Why Third-Party Cyber Risk Management Matters For Modern Businesses (And Where To Start)

Lock and Key for cyber security

Digital transformation has created a modern business environment that is dynamic and ever-changing. Consumers expect to be able to interact with their favorite companies and to receive goods and services at any time. As a result, companies typically rely on a network of partners and third parties to help them meet their customer demands. But while outsourcing helps companies remain competitive, it also increases their attack surface and exposes them to more cyber risk.

A recent study found that more than half of the cyber breaches in the United States today can be traced back to third-party affiliations. And as the number of third-party interactions increases, so does the risk posed to the primary businesses. Attackers look for the path of least resistance. They recognize that companies have historically focused their attention on their own defenses. They have evolved their methods. So, instead of direct attacks, compromising the supply chain or a key vendor and using that as a means to gain access has become a preferred approach.

Read more on Forbes here.

 

FRED KNEIP

CYBERGRX CEO

 

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