EMEA IoT Enterprise Spending to Grow at 11 Percent CAGR by 2028
According to an IDC report on the outlook for IoT spending in Europe, the Middle East, and Africa, we can expect an 11% compound annual growth rate (CAGR) between 2023 and 2028.
Despite increased investments in third-party cybersecurity risk management (TPCRM) over the last two years, 45% of organizations experienced third-party-related business interruptions, according to a new Gartner survey. The survey was conducted in July and August 2023 among 376 senior executives involved in third-party cybersecurity risk management across organizations from different industries, geographies, and sizes.
“Third-party cybersecurity risk management is often resource-intensive, overly process-oriented, and has little to show for in terms of results,” said Zachary Smith, Sr Principal Research at Gartner. “Cybersecurity teams struggle to build resilience against third party-related disruptions and to influence third party-related business decisions.”
Successful management of third-party cybersecurity risk depends on the security organization’s ability to deliver three outcomes – resource efficiency, risk management, and resilience and influence on business decision-making. However, enterprises struggle to be effective in two out of those three outcomes, and only 6% of organizations are effective in all three.
Based on the survey findings, Gartner identified four actions that security and risk management leaders must take to increase their effectiveness in managing third-party cybersecurity risk. The survey found that organizations that implemented any of these actions saw a 40-50% increase in TPCRM effectiveness.
These actions include: