Cyber attacks, misconfiguration, data leaks, and data breaches are increasingly common. Each week the news is full of new exposures of protected health information (PHI) and personally identifiable information (PII).
These security incidents are not only more common but also more costly. The average cost of a data breach is now nearly $4 million globally. For breaches involving third-parties, the cost increases to $4.29 million according to a recent report by IBM and the Ponemon Institute.
Every organization must invest in tools to prevent data breaches and reduce cybersecurity risk: particularly risks stemming from third and fourth-parties.
Cyber risk management and vendor risk management are top priorities for senior management and increasingly, at the board level.
Outside of financial costs, breaches impose significant regulatory and reputational costs due to new general data protection laws. As many of these laws have introduced or widened the scope of mandatory data breach notification laws.
In the United States, California has introduced CCPA, Florida has introduced FIPA, and New York has launched the SHIELD Act. Every state, territory, and country have turned their attention to protecting the PII and PHI of its citizens.
The compounding factor is these laws have broadened the definition of sensitive data. What were once small security incidents are now reportable data branches, increasing the impact of inadequate digital risk management.
While it started with the European Union's GDPR in 2018, countries like Brazil are following suit with LGPD.
It's safe to say, security teams have more to worry about than ever before. The job is now not only about developing information security policies and improving security postures. Increasingly, you are expected to translate technical details into terms non-technical stakeholders understand.
The good news is there are tools that can help, such as UpGuard, the issue is there are now so many tools that it's hard to decide on which one to pick.
We wrote this guide with all this in mind, to give you a clear comparison between RiskIQ, BitSight, and UpGuard, so you can make an informed decision and choose the tool that is right for you.
RiskIQ is a cybersecurity company based in San Francisco, California. RiskIQ provides cloud-based software as a service for organizations to manage their attack surface and detect phishing, fraud, malware, and other online security threats.
RiskIQ was founded in 2009 by Lou Manousos, Chris Kiernan, and David Pon.
BitSight Technologies is a Cambridge, MA-based company that aims to quantify the external cybersecurity posture of organizations using publicly accessible data.
BitSight’s security ratings are used by security and cybersecurity riskprofessionals to conduct due diligence research for vendor risk management programs, private equity, M&A activities, and more.
Additionally, these security ratings are used for attack surface analytics, industry benchmarking, and the assessment of fourth-party risk.