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 ensure your compliance requirements, risk assessments, and audits are getting done quickly and efficiently. KnowBe4's KCM GRC Platform helps you get your audits done at half the time at an affordable price. Get a demo today and see it for yourself.