The expansion of the extended enterprise has reached a tipping point, fueled by cloud-based technology and outsourcing. In parallel, third-party data breaches are at an all-time high. There is a growing awareness that third-party cyber risk must be managed.
Gartner estimates that by 2020, 75% of Fortune Global 500 companies will treat vendor risk management as a Board-level initiative to mitigate brand and reputation risk.
Current approaches to managing third-party cyber risk are helpful but only provide a brief snapshot. To proactively mitigate risk, organisations need automated tools that continuously measure and monitor the security performance of vendors.