Chances Are Your Third Parties Aren't Prioritizing Cyber Risk
Read the latest research executed by Forrester Consulting to learn more
Organizations Rely on Third Parties and Risk is an Afterthought
Today’s organizations constantly exchange confidential information with third parties. This exposes both sides to significant cyber risk. These information supply lines enabled by clouds and software-as-a-service (SaaS) are expected to
grow in importance for many enterprises. In the next five years, organizations estimate sharing 41% of critical data with third parties.
What are your organization's top security priorities over the next 12 months?
While organizations proactively update their own security practices, only about half of respondents said their organizations consciously make improvements to the way they manage third-party risks. Lacking a defined third-party risk management strategy creates the opportunity for a breach, even if internal risk management strategies are otherwise solid and effective
Improving compliance with security requirements
Improving identity and access management tools
59%
55%
Improving threat intelligence capabilities to proactively identify security threats
52%
Improving third-party cyber risk management strategies
52%
Improving security analytics capabilities (e.g. SIM, SIEM, etc.)
51%
Improving security training for employees and external stakeholders
47%
Focusing efforts on hiring and retention of employees with security skills
46%
Implementing AI to improve security
45%
Base: 319 global IT security and risk management decision-makers
Note: Showing top 8 responses
Source: A commissioned study conducted by Forrester Consulting on behalf of CyberGRX, May 2021
Benefits of a Stronger Third-Party Cyber Risk Management Strategy
61%
Better understanding of enterprise risk across siloes
56%
Increased trust from customers
51%
Improved customer experience
49%
Improved ability to assess risk
47%
Fewer security incidents
45%
Faster risk assessment
43%
Better Innovation
37%
Increased revenue
37%
Improved employee experience
Download the Forrester Report on Prioritizing Third-Party Cyber Risk
• How constantly exchanging confidential information with third parties creates significant cyber risk
• Why current third-party risk prevention strategies leave organizations vulnerable
• Who tends to ignore safe risk management practices the most
• What a a third-party risk strategy must contain in order to be successful
Download the Report
Using sophisticated data analytics, real-world attack scenarios, and real-time threat intelligence, CyberGRX provide a complete portfolio analysis of your third-party ecosystem, helping you to prioritize your risks and make smarter decisions.
Learn More
Learn More
Learn More
Executed by Forrester Consulting, the study identifies four major themes: