What you buy carries inherent risk. Third-party cyber security risk is the potential your enterprise may be compromised through vendors of services, software, devices, etc. Businesses are ecosystems that rely on providers of services, software and data for efficient workflows and to offer new products and services. You may be using Software-as-a-Service to give you the latest collaboration tools. Maybe you’re hosting some of your critical services—from your customer-facing websites to your incident response plan—with third-party cloud providers. You may also be receiving automatic updates from your software and hardware vendors. Those vendors have levels of access to your IT systems and customer data, and that connectedness can present a third-party risk management challenge.
Malicious cyber actors aim for an enterprise ecosystem’s weaknesses to get access. If your vendors and partners aren’t investing enough time and money in cyber security, your enterprise is at greater risk. The recent Russian hack of B2B software vendors has shown, this risk can have severe impact.