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November 2020, Vol. 21, No. 4

5 steps to get IoT cybersecurity and third parties in sync

The rapid proliferation of internet-connected devices within business and industrial networks is driving the need for holistic third-party risk management practices at many organizations. A recent study by the Ponemon Institute on behalf of Shared Assessments, a global membership organization focused on third-party risk management, showed high awareness of how IoT cybersecurity and third parties are often at odds in enterprise. IT and business leaders recognize the risk, and yet major gaps remain in existing security programs to address these risks. Of the 630 respondents in the survey, nearly nine out of 10 expected their organizations to experience an IoT-related breach or cyber attack, but just 47% evaluated third-party IoT security vulnerabilities and privacy practices before working with a vendor. Though most survey-takers reported increases in the number of third parties their companies work with, less than one-third monitored the risk of IoT devices used or supplied by their third parties. Only 36% tracked the data the ...

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