Enhancing Cybersecurity Through Third Party Risk Assessments (with Matt Quammen)

On today's episode of Phin Security, 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: https://www.linkedin.com/in/matthewquammen/ (https://www.linkedin.com/in/matthewquammen/)Optimize Cyber’s Linkedin: https://www.linkedin.com/company/optimizecyber/ (https://www.linkedin.com/company/optimizecyber/)Optimize Cyber’s Website: OptimizeCyber.com (http://optimizecyber.com)Connect with Connor Swalm on LinkedIn: linkedin.com/in/connor-swalm/ (http://linkedin.com/in/connor-swalm/)Phin Securities Website: phinsec.io/ (http://phinsec.io/)