From www.aicd.com.au: A recent ASIC survey revealed that 44% of organizations poorly manage third-party risk, highlighting the need for boards to scrutinise their vendors’ cybersecurity measures.

With threat actors increasingly utilizing generative AI for sophisticated attacks, directors must ensure that their organizations adopt robust risk management practices and embrace innovative security solutions.

The regulatory landscape is also tightening, highlighting the importance of third-party risk assessments and compliance with cybersecurity standards to mitigate potential breaches and liabilities.