At this time, nearly every business outsources some aspect of its operations. But it’s becoming increasingly tricky for organizations to ensure that third-party providers remain a source of strength for their business — not a weak link.
According to Hyperproof’s 2023 IT Compliance Benchmark Report, 38% reported experiencing a third-party data or privacy breach that affected their organization’s records or data and 48% reported experiencing a compliance violation related to their organization’s third-party oversight.
Working with a third-party vendor is inherently risky — you are trusting a business whose practices and processes you can’t control. As companies utilize third-party vendors more often and at a larger scale, the data security and privacy risks they face have also grown.
You don’t have to look hard to find examples of third-party data breaches. Large companies, from Solar Winds to Microsoft, Uber, and Toyota, have all fallen victim. According to the Verizon Business 2022 Data Breach Investigations Report, 62% of system intrusion incidents came through an organization’s partner, showing just how prevalent supply chain issues have become.
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