Third Party Cyber Risk Assessment: Velocity Increased 400%
We are all familiar with the time and cost pressures on Legal teams today. Risk assessment and compliance can be time consuming activities that bear high consequences if not done correctly.
A large insurance client was able to significantly increase the speed and efficiency of their cyber risk assessments of a global portfolio of hundreds of outside law firms by utilizing CyberClarity360TM, a Duff & Phelps product. In addition, this client was able to deliver a report to each partner law firm containing their performance relative to the NIST Cybersecurity Framework, peer benchmarking and performance data, and targeted remediation advice for any identified gaps.
As a result, the entire legal portfolio can be evaluated at a fraction of the time, cost, and effort as it previously took to undertake the same work on only a subset of the portfolio. CyberClarity360TM enables clients to:
- make informed risk-based decisions about their data and legal vendors,
- implement compensating controls consistent with internal risk management methodologies,
- deploy and track remediation planning with legal vendors, and
- ensure business owners fully understand the risks of their outside engagements.