In today’s ever-changing environment, businesses rely on third-parties to help drive their core-activities. This dependence makes third parties, sometimes referred to as “suppliers” or “vendors”, an organic part of business processes.
Recent breaches affecting Amca, CenturyLink, Capital One, Facebook, and Twitter all originated from a third-party website or platform supplier. These breaches cause thousands, and in some cases millions, of records to be exposed.
A recent survey conducted by the Ponemon Institute reveals that 59% of organisations have experienced one or more data breaches caused by a third party, costing an average of $7.5 million to remediate.
The cost of these breaches sometimes involves engaging forensic experts, hiring a law firm, offering victims identity protection services, as well as reputation damage and regulation fines, which in turn may add up to millions of dollars.
This financial burden could be devastating to small and medium businesses, putting some firms out of business. With record-breaking GDPR fines due to third party breaches, whether it is a part of the due-diligence process or a malicious third party script, it is time to take a closer look at regulations from a third-party perspective.
You’re Only As Strong As Your Weakest Link
There’s never a more vital time to start thinking seriously about the security posture of your organisation and the cyber supply chain you rely on. As an authorised NormShield Managed Service Partner, DVV Solutions are here to help with a range of services and solutions proven to improve your ability to assess, analyse and manage more Third-Party cyber and data privacy risk domains. For more advice and information on any Third-Party risk challenge you have:
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NormShield Cyber Risk Ratings
Monitoring and continuous oversight on your cybersecurity posture and that of your Third-Party vendors and supply-chain are critical. That goes beyond your organisation including anywhere your data is handled during the process.
NormShield Cyber Risk Ratings and Assessments continuously assesses an organisation, captures critical information in the cyber risk dashboard and provides detailed drill-down capabilities to fully understand each risk. Ongoing monitoring surfaces priority risks and measures cyber risk posture improvement over time.
By providing Cyber Rating (technical), Compliance Estimations (policies and processes) and FAIR results (the probable impact in financial numbers), NormShield’s vision is to give a complete risk picture.
Request your Free Rapid Cyber Security Rating here.