Vendor management is a crucial component in safeguarding company cybersecurity. As businesses increasingly rely on various external services and products, ensuring these external partners uphold strong security standards becomes imperative. I've found that the rapid progression of technology in the cyberspace, companies must completely understand each vendor with access to transmit or store end-user data. They must have in-depth knowledge of the vendor's security profile and monitor it diligently to mitigate potential risks. From my experience, here are some of the top reasons why many companies aren't secure in this respect.

1. Increasing Vendor Numbers

Companies are increasingly engaging with larger numbers of vendors due to globalization, the need for specialized expertise, and the drive for cost efficiency. Statistics show that organizations' average number of third-party SaaS vendors increased by 62% between 2020 and 2022. This trend is fueled by the desire to focus on core competencies, leverage technological advancements, and enhance competitive positioning in the market.

2. Higher Supply Chain Risks

The growing number of vendors is one reason for the higher percentage of supply chain attacks. These occur because key suppliers or vendors may be more vulnerable to attack than the primary target, making them weak links in the overall network. In 2020, Accenture reported that 40% of cyberattacks originated from the extended supply chain.

For instance, in 2017, NotPetya malware spread via a Ukrainian accounting software company called M.E.Doc. The malware spread to other companies that used M.E.Doc's software, including Maersk, a global shipping company. The attack caused Maersk to shut down its IT systems for several days, resulting in a loss of $300 million.

3. Lack Of Continuous Monitoring in Vendor Management

The absence of continuous vendor monitoring in vendor management can lead to missed vulnerabilities and escalating risks. Continuous monitoring is crucial for detecting changes in vendors' security postures and guaranteeing adherence to security standards. Without it, companies may find themselves blindsided by security breaches originating from their vendors. Remarkably, research from the Ponemon Institute shows that 50% of organizations don't monitor third parties accessing their sensitive and confidential information.

4. Cost-Cutting Measures

The pressure to constantly cut costs is another threat to vendor cybersecurity programs. Research shows over two-thirds of organizations spend less than 10% of their IT budgets on security. Such cost-cutting measures can lead to inadequate security practices, such as failure to renew certifications or maintain compliance annually, leaving companies vulnerable to data breaches and cyberattacks. While reducing expenses is a common business goal, it should not come at the expense of robust security measures.

5. Risk Of Non-Compliance in Vendor Management

Non-compliance with cybersecurity standards also presents considerable risks. A checkbox approach, where companies merely meet the minimum requirements for compliance, is insufficient protection against cyber threats. One study found that 59% of organizations experienced a data breach caused by a third party. This statistic emphasizes the importance of ensuring all vendors comply with security policies, as their non-compliance can lead to severe and costly security incidents, damaging both the company's data integrity and its reputation.

6. Reactive Security Approaches

Reactive third-party security approaches leave companies vulnerable because they focus on responding to breaches after they occur, allowing damage to unfold unchecked. A lack of continuous monitoring and proactive vendor risk assessments can result in unnoticed security gaps, increasing the risk of data breaches.

For example, intrusion detection is only good after the fact; it doesn't protect a company from risk. With 4,145 data breaches at an average cost of $9.44 million each, the financial impact of the 59% caused by third-party vendors in 2022 was $22.9 billion. Companies struggle to keep pace with evolving cyber threats, which can lead to non-compliance with regulatory frameworks and compromise their security posture further.

7. Inadequate Security Training

A common shortfall I've seen in vendor management is the lack of comprehensive security training for employees. Humans are every company's biggest risk factor, and training significantly impacts employees' awareness and behavior regarding information security. For example, research into permissions provided to third-party vendors in cloud environments showed that 82% of enterprise organizations provided vendors with highly privileged roles. Seventy-six percent gave vendors roles allowing full account takeover, and over 90% of cloud security teams were unaware they had given such high permissions to vendors.

How To Prioritize Security in Vendor Management

A comprehensive vendor security analysis includes sending suppliers questionnaires to vet their security profiles and continuously monitor their postures. As it stands, 98% of organizations globally have relationships with at least one breached third party, and those that haven't been breached yet aren't immune to it happening to them.

Vigilant vendor management is vital to maintain a secure business environment. The primary risk lies in how people understand and handle their data. This understanding extends to vendor management, where the real challenge is ensuring that every vendor involved in the company's operations maintains a high security standard.

I find it critical that companies have a proactive approach that focuses on intrusion prevention and comprehensive employee training. Understanding vendors' capabilities and continuously monitoring their security postures is vital for fostering a security culture that permeates every aspect of the business, ultimately safeguarding the company's future.

You can read the original article posted in Forbes by Rhymetec CEO, Justin Rende.

About Rhymetec

Our experts have been disrupting the cybersecurity, compliance and data privacy space since 2015. We make security simple and accessible so you can put more time and energy into other critical areas of your business—Some of our customers have gone on to be acquired by Meta and Zoom. Our customers trust us to help them reap the benefits of having a stronger security program.

