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It’s Time to Take Third-Party Risk Seriously

The use of new technologies such as the Internet of Things (IoT), mobile and cloud by vendors add to the question: Where is my data, and how can I protect it when it is in someone else’s hands? In the hustle and bustle of daily business, third parties often become the overlooked or unwitting accomplice in criminal activities.

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A recent study of 600 IT and security decision-makers revealed that though 60% of organizations have formal third-party risk policies, 44% of them have experienced a significant breach caused by a vendor. This is disturbing in itself, revealing a major discrepancy between the third-party policies organizations espouse and those policies’ effectiveness. But what’s more, only half of firms discontinued their relationship with the guilty vendor, and 69% did not change the risk policies that had just failed them.

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