Comprehensive software reviews to make better IT decisions
No Surprise: New Survey Confirms That Most Organizations Are Ineffective at Third-Party Risk Management
A new report published by the Ponemon Institute confirms that organizations are spending an increasing amount on third-party risk management, but are failing to realize much value for their efforts. Risk prioritization may be the solution.
The report, titled “The Cost of Third-Party Cybersecurity Risk Management,” summarizes a survey of over 600 respondents. The key findings:
- A significant majority of respondents report that they spend between US$500,000 and US$5,000,000 annually on third-party cybersecurity risk management.
- However, approximately the same number also believe that their efforts are not particularly effective.
The overall conclusion of the report is that organizations don’t need to invest more in third-party risk management. Instead, they need to invest better. Interestingly, the findings don’t support a wholesale adoption of automation over manual processes. Instead, the key to greater efficiency seems to be better risk prioritization.
The survey was sponsored by CyberGRX, a third-party risk management vendor that offers security assessments as a service.
This report confirms Info-Tech’s recommendation that the best path towards an efficient and effective vendor security assessment process is one that uses risk to guide due diligence activities. Current vendor offerings in this space can play an important part of this process, but are not in and of themselves the solution to existing inefficiencies. We continue to assert that organizations should build a risk-based process and then consider how products or services may help drive improvements.
Want to Know More?
Proteus-Cyber Provides a Tactical Solution for Schrems II Stress With the Transfer Impact Assessment (TIA) Tool
The recent Schrems II invalidation of the EU-US Privacy Shield has added a layer of difficulty for organizations that operate across borders, as they now require additional contractual clauses and measures in place to ensure data can transfer freely. Privacy program management vendor Proteus-Cyber offers a streamlined solution with the release of its Transfer Impact Assessment tool.
TrustArc is partnering with BigID to add protection of sensitive data to its roster of data privacy and compliance capabilities. The move closely follows a partnership announced by two other major players in the data privacy and governance space, OneTrust and Integris.
An acquisition borne out of its users’ primary needs, OneTrust’s recent integration with data discovery giant Integris optimally positions the privacy program management software vendor against competitors in the market.
Data intelligence software vendor Alation has made the move to emphasize data governance amongst its solution offerings to make the data catalog a dynamic platform for “a broad range of data intelligence solutions.”
The industry’s first self-service privacy software solution Ethyca receives its second round of investor funding, aptly timed with the release of Ethyca Pro. The privacy management solution provides full automation capabilities for data mapping, data subject requests (DSRs), and consent management for various international privacy regulations.
To further capabilities in the data privacy space, top-tier vendor OneTrust has acquired Integris, another leading vendor within the data discovery and classification sphere. This is a two-part note that focuses on the acquisition and anticipated synergies between the two companies.
SECURITI.ai Addresses the Privacy vs. AI Debacle With the Industry’s First AI-Powered Privacy Solution
AI-powered privacy is here to stay, driven by the innovative team at SECURITI.ai. The company injects automation through AI with its PrivacyOps solution, PRIVACI, taking the effort out of mapping out personal data within its various repositories.
The privacy management software space is rapidly becoming crowded with vendors all looking to add value. 2B Advice has released the most recent version (7.0) of its software, emphasizing the support tools needed to build a privacy-aware culture.
In response to criticism over data collection practices, Google is introducing default deletion of location history in its web and application activities for new accounts.