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3rd Annual Third Party IoT Risk Study: Companies Don’t Know What They Don’t Know

Third Party Risk IoT 3rd Annual StudyCyberattacks, data breaches and overall business disruption that can be caused by unsecured IoT devices in the workplace and used by third parties are increasing because companies don’t know the depth and breadth of the risk exposures they face when leveraging IoT devices and other emerging technologies.

In response, Shared Assessments and the Ponemon Institute has released the third annual study on Third Party IoT risk. This study helps the industry better understand how organisations are managing the risks created by known and unknown IoT devices.

Responses from 625 individuals who participate in corporate governance and/or risk oversight activities and are familiar with or have responsibilities in managing third party risks associated with the use of IoT devices in their organisation are included in this study. 70% percent of respondents say their position requires them to manage risk oversight activities. All organisations represented in this research have third party risk management program and an enterprise risk management program.

The following research findings reveal what organisations do not know about the risks caused by IoT devices and applications that are used in the workplace and by third parties.

The number of cyberattacks, data breaches and service disruptions that have actually occurred

If their security safeguards and practices are adequate to mitigate IoT risk

Who is assigned accountability for IoT and how many IoT devices are in the workplace

IoT risk assessment and control validation techniques are evolving, but very slowly

How third party IoT risk management practices and policies can be used to mitigate the risk

Few companies conduct training and awareness programs to minimize risks created by users in the workplace and in their third parties

Few companies have sufficient in-house expertise to fully understand IoT risks in the workplace and in their third parties

 

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Get your free copy of The Third Annual Study on Third Party IoT Risk today via the Shared Assessments website.

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