Business, technology and regulatory environments are changing – new business models are being born (mobile, cloud, Internet of Things), there is disruption of the enterprise IT environment (bring your own device, work from home) and new national laws and industry standards are being introduced.
New persistent, evolving risks emerge in the form of more frequent, sophisticated and malicious attacks, with a wide range of motives from economic to hacktivism. Risks are evolving rapidly and transforming how organisations think about cyber security, while cyber talent war only intensifies and cyber insurance is not yet mature enough to protect.
The way to combat these threats and protect your supply chain from cyber attacks is to build a strong third party risk management program. However, it’s not an easy process and there are many challenges to consider as you start building the program.