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Predictions for 2022
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#Third Party Risk Management

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2022 Predictions

Prediction #1

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Cyber Insurance Fallout: In my opinion, cyber insurance as a risk transfer strategy may fall out. Businesses under the illusion that cyber insurance is the answer to cyber threats will face a stark reality. Policy exclusions will expand, and premiums will likely rise as claims grow. Many businesses will realize that they will not be able to repurchase cyber insurance once they make a claim. Risk transfer will not mitigate cyber risks but will merely be an interim solution. It will be necessary for businesses to seriously consider outsourcing their cybersecurity protection, detection, and defense and improve their overall security posture. by Wai Kit Cheah

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Prediction #2

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Extended Detection and Response (XDR): Vendors will continue to market their technology as the next shining Extended Detection and Response (XDR) tool, which will provide a unified threat detection and incident response platform for multi-source signals correlation. But, the true XDR magic will probably take another couple of years to mature. More signals do not necessarily yield better efficacy; threat context is important for XDR to be effective. Otherwise, we will be just creating a larger "haystack" and spending a tremendous amount of time determining which strand of hay is the "needle." by Wai Kit Cheah

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Prediction #3

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Continuous monitoring of updates and patches for third-party software integrations in the network is recommended. Security-related measures and comprehensive periodical analyses of an organization's network will be inevitable going forward, irrespective of how secure the organization's network infrastructure is built, as new threats and ransomware are evolving. by Janani Senthilkumar

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2021 Predictions

There are no predictions in 2021 for #Third Party Risk Management

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