Security News > 2020 > April > Third-party risk is broken, businesses unprepared for supply chain disruptions

As a result, there are real consequences including loss of revenue, loss of productivity, and loss of reputation - all of which can jeopardize resiliency and are amplified given today's supply chain concerns related to COVID-19.

"Organizations are starting to ask the question about what happens to them if their supply chain partners go out of business. Sadly, most companies don't have the risk visibility into their supply chains to answer that question," stated Brenda Ferraro, VP of third-party risk at Prevalent.

"How can they expect to adequately manage their own risk without understanding the risks vendors and partners pose?".

Key findings from the report Lack of confidence in the program inhibits results: 54% of organizations have some meaningful experience in conducting third-party risk assessments, yet only 10% are extremely confident in their programs.

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