Your vendors are likely your biggest cybersecurity risk
As speed of business increases, more and more organizations are looking to either buy companies or outsource more services to gain market advantage. With organizations expanding their vendor base, there is a critical need for holistic third-party risk management (TPRM) and comprehensive cybersecurity measures to assess how much risk vendors pose.
While organizations assess and manage risk on a multitude of layers, none present bigger threats to business resiliency than third-party risk and a lack of robust cybersecurity controls. Breaches and service interruptions tied to these risk areas have brought down critical systems of major organizations. In 2021, 53% of CISOs surveyed by Black Kite reported being hit by at least one ransomware attack.
It bears repeating: Cybersecurity and third-party risk are the two biggest problems facing your long-term viability. Businesses need to be able to tackle these risk vectors individually to gain a complete view of their risk profile. A cross-functional process is essential to managing the overlap between these risk areas to better protect your organization and increase workflow efficiency.
Reprinted with permission from Help Net Security. Copyright Help Net Security. All rights reserved.
Written by Todd Boehler, 2022