Jul 5
Managing vendor and third-party risk — why a vendor's breach becomes yours, how supply-chain attacks work, and the vetting, least privilege, and contracts that contain the risk.
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Managing vendor and third-party risk — why a vendor's breach becomes yours, how supply-chain attacks work, and the vetting, least privilege, and contracts that contain the risk.
Mastering the Future of the Privacy Management Platform Market
The Privacy Management Platform Market represents one of the most critical sectors for businesses in the digital transformation age. With the market expected to grow at a 28.8% CAGR to reach USD 19,247 million by 2030, the focus is squarely on how firms can extract value from their data while simultaneously protecting individual rights. The shift toward "privacy as a product" is encouraging businesses to leverage their robust compliance programs as a competitive advantage. Companies that can demonstrate superior data control are finding that they build higher levels of customer loyalty and trust, which is invaluable in an economy where information is the most precious asset.
Analyzing Demand Drivers in the Privacy Management Platform Market
Industry data within the latest Privacy Management Platform Market reports highlights that the increase in cyberattacks is acting as a major accelerator for market adoption. As data breaches become more frequent and costly, boards of directors are viewing privacy management software as a necessary insurance policy. These platforms provide the robust auditing and incident response tools needed to document an organization’s "reasonable security" measures, which can serve as a critical defense against regulatory fines and class-action lawsuits following a security event.
Structural Transformations in Vendor and Third-Party Risk
A significant structural transformation is occurring in how organizations manage their third-party ecosystems. Privacy platforms are evolving to include sophisticated vendor-management portals that automate the evaluation of supplier security standards. This allows companies to quickly assess the privacy posture of their entire supply chain, identifying weaknesses before they turn into vulnerabilities. By enforcing strict adherence to data handling protocols through automated, platform-based contracts and self-assessment questionnaires, businesses can maintain a secure and compliant digital ecosystem that extends far beyond their own internal operations.
Orchestrating Long-Term Success through Scalable Tech
The road to 2030 will reward those who view their privacy management technology as a scalable infrastructure investment. Future-proof platforms are those that allow for modular growth, enabling companies to start with basic consent management and gradually add advanced modules for data mapping, AI governance, and ethical data analytics. By adopting a flexible, cloud-native architecture, organizations avoid the pitfalls of technical debt and remain capable of adapting to new, unforeseen regulatory shifts. This commitment to agility will be the defining trait of successful organizations that navigate the complexities of the global digital environment.
Master your vendor security questionnaire with a repeatable system to cut delays and win trust. See the hidden cost most teams miss, then fix it fast today.
Over 1 Million Farmers Insurance Customers Hit by Breach
Hackers stole personal data from a third-party vendor tied to Farmers Insurance, exposing sensitive details of over 1.1 million people across the United States.
Source: SecurityWeek | Maine Attorney General
Read more: CyberSecBrief
Third-party Risk Management Market, Enormous Growth with Recent Trends & Demand by Top Vendors, Industry Size, Future Business Scope Examine Information of Top Countries Data Regional Analys...
By 2024 Third-Party Risk Management Market expected to reach $6.8 billion, at a CAGR of 15.9%
According to a market research report "Third-Party Risk Management Market by Component (Solution (Financial Control, Contract, Operational Risk, Audit, and Compliance) and Service (Professional & Managed)), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Third-Party Risk Management (TPRM) market size is projected to grow from USD 3.2 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 15.9% during the forecast period. The major factors driving the market include the increasing adoption of virtual applications; technological advancements, including automation, data analytics, and smart contracts; and soaring need to counter fraudulent activities in several verticals.
Browse and in-depth TOC on “Third-Party Risk Management Market”
126 - Tables
46 - Figures
182 – Pages
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Based on solutions, the financial control segment is estimated to lead the Third-Party Risk Management Market in 2019
Financial control management can be defined as a system that manages and limits the financial effects of the budget on user operations in such a way that it aligns the user toward the achievement of goals related to finances. Organizations depend on several vendors, which poses operational and credit risks for organizations. Financial control management solutions help reduce an organization’s operational costs while managing and selecting a third-party or any vendor.
Better financial control provides better auditing and detection of fraudulent activities. Financial control management solutions provide managers with a proper view of the cash flow and better cost optimization for various business processes to increase the business output. Financial control management assists users to maintain and assess its debt collection period and the creditors payment period.
Based on verticals, the BFSI vertical is expected to dominate the TPRM market size during the forecast period
BFSI is one of the major adopters of TPRM solutions. It has been a highly regulated and competitive vertical that always focuses on delivering enhanced customer experience. The changing ways of the BFSI vertical are operating, increasing digitalization, and adopting advanced technologies have exposed this industry to different types of risks. The need to keep up with the changing regulatory environment and penalties associated with non-compliance has changed the way how risk is viewed and managed. These factors, coupled with the increasing challenges, such as cyber threats, third-party risks, and regulatory compliances, are expected to fuel the demand for TPRM solutions in the BFSI vertical.
