If your organisation shares personal information – on employees, customers or prospects – with third-party companies, how can you be sure that they’re treating that data as carefully as you do?
Do you audit their data-protection policies? Do you check that they’re applying the right cyber-security measures, and patching their systems against emerging vulnerabilities? Are you sure – right now – that their intranet isn’t exposed to unauthorised access?
In a hyperconnected world, manual approaches to due diligence only go so far. For one thing, it takes huge amounts of time and effort to work out your exposure to third-party risk. But even if you have an army of auditors poring over every detail of your suppliers’ systems and policies, what about all the companies they deal with? If you look only at the first link in the chain, you have no visibility of the complex web of risk that radiates out to their business partners, and to their business partners…
As the GDPR comes into force, any organisations that share sensitive data with third parties retain joint reliability and responsibility for that data. In short, you could be on the hook for huge regulatory penalties and reputational damage if a business partner somewhere in the chain is not taking cyber-security seriously.
Consider how would it be if you could see – in real-time – an accurate, constantly updated risk rating for all the companies you work with, and for all the companies they work with, and so on?
RiskXchange provides a comprehensive, 360-degree view of cyber risk across entire ecosystems of connected businesses.