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Third party supplier risk is moving quickly up the rankings of risks boards should be concerned about. International tensions and geopolitical risks are creating challenges to fragile national and international supply chains.
Compromised supply chains affect an organisations ability to deliver their own products and services, if they are impacted by a third, fourth, fifth or sixth parties failure to deliver products or services. As an example in 2022 Toyota Japan had to shut down domestic car production following a cyber attack on a tier 1 supplier.
Third party risk management (TPRM) is a focus of EU cyber regulators. Who expect CNI and Financial Institutions to provide oversight and assurance of their third party vendors that include ICT vendors and cloud providers. For the maintenance of resilient services and the protection of client data. Moving towards requiring ICT vendors to provide a certificate of cybersecurity compliance, before products or services can be sold or distributed in the EU.
The enclosed article from the Harvard Law School Forum on Corporate Governance outlines the issues boards face with TPRM and appropriate actions. TPRM is a risk broad and deep risk, one that can impact not only corporate supply chains. Supply chain hacks such as the SolarWinds and Kaseya hacks demonstrate supply chain cyber is a risk that exposes corporates own systems to cyber risks, when their software vendors products are compromised.
Ted Dziekanowski
#thirdpartyriskmanagement #cybersecurity #cyberriskmanagement #sdlc #theagustagroup
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