More than eight in 10 organizations have experienced a negative consequence because of their third-party risk management or informal oversight process, new research reveals.
Drata’s survey of 300 U.S.-based governance, risk, compliance IT and security professionals revealed that not only have 83% of professionals reported their organizations suffering from poor TPRM, about 40% remain low-staffed, potential raising the specter of future incidents.
Other key findings of Drata’s research:
- 69% of enterprise companies spend 1,000 or more annually managing risk, but two in five lack proper staff and resources to thoroughly screen third parties and vendors in a timely manner.
- 80% of businesses are worried they don’t have full visibility into third parties’ security posture, while almost half (47%) of those who do have adequate staffing are still highly concerned they don’t have proper visibility.
