Taking a Fresh Look at Third-Party Risk

COVID-19, and measures to limit its spread, have led to unexpected border closures, regional lockdowns, facility shutdowns and quarantine mandates for workers causing a shortage of raw materials, reduced production levels and unprecedented supply-chain disruption and delays. Spikes in demand for some goods and plummeting demand for others have further strained global supply chains. The shift to remote working for employees and online shopping for consumers introduced new cybersecurity, data privacy and IT risks for companies as well as their third-party vendors. Here, the key third party risks to watch are discussed.