More than a third of organizations still use paper based records and surveys to assess their third-party risk according to the 2018 Third-Party Risk Management Benchmark Report from NAVEX Global.*
Matan Or-El, Co-founder and CEO at Panorays:
“The problem with paper-based records is that they are out of date almost as soon as they are completed. Risk management is not a checkbox, but an ongoing process where third-party risk is assessed every day. The price for lagging behind with paper processes could result in a third-party breach with a financial average cost for Enterprises of up to $1.47 million, according to Kaspersky Labs. The list of large companies finding out how expensive third-party breaches can be includes Saks Fifth Avenue, Lord and Taylor, British Airways, Ticketmaster and more. Companies need to not only have a digital vendor risk management plan in place, but also continuous monitoring to review and call out discrepancies on an ongoing basis to close vulnerabilities as well as to prove to regulators that every reasonable step has been taken.”
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