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.
The amount of cyber risk the average organization is taking on has never been higher, a big part of it in the form of third-party and fourth-party risk. A household name reporting a data breach or data leak feels like a daily occurrence. And with the average cost of a data breach reaching close to $4 million dollars according to a recent study by the Ponemon Institute, organizations are looking for new ways to prevent them. The unfortunate truth is third-parties cause a lot of data breaches.
Organizations are taking on more cyber risk than ever before and a large part comes in the form of third-party and fourth-party risk. The news is inundated with data breaches and data leaks and the average cost of a data breach has reached nearly $4 million globally. It's safe to say that the financial cost alone is enough proof to start investing in tools to prevent data breaches. The unfortunate truth is third-parties cause data breaches.
Outsourcing, digitization, and globalization have led to new products and services, increased specialization, lower costs, and better access for customers and organizations alike. They've also introduced significant cyber risk, particularly the risk of unintended data exposure in the form of a data breach or data leak. In fact, a recent study by the Ponemon Institute and IBM put the average cost of a data breach at $3.92 million.
Outsourcing, digitization, and globalization have created new products and services, increased specialization, lowered costs, and improved access for customers and organizations alike. The downside is they've introduced cyber risk. Particularly the risk of data breaches and data leaks. In fact, a recent study by the Ponemon Institute and IBM put the average cost of a data breach at $3.92 million.
Due to increased outsourcing, digitization, and globalization, vendor risk management has become a top concern for CISOs and senior management around the world. These three forces have led to better products and services for consumers while giving organizations the ability to focus on core competencies while reducing costs and accessing new, global markets. That's the good news, the bad news is these same forces introduce significant cyber risk, particularly data breaches and data leaks.
Outsourcing, digitization, and globalization have made vendor risk management a top priority for CISOs and senior management alike. These forces have led to innovative products and services, increased specialization, lower costs, and increased access for customers and organizations alike. However, they've also introduced significant cyber risk, particularly the risk of unintended data exposure in the form of a data breach or data leak.
