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2024 CyberRisk Alliance Third Party Risk Report

By AuditBoard

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Overview

Are Your Third Parties Threatening Compliance?

Running an enterprise IT operation in the 21st century requires effective management of third-party operators. Third-party partners maintain their own policies that may differ greatly from your organisation and have vulnerabilities you are unaware of until it’s too late.

This survey report highlights the critical importance of managing third-party risk in today’s enterprise IT landscape. Effective data security is not solely an internal matter; it extends to the policies and practices of third-party partners. Enterprises must prioritise gaining clear visibility into how their data is accessed and handled by these partners — or risk their reputation, compliance status, or even their business itself.

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Network defenders lack clear and cohesive insight. Organisations have become spread to the point where maintaining a clear inventory of third-party partners ranges from difficult to impossible in most cases.
Third parties remain a primary risk for data breaches. The overwhelming majority of data breach incidents came from third-party sources such as partners and service providers. The inability to control how data is handled by outside partners continues to be a glaring weakness.
Verification and trust continue to be challenging. Nearly half of those surveyed say that their organisation does not conduct in-depth risk assessments of their partner organisations.
Investment in third-party security is being overlooked. Just 13% of those surveyed say that their organisation is making a significant investment in third-party security, and more than 40% say little to no budget is being allocated to the field.

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Third-Party Risk Compliance Data Security Breaches

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