4 Good Reasons to Include Vendors in Cyber Risk Assessments (.PDF Download)

Sept. 30, 2020
As cybersecurity threats increase, and become more sophisticated and nefarious, companies shouldn’t overlook their third-party vendors’ operations as a source of potential security breaches.

With cybercrimes expected to cost the world $6 trillion a year by 2021 (up from $3 trillion in 2015), high-profile cybercrimes are making daily headlines. According to Norton, some of the newest cybersecurity threats this year include deepfakes (when artificial intelligence [AI] technology creates fake images and sounds that appear real); synthetic identities (when scammers use a mix of real and fabricated credentials to create the illusion of a real person); and the use of AI to mimic known human behaviors and trick people into giving up personal or financial information.

According to Symantec, supply chain attacks were up 78% in 2019 and aren’t expected to diminish anytime soon. As a result, supply chain cybersecurity remains a big focus area for many organizations. “Organizations without dedicated vendor or third-party risk teams oftentimes have difficulty assessing the posture of their supply chain,” Security Boulevard points out.