Adapting Third-Party Risk Management for Times of Disruption
Last year, 59% of companies experienced a third-party data breach, and
current global uncertainty is a reminder of the increasing complexity of
managing third-party risk. Balancing the risks and benefits of using third
parties to deliver business services has always been key and during a crisis,
the risks can be significantly heightened.
Current TPRM approaches may prove to be insufficient, both during and after
the crisis. This begs the question: at a time when IT resources are already
stretched, how can IT and security teams support the business in its use of
third parties while minimizing the risks they create and improving business
resilience?