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It's Time to Take Third-Party Risk Seriously
A recent study of 600 IT and security decision-makers revealed that though 60% of organizations have formal third-party risk policies, 44% of them have experienced a significant breach caused by a vendor. This is disturbing in itself, revealing a major discrepancy between the third-party policies organizations espouse and those policies' effectiveness. But what's more, only half of firms discontinued their relationship with the guilty vendor, and 69% did not change the risk policies that had just failed them.
The Ponemon Institute found that on average, companies share confidential and sensitive information with approximately 583 third parties. That figure seems staggering, but this one is more so: only 34% of companies keep a comprehensive inventory of their third parties. As companies increasingly outsource aspects of their business to third parties, their risk profile becomes increasingly complex.
The use of new technologies such as the Internet of Things (IoT), mobile and cloud by vendors add to the question: Where is my data, and how can I protect it when it is in someone else's hands? In the hustle and bustle of daily business, third parties often become the overlooked or unwitting accomplice in criminal activities.
The Perils of Third Parties
Third parties are in high demand because they enable companies to quickly scale and reduce costs. In the fervor to achieve business goals, many companies contract with third parties without considering data, operational and financial risks.
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