Third Party Digital Risk Significantly Increases as Organizations Continue to Work From Home

It's no secret that in the last year we have seen a huge shift to remote work at a rapid speed. A recent Forbes article covered that during this time third party (supply chain) risk has seen a significant spike in digital risk.

A January 2020 Ponemon Institute report (via Security Boulevard) revealed that "In the past two years, 53% of organizations have experienced at least one data breach caused by a third party. And a data breach costs an average of $7.5 million to remediate."

It's essential to monitor your third-party vendor risk with a management plan. We wrote a recent blog post with a questionnaire you should ask third party vendors before building a relationship with them. 

The Forbes article also included some helpful tips on establishing a third party management plan, including: 

• Create policy and processes for evaluating and vetting third parties' security practices based on risk
• Develop/update your risk assessments
• Review your third party contracts
• Monitor third parties

With that said, it's important to keep your users on their toes with compliance training.