Story image

Third party risks ‘a serious risk’

04 May 16

Article by Narinder Purba, senior editor at ESET

Third party risks to organisations has been described as a “serious threat”, a new study by the Ponemon Institute and Shared Assessments as revealed.

The report, titled Tone at the Top and Third Party Risk, also found that most respondents believe that this particular threat is on the rise.

The main reason for this is down to “disruptive technologies”, the authors of the report were told.

Organsations said that they consider the widespread take-up of cloud-based services and the Internet of Things to increases third party risks.

“The threat landscape is constantly evolving, and as a result, third party risk is only going to increase,” commented Dr. Larry Ponemon, chairman and founder of the Ponemon Institute.

“It has become imperative for organisations to create formal programs for vendor risk management in order to avoid being compromised, and more importantly, business leaders need to set a strong example.”

The paper also found that a major problem within enterprises in this key area is that accountability appears to be lacking any direct responsibility.

Consequently, not having single individual or department in charge of managing third party risk leaves organisations more vulnerable to threats.

The authors of the report recommend that those in positions of authority within an enterprise should set a “positive tone” when it comes to third party risk mitigation.

Advantages of this approach include boosting awareness among third party vendors of the need for good cybersecurity policies, such as data protection.

Charlie Miller, senior vice president with the Shared Assessments Program, said: “The highest level of organisations, the board and C-Suite, need to better communicate their values across the enterprise, setting a positive tone and creating formal programs to mitigate this risk, ultimately helping companies to improve their risk management practices.”

Disruption in the supply chain: Why IT resilience is a collective responsibility
"A truly resilient organisation will invest in building strong relationships while the sun shines so they can draw on goodwill when it rains."
Verifi takes spot in Deloitte Asia Pacific Fast 500
"An increasing amount of companies captured by New Zealand’s Anti-Money laundering legislation are realising that an electronic identity verification solution can streamline their customer onboarding."
Businesses too slow on attack detection – CrowdStrike
The 2018 CrowdStrike Services Cyber Intrusion Casebook reveals IR strategies, lessons learned, and trends derived from more than 200 cases.
What disaster recovery will look like in 2019
“With nearly half of all businesses experiencing an unrecoverable data event in the last three years, current backup solutions are no longer fit for purpose."
Proofpoint launches feature to identify most targeted users
“One of the largest security industry misconceptions is that most cyberattacks target top executives and management.”
McAfee named Leader in Magic Quadrant an eighth time
The company has been once again named as a Leader in the Gartner Magic Quadrant for Security Information and Event Management.
Symantec and Fortinet partner for integration
The partnership will deliver essential security controls across endpoint, network, and cloud environments.
Is Supermicro innocent? 3rd party test finds no malicious hardware
One of the larger scandals within IT circles took place this year with Bloomberg firing shots at Supermicro - now Supermicro is firing back.