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Transforming Third-Party Risk Management for 2024  

Updated: 1 day ago



In the ever-evolving landscape of cybersecurity, it's crucial to ensure that every facet of our defense mechanisms is not just keeping pace with the present but also propelling us into the future. However, when we take a closer look at Third Party Risk Management (TPRM), it's akin to stepping into a time warp where the echoes of 2006 still linger. A time when Spotify was yet to grace our playlists, Saddam Hussein faced trial, the housing bubble burst, and the stock market experienced a meltdown.


If your TPRM program feels stuck in this bygone era, it's time to acknowledge the challenges and embrace the transformative solutions available. 


The Historical Lag


Our extensive data collection on cybersecurity program maturity since 2006 reveals an unsettling truth – Third Party Risk Management consistently trails behind every other cybersecurity domain. Over the past 18 years, its growth in maturity has been slower, raising concerns about its effectiveness in the face of modern threats. 


Key Factors Contributing to the Lag: 


  1. Shortage of Qualified Personnel: One primary obstacle hindering the progress of TPRM is the scarcity of qualified individuals to spearhead these programs. Without the right expertise, organizations struggle to navigate the complexities of vendor risk, leaving themselves vulnerable to potential breaches. 

  1. Urgent Priorities Take Precedence: In the hierarchy of organizational priorities, third party risk often finds itself relegated to the bottom. Pressing matters such as security incidents, technology upgrades, and system outages tend to overshadow the importance of a robust TPRM program, perpetuating its stagnation. 

  1. Multi-Team Cooperation Challenges: Unlike the past, TPRM is no longer solely an IT risk concern. The involvement of teams like procurement, legal, and risk adds layers of complexity to the program. Coordinating efforts across these diverse teams can be challenging, impeding the seamless implementation of an effective TPRM strategy. 


The Path Forward


Fortunately, the remedy for this time warp conundrum lies in acknowledging these challenges and embracing the myriad solutions available. Organizations like TBDCyber are dedicated to ushering TPRM programs into the contemporary landscape. By addressing the shortage of qualified personnel, reprioritizing TPRM in organizational agendas, and fostering seamless collaboration across teams, we can bring TPRM into 2024. 

 

Don't let your organization be a prisoner of the past in the realm of third-party risk. Embrace the opportunities to modernize your TPRM program, leveraging the expertise of organizations like TBDCyber. Together, we can navigate the time warp, ensuring that vendor risk management evolves in step with the dynamic cybersecurity landscape of 2024. Reach out, and let's embark on this transformative journey together. 

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