In today’s interconnected business landscape, organizations heavily rely on third-party vendors to support various aspects of their operations. However, concerns about cybersecurity and the potential risks associated with these partnerships have become increasingly prevalent. To shed light on the true state of cybersecurity in business-to-business (B2B) relationships, a study titled Balancing Third-Party Risk: How Good is the Company You Keep? was conducted by The Cyentia Institute in collaboration with RiskRecon. The report analyzed security assessments across more than 50,000 B2B relationships, providing invaluable insights into the dynamics and implications of third-party risk.
Examining Breach Likelihood
One of the key objectives was to assess the likelihood of firms, including those you collaborate with, being involved in a breach event. By analyzing historical breach information gathered from both first and third-party entities, the study presents a comprehensive understanding of the potential risks associated with these relationships. The findings challenge preconceived notions and provide a data-driven perspective on breach probabilities, helping organizations assess their vulnerability and take proactive measures to mitigate risks.
Exploring New Security Risks
Third-party relationships can introduce a range of security risks that organizations may not anticipate. This study delves into the exposure that firms face through their third-party vendors. By examining the data from over 50,000 B2B relationships, the report identifies and explores the variety of security risks that can emerge from these partnerships. Understanding these risks is essential for organizations to make informed decisions about their vendor selection, contract negotiations, and risk management strategies.
Uncovering the Impact of Assessment Practices
The effectiveness of assessing third-party risk lies at the core of a robust cybersecurity program. This study highlights the critical importance of thorough assessment practices and their impact on an organization’s cybersecurity standing. By evaluating the quality of assessment practices, organizations can better gauge their own security posture and make informed decisions regarding their third-party relationships. The study’s findings offer valuable insights into the repercussions of poor assessment practices, emphasizing the need for rigorous and comprehensive evaluation protocols.
Balancing Third-Party Risk: How Good is the Company You Keep? illuminates the complex landscape of third-party risk in B2B relationships. It challenges assumptions and provides empirical evidence to guide organizations in managing and mitigating potential cybersecurity risks associated with their vendor ecosystem. By uncovering the likelihood of breach events, exploring new security risks, and emphasizing the significance of effective assessment practices, this study equips businesses with the knowledge and tools to make informed decisions and maintain a secure digital environment.
To gain access to the complete insights and recommendations from this study, visit the following link to download the report and enhance your understanding of balancing third-party risk.