country growth fueled by helping businesses rapidly identify and mitigate vulnerabilities in their third-party ecosystems with a robust third-party cyber risk management solution.
Third-Party Cyber Risk Management has become the standard in cybersecurity, especially for companies with extensive supply chains and various external partners. Made to provide advanced and comprehensive cybersecurity protection for corporations, BlueVoyant is the only company that provides end-to-end vendor risk monitoring in the Philippines.
“BlueVoyant is at the forefront of delivering unparalleled cyber defense capabilities that help protect businesses’ data, infrastructure, customers, and employees from cyberattacks. Redefining how businesses understand and address their cyber risk environments is a core focus for BlueVoyant, especially when it comes to third-party risks posed by their supply chain.”
– Tal Blaustein, BlueVoyant International’s chief operating officer
BlueVoyant converges end-to-end cyber defense capabilities into one unified platform called BlueVoyant Elements for some of the world’s most critical organizations. This platform plays a crucial role in helping organizations in monitoring their networks, attack surfaces, and supply chains while taking action to mitigate threats.
Understanding the Supply Chain Cyber Risk Landscape
A survey by BlueVoyant reveals that 97% of companies say they have been negatively impacted by a cybersecurity breach in their supply chain in the past 12 months; and 38% had no way of knowing when or if an issue arises with a third-party supplier’s cybersecurity.
Here in the Philippines, the financial sector is one of key targets for cyberattacks like phishing attacks, scam calls, as well as data breaches, often resulting in severe financial losses, reputational damage, breach of compliance, and other legal liabilities.
“It has become glaringly clear that the vendor, partner, and supplier ecosystem is now the attack surface of threat actors,” “One of the most pressing concerns in this regard is that more companies are creating more risk by putting more of their data into third-party applications. This risk is perhaps distributed among a thousand other vendors, partners, and suppliers.”
Strengthening Third-Party Risk Management and Resilience
When cyberattacks are increasing in frequency, vector, and complexity, businesses are tapping other companies to access the services and support they need. Protecting these ecosystems can be extremely challenging.
In this regard, BlueVoyant’s extensive attack surface management and vulnerability identification capabilities allow businesses and their third parties to resolve new critical issues at lightning speed – enabling fast resolution of zero-day vulnerabilities.
“Given the frequency and severity of today’s third-party breaches, it is more important than ever for Philippine businesses to protect their supply chains by putting the right contractual provisions in place, understanding the risks, delivering real-time monitoring, operationalizing data, and securing resources that remediate supply chain vulnerabilities.”
BlueVoyant urges organizations to set agreed-upon risk tolerance thresholds and apply different tolerances for various suppliers, depending on the access they have to data and their impact on overall operations. Contracts should clearly explain the procedure for identifying and mitigating risks that could compromise security.
“To gain visibility into the risks across their supply chain, we make sure that businesses operationalize their data for improved visibility and maximized value. There must be a team who will curate findings for priority and accuracy, ensure remediations are implemented, and regularly monitor the whole third-party ecosystem.”
According to BlueVoyant analysts, it is critical for enterprises to take a proactive defensive posture of rigorous monitoring of the supply chain, ensuring that all vendors, partners, and suppliers are flagged when they are insufficiently protected. Doing so will help remediate critical vulnerabilities before cyberattacks can occur.
“By combining cutting-edge technology, unrivaled data analytics, and global expertise, we at BlueVoyant are dedicated to offering comprehensive supply chain cyber risk identification, prioritization, and remediation services that help safeguard companies throughout their supply chains.”
BlueVoyant is a rock-solid cyber defense platform company converging internal and external security.