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Citalid Launches a New TPRM Module for Enhanced Cyber Risk Management

Citalid, recognized as a frontrunner in cyber risk quantification (CRQ), recently announced a significant advancement in its service offerings: the introduction of its Third Party Risk Management (TPRM) module. This innovative tool is aimed at empowering organizations to better visualize, assess, and act upon the cyber risks linked to their suppliers, utilizing a blend of data-driven threat intelligence and cutting-edge quantitative modeling.

Transforming Third Party Risk Management

In today's digital landscape, where ecosystems are proliferating, understanding the risk that third parties pose has never been more crucial. Traditional methods often leave organizations with blind spots that could potentially expose them to breaches or operational weaknesses. With Citalid’s new TPRM module, Chief Information Security Officers (CISOs), Risk Managers, and procurement teams can now maintain a comprehensive overview of their third-party relationships.

“Finally, CISOs can gain a holistic perspective of all their third-party partners, allowing them to concentrate on those posing the greatest risks,” expressed Maxime Cartan, CEO and Co-founder of Citalid. He highlighted the module's unique ability to connect high-level visibility with detailed risk insights—something previously missing from the TPRM market.

How It Works

The TPRM module enhances existing functionalities of Citalid Core, which focuses on first-party risk analysis, and Citalid Portfolio targeted at insurers and financial institutions. Key features include:

• - Dynamic Visualization: Enables organizations to map out cyber risks across their supply chain effectively.
• - Risk Profiling: Allows users to categorize and prioritize suppliers based on their overall risk profile and significance to operations.
• - Data-Driven Insights: Facilitates decision-making based on contextualized Cyber Threat Intelligence (CTI), rather than merely relying on self-reported assessments from suppliers.
• - AI Integration for Efficiency: A notable addition is the generative-AI document analysis tool that accelerates information gathering and simplifies the initial assessments conducted on suppliers. “AI significantly reduces the time spent on document analysis while ensuring that final decisions remain in the hands of risk teams, boosting both autonomy and efficiency,” remarked Olivier Hamon, CTPO of Citalid.

Early Success Stories

The efficacy of Citalid’s TPRM module is already being recognized through early deployments. In a pilot project with a leading banking institution in Europe, findings indicated stark contrasts between perceived and actual supplier risks. Notably, 61% of suppliers exhibited a higher level of exposure than they had self-identified, and 71% were categorized as having below-average cyber maturity. These insights emphasize the necessity of the TPRM module in rectifying inaccuracies that could lead to substantial vulnerabilities.

About Citalid

Founded in 2018 by two seasoned experts in Cyber Threat Intelligence, Citalid operates as Europe’s premier Software as a Service (SaaS) platform specialized in cyber risk quantification. By transforming complex threat data into manageable financial indicators, Citalid facilitates informed decision-making for a range of industries, including prominent organizations like Alstom, Allianz, and Capgemini. The company has garnered acclaim in industry platforms such as the Gartner Hype Cycle and Forrester’s Cyber Risk Quantification Solutions Landscape. This launch is anticipated to further solidify Citalid's position as a leader in enabling corporate resilience against cyber threats.

For further information about Citalid’s offerings, visit their website.