Analysts estimate that up to 80% of cyber breaches originate in the supply chain. Making matters worse, organizations that enter into third-party business relationships take the security practices of the vendor into their own risk profiles.
In 2019, the average cost of a data breach to a company was $3.9 million, ranging from $1.8 million in India to $8.2 million in the United States. Legal costs related to litigation or fines can drive the amounts much higher.
The IEC and ISO ‘risk management toolbox’ helps organizations to keep ahead of threats that could be detrimental to their success. The latest addition, IEC 31010, provides guidance on the selection and application of techniques for assessing risk in a wide range of situations.