Companies need to keep up with changing technology and develop controls to sustain good risk management practices. New technologies must be deployed to identify, measure and manage new risks. Third-party relationships are becoming some of the most significant and challenging risks to manage properly. Third party security breaches and operational performance failures can disrupt your critical business processes, damage your brand and reputation, lead to regulatory compliance penalties, or damage your business operations. Successfully managing and mitigating emerging emerging risks is one of the biggest challenges a company can face.”]
Source: https://securityintelligence.com/posts/third-party-risks-need-new-approaches/