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Dive Brief:
- Operational risk is the most common concern when it comes to third-party risk management (TPRM), according to a recent EY survey of 500 executives at major companies. According to the study, today’s TPRM is “is fundamentally misaligned with this new risk environment.”
- Financial, cybersecurity, privacy, and regulatory risks rounded out the top five concerns about third parties that executives cited.
- The data reflect growing corporate worries about the consequences of hiring subcontractors with negligent security or privacy practices. These worries have been heightened in the wake of many high-profile cyberattacks that involved supply chain or third-party compromises.
Dive Insight:
Most of the biggest recent cyberattacks, from the SolarWinds and Kaseya incidents to China’s breaches of the U.S. Department of the Treasury and
