Conclusion: Relying on third parties to succeed in business has become the norm. Cost limitations and workforce requirements mean that businesses need to find efficient ways to achieve their goals. This regularly includes creating an ecosystem of organisations that offer technology, consulting and support services that can be leveraged when required for a fraction of the cost of employing a person or service in-house to the same end. This is great from a business perspective; however, engaging with third parties brings significant risk. Businesses are effectively opening their door to a perfect stranger and inviting them into their organisation to look around, share some data and stay a while. Managing the risk of having a third party connected to an organisation is important. An organisation’s security controls become meaningless once data is transferred to a third party. At the end of the day, if a cyber-attack occurs via a third party, there will be more than one reputation on the line in the eyes of current and future business partners, customers and clients. 

While the impact of a third-party data breach cannot be completely prevented, the key to resilience, detection and management of connections is awareness, being upfront about the security expectations and educating the workforce.

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Claire Pales

About The Advisor

Claire Pales