Wednesday 18th January 2023
BLOG: Cyber Risk Ratings Without Questionnaires
Questionnaires are commonly used in the process of assessing and rating an organisation’s cyber risk. However, they are not always necessary and can even be a hindrance in accurately determining an organisation’s cyber risk.
One of the main issues with questionnaires is that they rely on self-reported information. Organisations may not fully understand or accurately report their cyber risks, leading to an incomplete or inaccurate assessment. Additionally, questionnaires often focus on compliance with specific regulations and standards, rather than evaluating the overall effectiveness of an organisation’s cybersecurity measures.
Questionnaires can be time-consuming and costly for organisations to complete. This can lead to organisations rushing through the questionnaire or not taking the time to accurately report their cyber risks, questionnaires can only offer a snapshot of a vendor’s cybersecurity posture. Systems change, departments are outsourced, and policies are rewritten, so the risk presented by a single vendor is constantly shifting. The accuracy of questionnaires for cyber risk ratings can vary depending on a number of factors, including the design of the questionnaire, the quality of the data provided, and the expertise of the person interpreting the results. In general, questionnaires can be useful for identifying potential risks, but they should not be relied upon as the sole source of information for assessing cyber risk. Other forms of assessment, such as vulnerability scanning and penetration testing, are often needed to gain a more accurate and comprehensive understanding of an organisation’s cyber risks.
Instead of relying solely on questionnaires, organisations should consider using alternative methods to assess their cyber risk or using other methods combined with questionnaires. This can include vulnerability scanning and regular security audits. These methods provide a more in-depth and accurate assessment of an organisation’s cyber risks and can identify vulnerabilities that may not have been reported on a questionnaire.
Cybersecurity is a critical concern for organisations of all sizes and industries. One common tool used to assess an organisation’s cyber risk is the questionnaire. However, while questionnaires can be a useful tool for identifying potential risks, they should not be relied upon as the sole source of information for assessing cyber risk. In fact, the use of questionnaires for cyber risk ratings can often be inaccurate.
In conclusion, while questionnaires can be a useful tool in assessing an organisation’s cyber risk, they are not always necessary and can be a hindrance in accurately determining an organisation’s cyber risk. Organisations should consider using a combination of methods to assess their cyber risk to provide a more in-depth and accurate assessment of their cyber risks. At Orpheus Cyber we don’t just rely on one-time self-assessment questionnaires to evaluate cyber risk in your third parties and supply chain. Instead, we use our cloud-based SaaS platform that allows for ongoing monitoring. There are no implementation costs and it doesn’t rely on vendor input, making it easy to scale and use right away. To find out more about this, request a demo here
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