September 28, 2020 | technology | No Comments
Beenu Arora is the CEO of Cyble Inc, a SaaS-based solution offering cybercrime & deepweb intelligence and third-party security scoring.
Cybersecurity readiness has many benefits, but unless it is complemented with the right controls, that knowledge won’t stop malicious characters from breaching an organization’s security walls. According to a 2019 Juniper Research report, the cost of data breaches is forecast to rise from $3 trillion each year to $5 trillion by 2024. This is particularly important for large organizations that rely on third-party services to conduct their core operations. A 2018 study by Opus and Ponemon Institute found that almost 60% of companies experienced a data breach linked to a third-party vendor.
For example, in 2019, Quest Diagnostics announced the breach of 11.9 million patients’ information through its third-party bill collections agency. A more recent example comes from digital banking provider Dave, which in July disclosed a breach