Why now is the time to make a change
Our latest research shows the number of ransomware attacks nearly doubled from 2022 to 2023, and third-party breaches grew by almost 30% during that same time period. Security teams are well aware of these looming threats and the potential consequences they present. So why does the frequency and impact of cyberattacks continue to grow despite increased spending globally on security and risk management?
We believe it’s because third-party risk management (TPRM) hasn’t kept up with a constantly evolving threat landscape. Many companies still rely on tools developed decades ago to combat today’s third-party risk.
Historical TPRM practices and strategies force many companies into a reactive posture. To deal with today’s dynamic risk landscape, these businesses must adopt new tools, processes and cultural norms that allow for a more proactive approach to cyber risk management.