Are your 3rd-Party Vendors a Data Breach Risk?

A recent study by global risk management group, Opus, revealed that 59 percent of companies surveyed have experienced a data breach sourcing from a vendor or third party partner. Published in the third annual Ponemon Institute’s “Data Risk in the Third-Party Ecosystem”, the risk management group’s numbers reflected at 5 percent increase year-over-year and a 12 percent increase since 2016 for data breaches of this nature in the United States. Analysis of the data cites multiple possible causes leading to data breaches, including complex integrations than 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 vendor, with only 34 percent maintaining a comprehensive inventory of vendor partners and 37 percent believing they have adequate resources to stay ahead of the curve.