By Prasad Sabbineni
As businesses deal with constant volatility due to heightened geopolitical tensions and regulatory demands, the spotlight has increasingly moved to third-party risk management. Whether it is high-impact events such as the pandemic or other incidents of varied severity like phishing or misconfigurations, businesses globally now find proactive and continuous third-party management imperative.
As per the PwC Global Economic Crime and Fraud Survey that focused on India, companies typically engage with as many as five distinct platforms for their routine business operations. The rise of e-commerce, contactless payments, home delivery models, remote work, and other such developments have spurred more third-party-based innovations and created opportunities for fraudulent activities and risks to enter the scene.
Enterprise risks, including a significant share of cyber risks, are evolving rapidly and becoming more interconnected, necessitating swift response strategies and ongoing monitoring. EY’s 2023 Global Third-Party Risk Management Survey covering 500 organizations worldwide including India has revealed that cybersecurity and digital risk take more than 60%…