What makes us unique is that we act as an extension to your team. We consult on developing stronger information security programs within your environment, and provide the services to meet these standards. Most organizations offer one or the other. From compliance readiness (SOC 2, ISO/IEC 27001, HIPAA, GDPR and more) to Penetration Testing (Web Application Pentest, API Pentest, External Network Pentest and Mobile Application Pentest) and ISO Internal Audits, we offer a wide range of consulting, security, vendor management, and managed compliance services that can be tailored to your business environment.

If you’re ready to learn about how Rhymetec can help you, contact us today to meet with our team.

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The industry leader in cloud security expands team and welcomes new and expanded partnerships with Drata, Picnic, and A-LIGN.

 

(NEW YORK — April 30, 2024) –

Rhymetec, the industry leader in cloud security that provides innovative cybersecurity, compliance, and data privacy services to modern-day SaaS businesses, today announces recent wins, new partnerships, and noteworthy company updates.

Hiring Growth

Since its inception in 2015, the Rhymetec leadership team has worked to build a dynamic culture that strives to pioneer the way in SaaS security, compliance, and data privacy for their clientele. The company currently boasts an innovative team that works hard to serve more than 600 clients globally today. Rhymetec has grown substantially over the last year and has doubled its employee headcount to meet the growing demand of new and existing clients.

New and Evolving Partnerships

Rhymetec is proud to announce strategic partnerships with industry-leading organizations Picnic Corporation and A-LIGN, adding to the list of vetted and trusted industry partners the company works with.

Picnic Corporation is a cybersecurity firm that provides enterprises with the capability to manage their external human attack surface by detecting, preventing, and protecting against social engineering and credential-stuffing attacks. The partnership with Picnic will help Rhymetec clients globally build more effective and compliant infosec programs by complementing technological controls and helping organizations effectively address the dynamic nature of cybersecurity threats.

"At Picnic, we're excited to announce our partnership with Rhymetec, empowering their clients worldwide to fortify their information security programs effectively," said Matt Polak, CEO and founder of Picnic Corporation. "By leveraging Picnic's innovative managed solutions, Rhymetec's clients can proactively mitigate human-centric cyber threats, moving beyond mere detection and response to true attack prevention."

A-LIGN is the leader in high-quality, efficient cybersecurity compliance programs, trusted by more than 4,000 global organizations to mitigate cybersecurity risks. Combining experienced auditors and audit management technology, A-LIGN provides the widest breadth and depth of audit services including SOC 2, ISO 27001, HITRUST, FedRAMP, and PCI. A-LIGN is the number one issuer of SOC 2 and HITRUST and a top three FedRAMP assessor. With this newly established partnership, Rhymetec clients can access high-quality cybersecurity audits.

"A-LIGN is proud to partner with Rhymetec, a company that shares the same goals and objectives that we do for our more than 4,000 global organizations we work with," said Ryan Grace, CRO at A-LIGN. "We are looking forward to extending our tailored, top-tier cybersecurity audit services to Rhymetec's clientele."

Rhymetec has had a long-standing collaboration with Drata, a leader in security and compliance automation. In February of 2024, Drata debuted "Launch - The Drata Alliance Program," headlining Rhymetec and one other partner as a Gold Tier channel partner. This top tier achievement is based on business, performance and certification requirements set by Drata. This enables Rhymetec to continue to provide comprehensive cybersecurity solutions more effectively to Drata customers as a trusted partner.

"Rhymetec is an extension of Drata's GTM organization and we share the same core mission to build trust across the cloud," said Kevin Kriebel, vice president of partnerships at Drata. "As a Gold Tier partner, Rhymetec has proven to be a valued and trusted partner for Drata customers and we look forward to long term success."

Educational Initiatives

With a commitment to thought leadership and providing valuable educational resources to SaaS businesses and startups, Rhymetec has set a company-wide goal to become the go-to hub for cybersecurity, compliance and data privacy. One of the company's initiatives includes the release of a comprehensive "Cybersecurity for Startups" guide, aimed at equipping emerging businesses with the knowledge and tools needed to navigate the complex cybersecurity landscape successfully. The guide dives into the five practical steps small businesses can take to improve their business security, along with insights into the most frequently asked questions about cybersecurity and more.

International Growth

The Rhymetec team headed down to Rio de Janeiro to attend the Web Summit Rio 2024 conference this month. The organizers of Web Summit conduct some of the world's biggest and best tech conferences, hosting over 100,000 attendees from around the world throughout their portfolio of shows, including founders and CEOs of tech companies and emerging startups. This is the company's first international conference to expand its global reach and audience.

