• May 21, 2024

Cyber defense platform company BlueVoyant seeks to help Philippine businesses in identifying, validating, and mitigating cyber vulnerabilities in their third-party ecosystems through its third-party cyber risk management solution.

Third-party cyber risk management is now the standard in cybersecurity, especially for companies with extensive supply chains and various external partners. Designed to provide advanced and comprehensive cybersecurity protection for corporations, BlueVoyant is the only company that provides end-to-end vendor risk monitoring in the Philippines. 

BlueVoyant converges end-to-end cyber defense capabilities into a single, unified platform called BlueVoyant Elements for some of the world’s most critical organizations. Elements plays a crucial role in helping organizations monitoring their networks, attack surfaces, and supply chains while taking action to mitigate threats.

According to a recent survey by BlueVoyant, 97% of companies say they have been negatively impacted a cybersecurity breach in their supply chain in the past 12 months; and 38% said they have no way of knowing when or if an issue arises with a third-party supplier’s cybersecurity.

In the Philippines, the financial sector is one of the most prevalent targets for cyberattacks, such as phishing attacks, scam calls, and data breaches, often resulting in severe financial losses, reputational damage, breach of compliance, and other legal liabilities.

At a time when cyberattacks are increasing in frequency, vector, and complexity, businesses are tapping other companies to access the services and support they need. However, protecting these ecosystems can be extremely challenging.

With BlueVoyant’s extensive attack surface management and vulnerability identification capabilities, Philippine businesses and their third parties can resolve new critical issues at lightning speed—enabling fast resolution of zero-day vulnerabilities. 

“Given the frequency and severity of today’s third-party breaches, it is more important than ever for Philippine businesses to protect their supply chains by putting the right contractual provisions in place, understanding the risks, delivering real-time monitoring, operationalizing data, and securing resources that remediate supply chain vulnerabilities,” said Arleen Asuncion, BlueVoyant Philippines country manager.

BlueVoyant urges organizations to set agreed-upon risk tolerance thresholds and apply different tolerances for various suppliers, depending on the access they have to data and their impact on the overall operations. Contracts should also clearly explain the procedure for identifying and mitigating risks that could compromise security.

“To gain visibility into the risks across their supply chain, we make sure that businesses operationalize their data for improved visibility and maximized value,” BlueVoyant International’s Chief Operating Officer Tal Blaustein said. “There must be a team who will curate findings for priority and accuracy, ensure remediations are implemented, and regularly monitor the whole third-party ecosystem.” 

According to BlueVoyant analysts, it is critical for enterprises to take a proactive defensive posture of rigorous monitoring of the supply chain, making sure all vendors, partners, and suppliers are flagged when they are insufficiently protected. Doing so will help remediate critical vulnerabilities before any cyberattacks can occur.

“By combining cutting-edge technology, unrivaled data analytics, and global expertise, we at BlueVoyant are dedicated to offering comprehensive supply chain cyber risk identification, prioritization, and remediation services that help safeguard companies throughout their supply chains,” Blaustein said.

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