Third Party Risk

Third Party Risk

Midsized Company Staves Off Third-Party Risk from Supply Chain Partners with CYFIRMA’s Digital Risk Protection Platform – DeTCT

As a midsized industrial firm in a competitive sector with many bigger players, the company has been going through digital transformation to drive productivity and efficiency as well as improve safety. Through digitalization, the firm also sought to enhance decision-making through data-driven insights. As a result, the company’s supply chain is no longer linear; instead, it is interconnected, giving the company the ability to swiftly respond to changes in demand and supply. However, having an agile supply chain also means the industrial firm’s exposure to third-party digital risk is at high-speed: Anything that its supply chain partners get exposed to can very quickly compromise the firm too.