A new study claims that 92% of US organisations have been the victim of a cybersecurity breach due to vulnerabilities within their supply chain.
The research, which comes from global cybersecurity company BlueVoyant, also claimed that the average respondent had been breached this way around 3.1 times – this is the highest of any country surveyed.
Furthermore, it found that organisations are experiencing multiple pain points across their cyber risk management platform, which typically spans 1,400 vendors.
This investigation sought the responses of 1,505 CIOs, CISOs and chief procurement officers in the US, UK, Mexico, Switzerland and Singapore.
Some of the other findings of the report include, 33% of US firms have no way of knowing if cyber risk emerges in a third-party vendor, only 31% of US firms monitor their entire supply chain and 86% say they are increasing the budget of third-party cyber risk management.
BlueVoyant chief operating officer Jim Penrose said, “The fact that cyber risk management professionals are reporting difficulties across the board shows the complexity they face in trying to improve performance. It is encouraging that budget is being committed to tackling the problem but currently the treatment is not proportional to the scale of the risk faced.
“As the research shows, US organizations are experiencing frequent breaches as a result. There is recognition that more investment is needed – budgets are rising. In fact, along with the UK, the US is committing the most money to tackling the issue. However, the critical question US organizations should be asking is where funds should be directed to make a tangible impact to reduce third-party cyber risk?”
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