Third-Party Cybersecurity Risk Management: A Short Guide For 2024
flare, Tuesday, January 30th, 2024
Third-parties are an important part of your extended enterprise. They're your vendors, your partners, and your suppliers. They provide some of your business's most critical services: billing, data storage, or sales. Unfortunately, vendors and suppliers also come along with significant third party cybersecurity risk.
Early in January, Gartner named third-party risk cyber management (TPCRM) a top trend for 2024. This year, it's expected that security teams will implement new third-party cybersecurity risk techniques to adopt more proactive risk-management measures.
How Likely is a Third-Party-Related Breach?
Third parties have become increasingly attractive targets for threat actors over the past few years. The reasons for this unwanted popularity are simple: vendors have access to their clients' data and systems, and many third parties do business with multiple enterprises. If a criminal can compromise a vendor, they can access much more data for a fraction of the work it would take to attack every enterprise separately. The fact that third-party attacks are on the rise shows that many criminals have done this math for themselves.