While many companies are implementing strong security controls within their organizations, they may not necessarily be aware of the vulnerabilities resulting in breaches and cyber-attacks emanating from third-party vendors.
Numerous high-profile companies have fallen victim to breaches as a result of third-party vendors and service providers.
According to Grand View Research, the global third-party risk management market size was estimated at $7.42bn in 2023 and is expected to grow at a compound annual growth rate of 15.7% from 2024 to 2030.
These findings reflect significant anticipated growth due to the increasing complexity of business ecosystems and the rising number of cyber threats, as well as the adoption of AI and machine learning aiding cybercriminals’ efforts.
It is vital that organizations understand the nature of third party attacks, and take a strategic approach to protect themselves from such incidents.
Common Types of Third-Party Attacks
Corvus has observed an increasing trend of incidents related to third-party breaches. In early 2023, approximately 15% of claims managed by Corvus were a result of vendor breaches; by early 2024 this number had…
