New Data: High Cyber Security Maturity in IT, Telco, Finance, but Health Care and Energy Lag Behind.
Announcement posted by Hivint 02 Mar 2017
Security Colony Vendor Risk Assessment Tool launched.
Australia’s first cyber security collaboration platform – Security Colony (securitycolony.com) – today released its “Vendor Risk Assessment” tool, enabling any organisation to risk assess their internet facing sites, and receive a profile reflecting their cyber security maturity.
To demonstrate the system, scores were calculated for each of the ASX 100 companies. Analysed by industry, the average industry scores – out of 10 – were as follows:
Key findings of the analysis were:
- The IT industry has the best average score, showing their understanding of the importance of consistent cyber security processes.
- Telecommunications and Financial Services round out the Top 3.
- Energy, Materials (including mining) and Industrials are less mature, reflecting the reduced focus they have placed on cyber security historically.
- Health Care is in the bottom 4, a significant concern given the sensitivity of data held.
The VRA tool was developed by Hivint in conjunction with a major financial services client, to ensure that their vendors were not a cause of business disruption, and gain assurance that information entrusted to them is secure.
Nick Ellsmore, Co-founder of Security Colony, explained the purpose for building the system: “While it’s important to know your own security posture, it’s equally as important to have a way to see the security posture of the companies you trust with your data.”
“The Security Colony VRA tool provides subscribers with a fast, lightweight, and low cost way to keep an ongoing watch on their suppliers’ cyber security posture.”
A study identified that 32% of companies do not evaluate third party vendors and this can be attributed to the cause of many global data breaches. However, the VRA space is a growing market where the demand for vendor security and risk management solutions are increasing.