Fusion Risk Management, Inc., a leading provider of cloud-based operational resilience, business continuity, and risk management software and services, today announced a partnership with SecurityScorecard, a global security ratings, response, and resilience company. The partnership provides customers transparency into their overall IT security risk scores and cybersecurity health ratings, delivering a complete understanding of vulnerabilities within their third-party ecosystem.
Increasing cyber threats, attacks on supply chains, and risks introduced by third parties continue to pose a significant threat to organizations across the globe. Software supply chain attacks, including the recent MOVEit attack, continue to cause disruptions throughout the value chain, so it is no surprise that Gartner found that 60% of organizations will use cybersecurity risk as a significant determinant in third-party transactions and business engagements by 2025. Organizations need to strengthen their IT and cybersecurity risk management posture today to drive sustainable growth.
To meet this demand, Fusion has partnered with SecurityScorecard and is integrating the company’s third-party risk intelligence into the Fusion Framework® System™ platform. This allows organizations to continuously monitor critical third parties, understand their impact on important products and services, and proactively identify and mitigate potential issues – all in one centralized dashboard. Organizations can identify their most critical third parties by leveraging vendor scores, ratings, and trend data. Automated alerts notify organizations when there is an adverse change in a vendor risk score or when a risk event occurs, and data drill-down capabilities prompt quick action. The functionality enhances resilience by providing actionable insights and encouraging proactive mitigation and agile responses.
Customers can also now have greater visibility into IT and cyber risks introduced by third-party relationships, enabling shared insights across teams, data-driven reporting, and informed decision-making. Data is aggregated in dashboards that are combined with existing Fusion third-party management data for seamless reporting across the organization. A centralized third-party data view provides transparency into ongoing and potential threats to drive proactive risk management processes, executive-level reporting, and efficient operational resilience strategies.
Also Read: Pitfalls of Ignoring Insider Threats in IT Security
“Third parties are essential to business operations, but increasing disruptions demonstrate why continuous IT, cybersecurity, and third-party risk management initiatives are necessary,” said Eric Jackson, CPO, Fusion Risk Management. “Thousands of customers, globally, trust SecurityScorecard to measure cyber risk and provide 360-degree insights in order to help stakeholders make quick and informed decisions, strengthen cyber defenses, and minimize IT and cybersecurity risk. We are proud to partner with SecurityScorecard and expand on our native capabilities to offer our customers greater visibility into high-risk third parties and their potential impact on key business functions. While there is no replacement for robust third-party onboarding procedures, the new functionality alleviates manual tracking with 24/7 monitoring and assessments. As the risk and resilience landscape evolves, we will continue to work diligently to help our customers strengthen their overall third-party risk strategies.”
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