3 Ways To Improve Board-Level Focus on Third-Party Risk Management  

10 March 2021:

Analyst firm Gartner recently published their 2020 Board of Directors Survey, and in it they predicted that 40% of corporate boards will have a dedicated cybersecurity committee by 2025, up from a surprisingly low 10% of boards today. Driving this growth is the increased risk that comes from an expanded digital footprint as organizations accelerate their digital transformations as a result of the pandemic.

The report goes on to say that cybersecurity-related risks ranked second to regulatory compliance risk in importance to boards of directors. However, considering that 63% of breaches (like SolarWinds) are attributed to third parties, and supply chain failures have increasingly widespread impacts, corporate boards would be wise to ensure that their increased focus on cybersecurity issues includes the risk of doing business with third parties.

Here are 3 considerations security leaders should make as they expand the scope of their cybersecurity programs to incorporate third-party risk management.

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Source: CPO Magazine

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