Security News > 2023 > June > Businesses are ignoring third-party security risks

In the dynamic business landscape where third-party relationships assume a critical role, organizations confront various risks that can profoundly affect their security and compliance requirements, according to Panorays.

84% of organizations prioritize third-party security risk management, indicating a growing awareness of the potential threats posed by third-party relationships.

Only 13% of organizations continuously monitor the security risks of their third parties, highlighting a significant gap in current risk management practices, especially when considering critical vendors.

44% take three weeks or more to onboard a new third party, highlighting the complexity of managing third-party relationships - especially when companies have hundreds or thousands of third parties.

43% have an insufficient view of 4th party vendor security risks, revealing a need for enhanced visibility across the entire supply chain.

"Organizations are managing a substantial number of third-party relationships, and it's clear that third-party security risk management needs to be a priority for businesses in all sectors," said Matan Or-El, CEO at Panorays.

News URL

https://www.helpnetsecurity.com/2023/06/30/third-party-relationships-risks/