Third Party Vendor Breaches Are on the Rise
The likelihood of your organization relying on third parties for day-to-day operations is at an all-time high, with approximately two-thirds of companies outsourcing at least one aspect of their business. As companies partner with other firms, managing third party cyber risk has become more and more of a challenge. Major breaches caused by third parties have raised awareness of the problem, especially as the long-term effects may include legal action by customers, business partners and shareholders as well as damage to a company’s reputation, costly post-breach remediation, and expensive security forensics.
CEOs and Boards of Directors Need to Take Ownership of Cyber Security Issues
Executive management and boards are finding they must take a much more involved role when it comes to cyber attack issues. The reality is that cyber attacks are growing at an alarming pace with attack tactics changing faster than security teams can adapt to them. It is no longer a question of if a company will be targeted, but when - with many companies already breached and they just don’t know it. Cybersecurity is no longer just an IT issue, but a risk-management issue that must have board and C-suite oversight.