Cyber Risk and Third-Party Business

By 2025, 60% of organizations will use cybersecurity risk as a primary determinant in conducting third-party transactions and business engagements, Gartner said.

Cyberattacks related to third parties are increasing. However, only 23% of security and risk leaders monitor third parties in real time for cybersecurity exposure, according to Gartner data. As a result of consumer concerns and interest from regulators, Gartner believes organizations will start to mandate cybersecurity risk as a significant determinant when conducting business with third parties. That will range from simple monitoring of a critical technology supplier to complex due diligence for mergers and acquisitions.