On this week’s Silicon Valley Insider, host Keith Koo speaks with Thomas Nimmo, CEO of Cybefense, a company transforming how technology risk assessments are done and how they are paid for. As regular listeners know, Keith Koo is an expert on Technology Risk and speaks frequently on the need for companies to completely and accurately risk assess their vendors, partners and other third parties.
Cyber risk assessments can easily start at $10,000 USD for a customer to evaluate whether a third-party (or vendor) meets minimum risk standards. For many small and medium businesses the cost of risk assessments are cost prohibitive and they simply forgo doing them even when mandated through laws and regulations (banking, financial services, healthcare, automotive, insurance, etc…) These small businesses take a gamble that they won’t have a devastating attack on their critical infrastructure and vendors. However, as we often hear in the news data breaches and cyber-attacks are indiscriminate and can affect organizations large and small. Small and medium businesses who lack the resources and investment in systems can be taken down quite easily without the proper controls.
Cyberfense’s approach is to make the cost of risk assessments free to the end customer by providing incentives for the third-party (or vendor). This approach empowers small and medium businesses (such as insurance brokers) to get the information they need to protect themselves.
Listen to the show to hear all the details on how you can get 1) free risk assessments and 2) get your third-party (or vendor) to respond to the risk assessments.
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