Managing third-party cybersecurity risk across inter-connected supplier ecosystems is becoming increasingly more daunting. Software and systems that used to be managed in-house are now routinely delivered as hosted services by multiple vendors and contractors. Other third parties frequently get brought in at departmental level, often bypassing contracting procedures, and have access to applications that hold sensitive data and business critical information.
A single mistake anywhere in the supply chain could result in data breaches, compliance fines, as well as revenue losses, reputational damage, and a wide range of negative business consequences for months, or even years, down the line.
It’s a burgeoning problem for many organizations, especially those that don’t have dedicated risk and compliance teams. However, it is possible to mitigate risk and build trust with suppliers by using technology to automate continuous monitoring — and, at the same time, reduce labor-intensive compliance processes.
Automating compliance
Instead of one-off manual checks, automation can handle repetitive tasks and constant verification against pre-configured…