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North America is expected to hold the highest Third-Party Risk Management Market share during the forecast period
North America is the largest revenue contributor to the TPRM industry, as the growth in the region is being driven by the rising internet penetration and increasing adoption of cloud-based and IoT applications across verticals. Countries in North America are well-established economies, which enable investments in advanced technologies.
The demand for Third-Party Risk Management services is expected to increase in enterprises, as the adoption of solutions is growing across North America. Various organizations operating in different industrial domains across the US and Canada have been considering the implementation of effective solutions to manage their partner ecosystem for minimizing the risks associated with the management of third-parties.
Market Players
The major vendors covered in the TPRM market include RSA (US), Genpact (US), MetricStream (US), Deloitte (US), KPMG (Netherlands), BitSight Technologies (US), Ernst & Young (UK), PwC (UK), ProcessUnity (US), Venminder (US), Resolver (Canada), NAVEX Global (US), Riskpro (India), SAI Global (US), RapidRatings (US), Optiv (US), Aravo (US), OneTrust (US and UK), Galvanize (Canada), and Prevalent (US).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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Report:https://www.marketsandmarkets.com/Market-Reports/third-party-risk-management-market-222423768.html
A Guide For Retailers Seeking To Effectively Manage Third-Party Risk
By Fred Kneip, CyberGRX
Business expansion and growth are standard signs of a healthy economy, however such rapid advancement often goes hand in hand with company outsourcing — one of the major entry points that leave retailers vulnerable to data compromise. As brands outsource tasks and services to support their growth, they also share and exchange data with third-party vendors. This exchange of information expands the company’s attack surface, ultimately increasing their cyber risk. The security of your organization and data is now dependent on the security of your third parties. As a result, it is critical for retailers to proactively monitor their third-party ecosystem and work with vendors to identify and mitigate critical control gaps that could put the organization and its intellectual property at risk.
Target, Macy’s, Adidas and so many more know this to be true, all having suffered high-profile third-party data breaches in recent memory. The breach that affected Target occurred because the retailer was compromised through an HVAC vendor. Other retailers around the world have inadvertently exposed customers’ payment information because of exploited point-of-sale software. These are real attacks with real consequences that could have been prevented with a more proactive approach to third-party risk management. With Kaspersky’s recent assessment that the average cost of an enterprise breach is $1.23M, retailers can no longer ignore the need to better protect themselves from third-party cyber risk.
In order to protect their businesses and customers, retailers should maintain ongoing visibility into their ecosystem, so they can quickly identify, reduce and mitigate third-party risk. Below are a few steps that retailers can take to manage third-party cyber risk:
1. Proactively Plan & Prioritize: Identify the vendors in your digital ecosystem and evaluate them based on the level of data shared to determine the potential impact to your business in the event of a breach. From there, you will be able to prioritize your third parties based on the risk they expose you and your other vendors-by-proxy to, and carry out the appropriate level of due diligence necessary to onboard these vendors into your network with confidence.
2. Consistently Assess and Monitor Third Parties: Don’t fall into the compliance checklist trap. It is not enough to assume that checking the boxes once a year is satisfactory proof that a company is consistently making well-informed decisions about its security posture. Instead, facilitate ongoing continuous risk assessments that go further than a simple scan and actually evaluate the security practices and controls of your third parties. Leverage dynamic data and analytics in place of static assessments to ensure you have an up-to-date view of your third parties and ecosystem. This will arm you with the insight to make informed decisions about any control gaps.
3. Employ a Scalable Approach : As your organization continues to expand and outsource, your processes for onboarding your third parties will also need to scale. Move beyond static and manual processes to leverage dynamic exchange and utility models that will grow with your evolving ecosystem and needs.
4. Collaborate: We become more integrated and connected as our ecosystems evolve. To be truly effective at mitigating and reducing risk, we need to work together — with our third parties and with each other — and approach this as a community of like-minded organizations dedicated to creating secure ecosystems.
If history plans to repeat itself, we could be days or even minutes away from the next massive retail breach. However, by implementing a collaborative and proactive approach, brands of all sizes can effectively manage a third-party risk strategy that will evolve as they grow.
As CEO of CyberGRX, Fred Kneip is responsible for the overall company direction. Prior to joining the company, he served in several senior management roles at Bridgewater Associates, including Head of Compliance and Head of Security. Before that, Kneip was an Associate Principal at McKinsey & Co., where he led the company’s Corporate Finance practice. Kneip has also worked as an investor with two later-stage private equity investment firms, and he holds a B.S.E from Princeton University and an M.B.A. from Columbia Business School.