Quantifying Third Party Cyber Risk

Quantifying Third Party Cyber Risk In today's digital age, quantifying third party cyber risk is critical. Organisations of all sizes rely on third parties to provide a variety of services. From cloud computing and data storage to payment processing and customer support. While these partnerships can bring significant benefits, they also introduce cyber risk to an organisation. A data breach or cyber attack that targets one of your third parties can expose sensitive data or disrupt business operations. Leading to reputational damage, financial losses, and regulatory penalties. Therefore, it is crucial for organisations to effectively quantify and manage third party cyber risk. What is third party cyber risk? Third party cyber risk refers to the potential vulnerabilities and threats that arise from an organisation's use of external service providers and partners. These risks can come in various forms, including: Data breaches Unauthorised access to systems Ransomware attacks, and Supply chain