Why You Need to Optimize Your TPCRM Program
Reducing third-party cyber risk is without a doubt, a difficult challenge. The thought of gaining visibility into hundreds or thousands of third parties’ security postures is daunting – and can be extremely time-consuming when using static spreadsheet assessments, or inaccurate if relying on risk scanning tools. In fact, 40% of organizations use manual procedures like spreadsheets and 51% employ risk scanning tools to vet their third parties – over 54% of these organizations say the results of these tools provide, at best, only somewhat valuable information.
With the cost of a third-party breach averaging out around $7.5 million to remediate, businesses today need a transformational approach that reduces costs and risks from their growing ecosystem of partners, vendors, and affiliates.
In the current heightened regulatory environment, it’s no longer sufficient to take a compliance-based approach. Businesses must truly measure and manage risk from their expanding third-party population based on their organizational risk appetite. Longer, spreadsheet-based assessments and hiring more assessors is widely recognized as a poor strategy given today’s climate.