On today's episode, Connor Swalm (CEO - Phin Security) does a deep dive into the critical importance of third-party risk assessments with Matt Quammen, president and co-founder of Optimize Cyber.
They explore how third-party risk assessments and penetration testing help businesses not only comply with regulations but also play a crucial role in proactive risk management.
Plus, they discuss the implications of cyber insurance requirements and the essential steps small businesses should take to start their cybersecurity journey.
Takeaways:
- Third-party risk assessments and penetration testing are critical for regulatory compliance and business security.
- The long-tail effect of cyber incidents, including class action lawsuits, can have massive financial impacts on businesses.
- Cyber insurance policies incentivize, but may not yet require, regular risk assessments and penetration testing.
- Starting with a risk assessment is a strategic move for businesses new to cybersecurity, highlighting both managed and unmanaged risks.
Connect with Matt Quammen on LinkedIn: / matthewquammen
Optimize Cyber’s Linkedin: / optimizecyber
Optimize Cyber’s Website: OptimizeCyber.com
Connect with Connor Swalm on LinkedIn: linkedin.com/in/connor-swalm/
Phin Securities Website: phinsec.io/
Chapters:
00:00 Introduction
01:31 The Role and Importance of Third-Party Risk Assessments
03:55 Financial Fallout and Class Action Lawsuits in Cyber Incidents
06:36 The Relationship Between Cyber Insurance and Regular Risk Assessments
09:55 Preventative vs Recovery Risk Assessments
13:39 Optimized Cyber’s Role with MSPs and Small Businesses
16:17 Practical Starting Points for Small Businesses in Cyber Risk Management
18:15 Where to Connect with Matt and Optimize Cyber
18:53 Conclusion