• CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • PARTNERS LOGIN
  • CONTACT US
  • PRIVACY POLICY

Data Risk in the Third-Party by Ponemon Institute

Published by Guest Writer on October 12, 2017
Categories
  • Blog
Tags
  • TPRM Best Practices

The Ponemon Institute recently rolled out there second annual study of Data Risk in the Third-Party Ecosystem. The study aims to understand trends in the challenges companies face in protecting sensitive and confidential information shared with third parties and 4th party vendors. 

Since the study was first conducted last year, companies have made little progress in improving the overall effectiveness of their third-party risk management programs. In areas such as: 

  1. How many of their third and 4th parties have access to sensitive and confidential data.
  2. Confirming the existence of adequate safeguards and security policies in third parties.
  3. Reviewing third-party management policies and programs to ensure risks are addressed.

A serious barrier to achieving these objectives is the lack of adequate resources to manage third-party risk.


Trial Account Sign-Up

DATA BREACHES CAUSED BY THIRD-PARTIES ARE ON THE RISE

Fifty- six percent of companies confirm that their organizations experienced a data breach caused by one of their vendors and the sensitive information stolen was misused.

THE EFFECTIVENESS OF THIRD-PARTY GOVERNANCE PROGRAMS REMAINS LOW

Only 17 percent of companies rate their companies’ effectiveness in mitigating third-party risk as highly effective and less than half of all companies say managing outsourced relationship risks is a priority in their organization.  

ACCOUNTABILITY AND BOARD LEVEL INVOLVEMENT INCREASED SLIGHTLY

Accountability for the third-party risk management program is dispersed throughout the organization but only five percent of organizations say it has an owner. And only one-third of all companies say their organization regularly reports to the board of directors on the effectiveness of the third-party management. 

COMPANIES LACK VISIBILITY INTO THIRD-PARTY AND 4TH PARTY RELATIONSHIPS

More than half of all companies do not keep a comprehensive inventory of all third parties with whom they share sensitive information. And the average number of third parties with access to confidential or sensitive information has increased from 378 to 471 third parties and visibility only gets worse with 4th-party relationships. 

TODAY’S PROGRAMS ARE INSUFFICIENT TO MANAGE THIRD-PARTY RISKS

Less than half of all companies say that their company evaluates the security and privacy practices of all vendors before starting a business relationship that requires the sharing of sensitive or confidential information. If they do conduct an evaluation, it is mostly to acquire signatures on contracts that legally obligate the third party to adhere to security and privacy practices.

ThirdPartyTrust’s technology helps teams easily inventory vendors, partners and contractors in the simplest fashion; by simply requesting a connection to the vendor’s profile. In turn, a vendor only has to create one profile and can share with all their companies asking for security documentation. 

We believe in a holistic view, which is why we partned with SecurityScorecard to bring you web application scans included in the platorm. We also pull publicly available data breaches and have included the BITS Sig Lite questionnaire, Google’s Vendor Security Assessment Questionnaire, and the Cloud Security Alliance questionnaire in the platform. Try the platform for free for thirty days, just click the button below. 


Trial Account Sign-Up
Guest Writer
Guest Writer
  • Phone
    |+1-617-245-0469
  • Address
    |
    111 Huntington Ave, Suite 2010, Boston, MA 02199
  • Sales
    |sales@bitsighttech.com
  • Contact Us
Laika_SOC2_TypeI_PurpleIris        CSA_Trusted_Cloud_Provider

©2022 ThirdPartyTrust, LLC and its Affiliates. All Rights Reserved. | 111 Huntington Ave. Suite 2010 Boston, MA 02199
  • PARTNERS LOGIN
  • CONTACT US
  • PRIVACY POLICY
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Reject AllAccept
Cookie Settings
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT