2024 CISO Survey on Third-Party Cyber Risk Management

This report presents the findings of the 2024 CISO Survey focused on third-party cyber risk management, detailing the concerns and priorities of Chief Information Security Officers (CISOs) across various industries. The survey, conducted with 200 full-time US CISOs, reveals that 94% of respondents are concerned about third-party cybersecurity threats, with larger enterprises expressing heightened anxiety. Key challenges identified include compliance with evolving regulations related to artificial intelligence and the necessity for effective risk management tools. The report outlines that while no single solution can fully mitigate third-party risks, a combination of tools is deemed most effective. Additionally, 61% of CISOs believe that AI could potentially prevent a significant percentage of breaches. The findings emphasize the growing budget allocations for third-party risk management, with 65% of CISOs planning to increase their budgets for 2024. This document serves as a critical resource for understanding the current landscape and challenges in third-party cyber risk management.