Credit: Illustration 123146974 © Andrey Suslov – Dreamstime.com
Cybersecurity and data privacy have become nearly as important to risk-management professionals as ethical professional behaviour, according to a survey that identified lingering concerns over the exposures that businesses inherit when they deal with third parties whose information-security practices are outside of their control.
Respondents to the NAVEX Global’s 2018 Third-Party Risk Management Benchmark Report offered insight into their third-party risk management programs, with fully 44 percent of respondents naming cybersecurity and data privacy as a top concern.
This was just behind the 46 percent that named ethics and code-of-conduct compliance but well ahead of those who named concerns such as quality control (28 percent), conflicts of interest (25 percent), and anti-bribery efforts (21 percent).
Organisations with $US1b or more in revenue were more likely to prioritise cybersecurity and privacy as a key concern (named by 53 percent) than smaller businesses (36 percent) or government organisations (45…
