Cyber attacks, misconfiguration, and data leaks are more common than ever before, as are cybercriminals. Our news cycle is full of first and third-party data breaches that expose the protected health information (PHI) and personally identifiable information (PII) of thousands or even hundreds of millions of people. Not only are data breaches more common, but they're also more costly. The average cost of a data breach is now nearly $4 million globally.

The average cost of a data breach is now nearly $4 million, and the unfortunate truth is third-parties are a significant source of cyber risk. These increasing costs are why cybersecurity vendor risk management (VRM) is a top priority for CISOs, Vice Presidents of Security, and other members of senior management, even at the Board level. In addition to financial costs, regulatory and reputational costs are increasing.

The news cycle is full of third-party data breaches and data leaks. And for a good reason, they often expose the protected health information (PHI) and personally identifiable information (PII) of thousands or even hundreds of millions of people. Cyber attacks and misconfiguration are more common than ever before. Organizations need to invest in tools to prevent data breaches and reduce cybersecurity risk: particularly risks that involve third and fourth-parties.

Cyber attacks, misconfiguration, and data leaks are more common than ever before. Our news cycle is full of first and third-party data breaches that expose the protected health information (PHI) and personally identifiable information (PII) of thousands or even hundreds of millions of people. Not only are data breaches more common, but they're also more costly. The average cost of a data breach is now nearly $4 million globally.

The average cost of a data breach is now nearly $4 million and the unfortunate truth is third-parties are a significant source of cyber risk. This is why cybersecurity vendor risk management (VRM) has become a top priority for CISOs, Vice Presidents of Security, and other members of senior management, even at the Board level. In addition to financial costs, there are increased regulatory and reputational costs.

Every day third-party data breaches and data leaks inundated our news cycle. And for good reason, the average cost of a data breach is nearly $4 million globally. This has led to organizations looking for ways to reduce cyber risk and prevent data breaches. Vendor risk management (VRM) is now a top priority for CISOs and other members of senior management, even at the Board level.

Every day the news is filled with third-party data breaches and data leaks. And for a good reason, they often expose the protected health information and personally identifiable information of thousands or even hundreds of millions of people. For context, the Ponemon Institute estimates that the average cost of a data breach is nearly $4 million globally.

The unfortunate truth is outsourcing to third-parties introduces significant cyber risk. The news is inundated with third-party data breaches and data leaks. With the average cost of a data breach at nearly $4 million globally, it makes sense to invest in tools to prevent data breaches. This is why cybersecurity vendor risk management (VRM) has become a top priority for CISOs and other members of senior management, even at the Board level.

Outsourcing, digitization, and globalization are three of the largest trends in the last 30 years. They've brought new products and services, increased specialization, lower costs, and improved access. But they've also introduced significant cyber risk. Particularly the risk of data breaches and data leaks. For perspective, a recent study by the Ponemon Institute put the average cost of a data breach at $3.92 million. The unfortunate truth is third-parties cause a lot of data breaches.

Outsourcing, digitization, and globalization have brought us new products and services, allowed for increased specialization, lowered costs, and improved access but they've also introduced significant cyber risk. Particularly the risk of data breaches and data leaks. And with the average cost of a data breach reaching close to $4 million dollars according to a recent study by the Ponemon Institute, it pays to prevent them. The unfortunate truth is third-parties cause a lot of data breaches.