Mastering Third-Party Cyber Risks in the Ever-Evolving Regulatory Landscape: Your Pathway to Stay One Step Ahead
In the era of advancing digitalization, the ‘BUY vs BUILD’ trend has become more prevalent in the domain of process and activity management. Companies are progressively turning to external collaborations to augment efficiency and optimize resources within their core business operations.
Nevertheless, this situation also unveils a different perspective, as heavy reliance on external partners exposes companies to vulnerabilities.
In this report, you will explore:
- Why the weakest link in your supply chain has no typical profile.
- How monitoring suppliers mitigates risk.
- Whether companies are prepared for NIS 2 regulation.
- How CyberVadis can assist your company in gaining visibility into your supply chain cyber maturity.
CyberVadis assesses third-party companies using a standardized, evidence-based methodology, offering a scalable solution to identify and manage risks within your supply chain.
This study draws upon the results and observations from assessing over 3,700 companies across more than 100 different countries.
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Key numbers
33%
2024 saw a 33% rise in supply chain cyber risk incidents, impacting over 183,000 customers per Stocklytics.com.
233
On average, supply chain attacks take 233 days to detect and 74 days to contain—37 days longer than standard data breaches, per IBM’s 2023 Cost of a Data Breach Report.
$4.8
Each third-party business partner's breach cost an average of $4.8 million—11.8% more than a direct breach, per IBM’s 2023 Cost of a Data Breach Report.
98%
A staggering 98% of companies have been negatively impacted by cybersecurity breaches within their supply chain, per BCG.
Assessed Companies Speak Best of Us
We’ve quickly realized that instead of just responding to another Excel spreadsheet with the same questions over and over again, we can use CyberVadis platform instead to share information about the high maturity level of our cybersecurity and data protection processes in a much easier way. Personally, I see this as a great opportunity for different companies to standardize their Third Party Risk Management processes, show their transparency, build trust and to basically reduce the amount of repetitive work.
Radoslaw Syto
Business Information Security Officer
It saves time, on our behalf and on our customers, because we can use that questionnaire and certification instead of traditional questionnaires, and that brings a lot of value in setting up that questionnaire apart, having a discussion on the key topics which enforce trust in everyday’s relations, with our partners and relations.
Philippe Limantour
Chief Technology and Cybersecurity Officer
In many cases, using the CyberVadis assessment platform eliminates the need for our clients to audit Accenture, or reduce their assessment focus. We collaborated with CyberVadis to enable live discussions, and evidence reviews into the assessment framework, which helped to raise the bar for excellence in the Industry. This methodology even further distinguishes CyberVadis as a leader, and working together was a positive experience for both our organizations.
Ryan Caudill
Manager - Information Security
What I appreciate in CyberVadis is that it is so deep investigation within our security processes, that we are required to provide some evidence, and that’s something we can trust in for results. We want to capitalize on this investment we made with my team, because clearly for us CyberVadis is a business enabler, and if I can avoid filling all these very nice questionnaires, or excel, 30 times a year, that would be a great progress for me.
Emmanuel Dupont
Global Chief Security Officer
We've been using CyberVadis to get an insight into the cybersecurity maturity of our company and during the re-assessment, it not only helped us improve but also increase the transparency of our business relationship with our partner.
Gjert Tronstad
Head of IT Security
Our team needed to identify a powerful assessment to respond to these data privacy, security and compliance exigencies required by our clients. Cybersecurity assessment led by Cybervadis was the tool chosen to achieve this goal. It represents a powerful tool to structure what we do in terms of cybersecurity, get a detailed vision of our cybersecurity practices, strengths and risk areas, and also a way to better understand what our clients are going through with respect to their cybersecurity current obligations.
Lourdes Chabrol
Head of Marketing
