Outsourcing to third parties is not going to stop. However, every component of your sourcing and supply chains presents a discrete source of risk for your business and operations. For example, being hit by a cyber attack is the norm, not the exception; and each of your third parties (or, by extension, your fourth parties) increases your attack surface.

Consider this: according to a Deloitte poll, 70% of respondents indicated a moderate to high level of dependency on external entities and 47% said their organizations had experienced some sort of risk incident from external entities in the last three years.

Do you remember the recent hacks into IT Services giant Wipro? Or, the fines and settlements facing companies such as Equifax or Marriott? Or, the massive loss of reputation for iNSYNQ? Unfortunately, risk vectors are diverse and the events too many to recollect. Here is a (very limited) collection of third-party risk alerts and cybersecurity risk alerts that Supply Wisdom captured over the last month.

As third parties become more embedded into your operations, you must also have a robust governance program to monitor and mitigate third-party risks.

Atul Vashistha, Chairman & CEO, Supply Wisdom and NeoGroup, will host a webinar on accelerating your risk monitoring program. Don’t miss joining the webinar on July 31, 9 AM EDT.

At the webinar, we will show you why the best thing you can do with your governance and risk dollars right now is to establish a real-time risk monitoring program for your critical and high risk third parties.

Register here.