"At Rhymetec our commitment to partnership fuels our ability to innovate and provide cutting-edge cybersecurity solutions that meet the evolving needs of our clients," said Justin Rende, CEO and founder of Rhymetec. "Our recent achievements, including new partnerships with Picnic Corporation and A-LIGN and our recognition as a Gold Tier channel partner with Drata, showcase our ongoing dedication to our partners and reinforces our ability to deliver cloud security solutions that assist in safeguarding our clients' assets. We're excited about our continued growth as a company and will continue to serve our clients with unparalleled expertise and dedication."

To learn more about Rhymetec and its suite of cybersecurity services, please visit www.rhymetec.com.

About Rhymetec

Rhymetec is an industry leader in cloud security, providing innovative cybersecurity and data privacy services to the modern-day SaaS business. The company builds, deploys and manages compliant information security and data privacy programs directly within their customers' unique environments, allowing them to focus on their core competencies within their business. Over the years, Rhymetec's services have grown to include a vCISO (Virtual CISO) program, ISO Internal Audits, and a variety of Penetration Testing services. For more information, please visit www.rhymetec.com and follow us on Twitter or LinkedIn.

 

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Since the pandemic began, remote work has grown in popularity to the point that many companies now operate remotely. The Bureau of Labor Statistics found that around 27% of the U.S. workforce worked remotely at least part-time as of August and September 2022, but some academic surveys suggest the number was closer to 50%. With technological advancements driving the remote revolution, companies grapple with cultivating a cohesive culture without physical proximity. Is fostering a true team spirit and camaraderie in a remote setting a paradox? How does the lack of in-person interactions affect team dynamics, and what are some potential solutions to bridge this gap?

Here are some innovative approaches for nurturing a remote culture that resonates with the essence of the traditional workplace environment.

The Remote Work Paradox

Building a thriving culture remotely seems contradictory. The essence of a company's culture often lies in the intangible connections formed between its members. However, when interactions are confined to screens, this essence is challenged. The lack of personal contact and impromptu conversations (think: watercooler exchanges) that shape the organic development of relationships in a traditional office setting is acutely felt. Without in-person interactions, employees often miss out on small, unspoken signals, leading to potential misunderstandings.

Maintaining team morale and motivation is another challenge. In an office setting, the energy and enthusiasm of colleagues can be contagious; however, in a remote environment, maintaining this vibrancy becomes a chore. The spontaneity and warmth of face-to-face interactions are hard to replace in a virtual environment.

When employees work remotely, they often take a siloed approach to their tasks that can make them feel particularly isolated. This kind of separation makes building a united and friendly work atmosphere—which is important for success—difficult. Creating a sense of belonging and loyalty to the company is more difficult when workers don't interact with the organization's space and people.

These challenges demonstrate the importance of finding innovative ways to build a strong, interconnected remote culture.

Breaking Down The Barriers

Our cybersecurity firm recently tackled the remote culture conundrum head-on by organizing a company retreat. The retreat aimed to bridge the gap created (by working online) and build genuine connections between team members. The agenda was carefully crafted to balance formal business discussions with casual, fun activities designed to help team members bond and get to know each other outside of work.

The retreat was a game-changer. Team members, who only knew each other through computer screens, got to share experiences and get to know each other better in a relaxed environment. Meeting face to face broke down the usual formalities and helped everyone understand each other as co-workers and as people.

After the retreat, we saw a significant change in how the team interacted and cooperated. Colleagues who used to communicate primarily by email and online meetings formed personal bonds. These new relationships led to easier conversations, better teamwork and a stronger feeling of being part of the team. The retreat proved that while remote work is undoubtedly viable, meeting in person occasionally is critical for building a strong and united team culture.

The Impact Of In-Person Interaction

The value of in-person interactions in shaping a remote culture is massive. Meeting face to face helps people understand and relate to each other in ways that are hard to do online. The in-person meetings at the retreat enabled team members to get to know each other better and learn about each other's personalities, how they work and their lives outside of work.

This better understanding improved the way everyone communicated. Talks became more open and relaxed. It became easier for everyone to talk to each other, leading to a friendlier and more supportive atmosphere at work.

Tricky, But Not Impossible

Despite the challenges of remote work, the company remains committed to the remote model. However, we now know that meeting in person is important, too, so we aim to continue holding retreats and events a couple of times a year. We believe this will help keep the team's spirit and culture strong, like when employees meet in person.

Creating a remote work culture is tricky but possible. As the way we work keeps changing, combining the freedom of remote work with occasional in-person gatherings appears to be the right way to keep a team happy and productive and build a lively and effective culture.

You can read the original article posted in Forbes by Rhymetec CEO, Justin Rende.

About Rhymetec

Rhymetec was founded in 2015 as a Penetration Testing company. Since then, we have served hundreds of SaaS businesses globally in all their cybersecurity, compliance, and data privacy needs. We’re industry leaders in cloud security, and our custom services align with the specific needs of your business. If you want to learn more about how our team can help your business with your security needs, contact our team for more information.

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