Risk Management For Technology
Organizations encounter a dynamic risk environment in today’s rapidly evolving IT/Technology landscape. Technology companies confront the challenge of protecting vital assets such as intellectual property and customer data while relying on empowering technologies that can expose vulnerabilities. Balancing innovation and security becomes paramount for staying resilient in this ever-changing digital era.
68% of technology companies experience security breaches, with 47% attributing them to weaknesses in point-of-sales systems.
Technology becomes an essential industry infrastructure, creating a vast attack surface susceptible to exploitation. In an organization, the involvement of numerous suppliers, partners, and distributors poses a third-party risk, potentially damaging the company’s reputation. Beaconer offers flexible solutions and expertise in identifying technology third-party risks within your network. With near real-time data, we help you pinpoint your riskiest vendors and guide your risk decisions, empowering your IT organization to enhance its protection effectively.
The initial step involves creating a detailed inventory of all technologies utilized within the company, identifying their respective users, business areas, and purposes. This process is pivotal in determining the firm's critical technology, making it a fundamental starting point.
An Important step is to identify and understand the various IT risks that an organization may face. We conduct comprehensive technology risk assessments and analyze potential threats to information and technology systems' confidentiality, integrity, and availability.
Once third-party risks are identified, we evaluate their potential impact and likelihood of occurrence. A risk assessment typically involves assigning a risk rating to each identified risk, considering its possible financial, operational, and reputational effects on the organization.
We at Beaconer develop strategies to address and manage technology identified risks in this step. These strategies can vary depending on the nature of the risk. They involve implementing security and controls, creating redundancies, applying encryption, developing disaster recovery plans, and ensuring proper employee training and awareness programs.
The IT risk management process is dynamic and subject to regular review and improvement. Feedback from incidents, audits, and technological changes is used to refine risk management strategies continuously at Beaconer.
Why Choose Beaconer for Managing Technology Risks?
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Cost Saving
Unlock unparalleled value with over 60% cost savings through cutting-edge assessment methods, leaving outdated approaches behind. Experience remarkable cost efficiency for your organization.
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Tailored Approach
Discover our bespoke assessment journey with a personalized approach, providing tailored solutions for every request. We work closely with your team to develop effective technology risk management strategies that align with your business objectives. Our solutions encompass many IT risks, including cyber threats, data breaches, system failures, etc.
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AI Integrated Service Model
Embrace, our revolutionary AI assessment model, combines managed services, achieving unmatched efficiency with 60% reduced assessment time.
FAQs
Third-party risk management is the process of identifying and mitigating risks associated with the vendors and suppliers you rely on. It's essential because it helps protect your data, operations, and reputation from potential threats that can arise from these relationships.
Beaconer managed third-party risk service model help businesses with number of benefits, including: Reduced costs, Reduced delays, Tailored assessment, Complimentary threat intelligence platform, 24/7 support & Easy integration.
Beaconer differentiates itself from other similar platforms in the market through its unique selling points and managed service approach. Unlike its competitors who provide a Software-as-a-Service (SaaS) platform for downloading assessment reports, Beaconer offers a comprehensive managed service for third-party risk management (TPRM). Managed services are a superior choice for TPRM due to the dynamic nature of today's business environment. As companies increasingly rely on third-party entities for critical services and access to sensitive data, the associated risks become more complex to mitigate.
Our unique AI technology for third-party risk management can benefit organizations in a variety of industries, but it is particularly well-suited for those that rely heavily on third-party vendors, suppliers, contractors, and service providers. These industries include: Banking, Capital markets, Communication, Media & Technology, Healthcare, Information Services & Life Sciences.
In addition to these industries, our AI technology can also be beneficial for organizations in other sectors, such as retail, manufacturing, and government
We have a dedicated team that constantly monitors industry and regional regulations. We keep our clients informed and ensure our services align with the latest compliance requirements.
Beaconer has developed an AI-powered solution that automates the third-party vendor assessment process. This solution eliminates the need for lengthy questionnaires and manual data entry, saving businesses considerable time and effort. The solution works by first having the third party upload relevant documents to Beaconer's platform. The AI then reads and extracts the required information from these documents, facilitating a comprehensive assessment. The results of the assessment are then made available to the business in a clear and concise format.
You can get started by reaching out to our team through our website or contacting us directly. We'll work with you to understand your specific needs and tailor our services to your requirements.
Don't let vendor risks threaten your business.
Take charge with Beaconer's cutting-edge third-party risk management solutions and see the change.
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