Digital transformation is imperative for any business striving to deliver value to customers and remain relevant in fiercely competitive landscapes. Whether moving an existing infrastructure to a cloud platform or incorporating IoT devices and analytics into business models, these technologies enable organizations to increase efficiency, lower costs, and create new customer offerings that drive growth. While digital transformation allows companies to innovate, new vulnerabilities are formed, posing increased exposure to a business’s most essential commodity — data!
Attacks on a company’s data are reaching epic proportions. Just pick up a newspaper or browse the latest social media sites and you’ll see that businesses big and small face high-profile data breaches. These events are making their way to executive boardrooms, with cybersecurity considerations increasingly playing a strategic role in business. As companies evaluate the ramifications a breach can have on their brand, reputation, and bottom line, IT security professionals are working at a rapid pace to discover the source of these attacks.
Besides the actual breach itself, what is the common theme among the following examples:
- Russian Hackers Reach U.S. Utility Control Rooms – Homeland Security Officials Say
- ‘Big Red Flag’: Automakers’ Trade Secrets Exposed in Data Leak
- Data Breach at Sears and Delta May Have Hit ‘Several Hundred Thousand’ Customers
- Target Hackers Broke in Via HVAC Company
In each event, the underlying theme centers around the fact that hackers infiltrated the networks of each organization’s key third party vendors to gain control of private employee data and critical infrastructure, including a company’s crown jewels, its Intellectual Property (IP).
As the number of third party vendors a company forms a business relationship with increases, so does the cyber risk. IT security professionals are taking a closer look at vendor risk management in their threat landscape, and in some companies, it has become the number 1 priority. Assessing vendors to understand what IT security and data privacy policies and procedures are being followed, along with continuous monitoring across both business and data risk, are critical components to managing third party risk. In this age of digital transformation, the need for proper due diligence has never been higher.
Prevalent ayuda a las empresas a gestionar los riesgos de terceros. Es la única plataforma unificada del sector que integra una potente combinación de evaluaciones automatizadas por niveles de riesgo, supervisión continua e intercambio de pruebas para la colaboración entre las empresas y sus proveedores. La inteligencia procesable de Prevalent proporciona la visión más completa del riesgo de los proveedores, lo que permite obtener la máxima eficiencia en todos los programas de gestión de riesgos de terceros.
To learn more, read Prevalent’s latest Briefing Paper, Best Practices for Reducing Third Party Risk.
Sara Muckstadt es directora de marketing de productos en Prevalent, Inc.
Nota de la Redacción: Este artículo se publicó originalmente en Prevalent.net. En octubre de 2024, Mitratech adquirió la empresa de gestión de riesgos de terceros basada en IA, Prevalent. El contenido se ha actualizado desde entonces para incluir información alineada con nuestras ofertas de productos, cambios normativos y cumplimiento.
