Published: 29 April 2024
Despite increased investment, traditional third-party cybersecurity risk management approaches are not reducing risk for many organizations. This research helps security and risk management leaders provide scalable, resilience-oriented support to manage third-party cybersecurity risks effectively.
Seventy-five percentof security and risk management (SRM) leaders report spending more time on activities related to third-party cybersecurity management (TPCRM) as compared to 2021, but third-party cybersecurity incidents that resulted in business disruptions increased by almost half (45%).
Cybersecurity overinvests in TPCRM activities that focus on precontract due diligence and underinvests in enabling decision makers to manage risk while the third-party relationship is in progress.
Organizations with effective TPCRM rely on collaboration between the cybersecurity office, business owners, other risk functions and third parties themselves to ensure risk management is truly shared.
SRM leaders looking to boost their TPCRM effectiveness
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Analysts:
Zachary Smith, Chiara Girardi, Rahul Balakrishnan, Prashast Gupta, Christine Lee
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