NEW YORK, Nov. 21, 2022 /PRNewswire/ — BlueVoyant,
an industry-leading cyber defense company that combines internal and
external cybersecurity, today released a new report, highlighting cyber
risks impacting private equity portfolio companies. The study found IT
management was a top concern, with many portfolio companies struggling
with IT hygiene, potentially leaving them susceptible to costly
breaches.

“When it comes to private equity portfolio companies, we see a wide range of cyber defense postures,” said Dan Vasile,
vice president of strategic development at BlueVoyant. “Cybersecurity as a
subset of risks is sometimes overlooked. This analysis confirms the
need to prioritize cyber defense in order to protect portfolio company
value. The private equity space is beginning to get on track. However,
we must button up the entire process to protect those vulnerable
entities, as well as ramping up cyber defense against less easily
exploitable but equally damaging threats.”

BlueVoyant analyzed 780 portfolio companies from private
equity-backed firms, with the majority headquartered in the U.S., but
including companies across Europe and around the globe. Key survey findings include:

• 19% of examined portfolio companies are exposed via “Zero Tolerance
  Findings” discovered in their internet-facing, publicly accessible
  footprints. BlueVoyant defines zero tolerance as critical known findings
  that are easily exploitable by malicious actors and are commonly
  associated with successful ransomware attacks. Should these
  vulnerabilities be exploited, it could lead to loss of data and service
  availability, translating into customer distrust and financial loss.
• More than 70% of the critical internet-facing findings are related to IT hygiene.

“It is imperative that private equity firms effectively monitor their
digital ecosystems by continuously monitoring their portfolio companies
to quickly remediate any issues and overcome any cyber attack financial
impacts,” says James Tamblin, vice
chairman, strategic development at BlueVoyant. “Without proper cyber
risk management, these companies can face costly repercussions,
especially if improvements in IT hygiene are not made.”

To maintain cyber vigilance within private equity firms, BlueVoyant
recommends proactively working within portfolio companies to reduce
cybersecurity risk and avoid the costs associated with breaches. Working
with portfolio companies to improve IT management practices to current
standards is key, as well as establishing a prioritized risk reduction
program, and continually assess for any weaknesses in their real-time
risk posture.

BlueVoyant’s study used digital “footprints,” the mapping of an
organization’s external-facing network assets, registered IP addresses,
and internet hosting presence to gain comprehensive visibility
into any given organization’s attack surface using a combination of
artificial intelligence and machine learning. The full research report, “Private Equity: A Look at Portfolio Company Cyber Risk,” is available
online here.

About BlueVoyant

BlueVoyant combines internal and external cyber defense capabilities
into an outcomes-based platform called BlueVoyant Elements™. Elements is
cloud-native and continuously monitors your network, endpoints, attack
surface, and supply chain plus the clear, deep, and dark web for
vulnerabilities, risks, and threats; and takes action to protect your
business, leveraging both machine learning-driven automation and
human-led expertise. Elements can be deployed as independent solutions
or together as a full-spectrum cyber defense platform. BlueVoyant’s
approach to cyber defense revolves around three key pillars —
technology, telemetry, and talent — that deliver industry-leading
cybersecurity to more than 700 clients across the globe.

Visit www.bluevoyant.com

SOURCE: BlueVoyant

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• Source: https://www.darkreading.com/risk/bluevoyant-research-reveals-private-equity-portfolio-company-cybersecurity-challenges