Are your Third-Party Vendors a Data Breach Risk?

A recent study by a global risk management group, Opus, revealed that 59 percent of companies it surveyed have experienced a data breach sourcing from a vendor or third-party partner.

The percentage is even higher when looking at only companies in the U.S. – at 61 percent. According to Ponemon Institute’s “Data Risk in the Third-Party Ecosystem,” this number reflected a 5 percent increase from 2017 and a 12 percent increase from 2016.

Multiple possible causes leading to these vendor-related data breaches, including complex integrations that span multiple platforms, lack of central internal controls, and lack of vendor management.

To this point, 69 percent of respondents admitted that they lack the personnel to oversee the numerous third-party vendors, with only 34 percent maintained a comprehensive inventory of vendor partners, and 37 percent believed they have adequate resources to stay ahead of the curve.