Nearly every company relies on third-party partners to keep business operations flowing. But an organization only has so much control over its supply chain, especially when it comes to third-party risk management.
You are in charge of your cyber security and risk management tools, protocols and systems. Will you use a zero-trust approach or regular security awareness training? If a cyber incident occurs through a breakdown in your security system, it falls on the shoulders of your organization. But, thanks to the digital transformation and an increase in machine-to-machine contact, you also have to consider breakdowns outside your system. For example, if there is a cyber incident in a supply chain vendor whose network has access to yours, it could be your network that ends up breached.
When you bring in a third party, security becomes a shared responsibility. You need a partner who will do all they can to provide the same high level of security.