Standard silos are being broken down in today’s modern landscape, particularly those relating to core business risks.
Prior to becoming a priority for chief financial officers ( CFOs ) and chief information security officers ( CISOs ), cybersecurity was once seen primarily as an IT issue.
After all, digital hazards are and they don’t really objective major companies: they go after partners, suppliers and third-party vendors too. As businesses increasingly rely on third-party vendors, partners, and suppliers to operate efficiently, the need for robust business-to-business ( B2B ) cyber audits has never been more critical.
For example, online food delivery marketplace ,  , said last week ( Feb. 3 ) that it an incident involving a third-party contractor, while  , on Monday ( Feb. 10 ) a tool for freight brokers, carriers and third-party logistics providers (3PLs ) designed to help reduce supply chain risk.
Whether driven by governmental mandates, contractual obligations, or domestic risk management, B2B computer reviews help organizations assess their safety posture, identify vulnerabilities, and build trust with partners and clients. For C-suite frontrunners, these assessments are not just about adherence but about safeguarding their company’s long-term balance, endurance and trust.
Read more: Managing Third-Party Risks Emerges as Key B2B Matter
Managing Danger in the Growing Cyber Threat Landscape: Managing Chance
The growing scope and sophistication of cyberattacks underscores the need for increased security assessments. Ransomware attacks have risen significantly, supply chain flaws are more prevalent than ever, and conformity standards are evolving. Organizations are starting to care about conducting more thorough cybersecurity reviews to make sure that both their businesses and those of their partners are adaptable to new threats.
B2B organizations and their interior leadership are increasingly acknowledging that a second risk in a third-party vendor may have trickling effects across their whole network, as evidenced by 2024’s , including the of the Snowflake cloud hack.
The experiences of the danger landscape are reshaping the math around protection, in the eyes of CFOs and CISOs. Attackers are increasingly focusing on cloud environments, application supply chains, and yet operating technology systems, despite the importance of standard system perimeter defenses.
Contract obligations are another significant factor in security reviews, and supply chain security is increasingly becoming a topic of conversation in boardroom discussions. Enterprises are increasingly requiring that their vendors and company partners adhere to strict security standards, making sure that shared data and connected systems are safe from breaches, including PYMNTS and PYMNTS clients.
This is more than just a technology matter for CFOs; it’s also a fiscal and regulatory one. A breach can lead to legal sanctions, non-compliance, and reduction of business confidence. For CISOs, ensuring third-party security is important in mitigating dangers associated with supply network vulnerabilities.
And as virtual risks evolve, so too do security audit methodologies. Standard annual or periodic audits are giving way to more steady, real-time security assessments. Companies are now able to identify and address surveillance gaps more effectively than ever thanks to advancements in technology, artificial knowledge, and threat intelligence.
Read more:  , Digital Evolution of Finance Function Views CFOs Embracing Cyber Duty
Building Trust and Competitive Advantage
Security is no longer simply an IT issue, it’s becoming a business innovator. Cybersecurity audits can provide organizations with a way to establish trust with partners and get a competitive edge, despite being frequently seen as a protective necessity. Companies that can demonstrate thorough security assessments are more likely to convince clients and help them gain a favorable reputation during aggressive bidding processes.
CFOs and CISOs you use technology to assist them in conducting cyber reviews and make sure that their organization’s procedures and methods adhere to partner best practices. The latest version of PYMNTS Intelligence’s Certainty Project, a collaboration with , , finds that automated procurement fraud detection systems double the likelihood of reducing scam compared to staff training.
Despite the availability of cutting-edge solutions, a sizable portion of middle-market companies still rely on manual fraud prevention tactics while dealing with the rise in the procure-to-pay cycle, with a report from PYMNTS Intelligence showing that only 28 % of companies have implemented automated fraud detection systems.
Nevertheless, among middle-market companies operating under great confusion, 22 % identify third-party scam as their top threat.
Luckily, the industry is responding. News last week ( Feb. 7 ) that  , and global cybersecurity and PCI compliance company  ,  , are developing cybersecurity solutions designed for small and medium-sized businesses ( SMBs ).
” Fraudsters are always going to fraud” , ,  , CEO and Co-founder ,  , told PYMNTS. ” But with the , proper instruments, businesses can stay one step ahead”.
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