With a continually evolving security threat landscape across a rapidly expanding portfolio of third parties, cyber professionals face an enormous challenge in effectively assessing third-party security. The changing business and technology landscape is placing added pressure on third-party programs to innovate to achieve coverage and insight.
Industry trends driving increased exposure to third-party security risk:
- Lack of capacity to cover the rapidly increasing volume of third parties with existing processes
- Inconsistent and unreliable risk information from traditional risk assessment techniques
- Highly manual procedures for identifying and managing third-party risk constrain coverage and create process bottlenecks
- Lack of a point of alignment for communicating and understanding third-party risk across functions and measuring program performance over time
- Information silos prevent a coordinated approach throughout organizations, and lead to under-utilization of third-party data
- Inability to detect and respond to risk posture changes in real time with static, point-in-time assessment processes
- Difficulty rationalizing internal and external, ‘outside-in’ risk indicators to determine comprehensive risk posture
