The threat landscape continues to see rapid evolution, especially as the digital world grows increasingly connected and more organizations outsource business services. Adversaries are getting smarter, and their techniques are getting more advanced by the day. This has put a spotlight on the security of our global supply chain and how unstable and unprotected it is.
In fact, software supply chain attacks have tripled in 2021. The potential ripple effects of risks and disruptions within an organization’s supply chain that could ultimately impact their business are immense. Research shows that a data breach affecting multiple parties causes 26X the financial damage of the worst single-party breach.
While there are many business benefits to outsourcing work, there are also new security challenges that can arise when doing business with outside parties. Organizations that collaborate with third- and fourth-party vendors to do business need to have a robust third-party risk management plan in place to keep their sensitive data protected.