Standard silos are being broken down in today’s modern landscape, especially those that surround core business risks.
Prior to becoming a priority for chief financial officers ( CFOs ) and chief information security officers ( CISOs ), cybersecurity was once seen primarily as an IT issue.
After all, digital hazards are and they don’t really objective major companies: they go after partners, suppliers and third-party vendors too. As businesses increasingly rely on third-party vendors, partners, and suppliers to operate efficiently, the need for robust business-to-business ( B2B ) cyber audits has never been more critical.
For example, online food delivery marketplace ,  , said last week ( Feb. 3 ) that it an incident involving a third-party contractor, while  , on Monday ( Feb. 10 ) a tool for freight brokers, carriers and third-party logistics providers (3PLs ) designed to help reduce supply chain risk.
Whether driven by governmental mandates, contractual obligations, or domestic risk management, B2B computer reviews help organizations assess their safety posture, identify vulnerabilities, and build trust with partners and clients. For C-suite frontrunners, these assessments are not just about conformity but about safeguarding their company’s long-term balance, endurance and trust.
Read more: Managing Third-Party Risks Emerges as Key B2B Matter
Managing Danger in the Growing Cyber Threat Landscape: Mitigating Chance
The growing scope and sophistication of cyberattacks underscores the need for increased security assessments. Ransomware problems have risen significantly, supply chain flaws are more prevalent than ever, and conformity standards are evolving. Businesses are becoming more interested in conducting more thorough cybersecurity audits to make sure that both their and their partners ‘ functions are resilient against new threats.
B2B organizations and their interior leadership are increasingly acknowledging that a second risk in a third-party supplier may have cascading consequences across their whole network, as evidenced by 2024’s , including the of the Snowflake cloud hack.
The realities of the threat landscape are reshaping the calculus for CFOs and CISOs. Attackers are increasingly focusing on cloud environments, software supply chains, and even operational technology systems, despite the importance of traditional network perimeter defenses.
Contract obligations are another significant factor in cybersecurity audits, and supply chain security is increasingly becoming a boardroom topic. Enterprises are increasingly requiring that their vendors and business partners adhere to stringent security standards, making sure that shared data and interconnected systems are safe from breaches, including PYMNTS and PYMNTS clients.
This is more than just a technology issue for CFOs; it’s also a financial and regulatory one. A breach can lead to legal fines, misconduct, and loss of market trust. For CISOs, ensuring third-party cybersecurity is critical in mitigating risks associated with supply chain vulnerabilities.
And as cyber threats evolve, so too do cybersecurity audit methodologies. Traditional annual or biannual audits are giving way to more continuous, real-time security assessments. Advancements in automation, artificial intelligence, and threat intelligence have made it easier for businesses to identify and address security gaps.
Read more:  ,
Building Trust and Competitive Advantage
Security is no longer just an IT issue, it’s becoming a business enabler. Cybersecurity audits can provide organizations with a way to establish trust with partners and gain a competitive edge, despite being frequently seen as a defensive necessity. Companies that can demonstrate thorough security assessments are more likely to reassure clients and help them gain a favorable reputation during competitive bidding processes.
CFOs and CISOs can use technology to assist them in conducting cyber audits and make sure that their organization’s procedures and methods adhere to partner best practices. The of PYMNTS Intelligence’s Certainty Project, a collaboration with , , finds that automated procurement fraud detection systems double the likelihood of reducing fraud compared to staff training.
Despite the availability of cutting-edge solutions, a sizable portion of middle-market companies still rely on manual fraud prevention tactics while dealing with the rise in the procure-to-pay cycle, with a report from PYMNTS Intelligence showing that only 28 % of companies have implemented automated fraud detection systems.
Still, among middle-market firms operating under high uncertainty, 22 % identify third-party fraud as their top threat.
Fortunately, the marketplace is responding. News last week ( Feb. 7 ) that  , and global cybersecurity and PCI compliance company  ,  , are developing cybersecurity solutions designed for small and medium-sized businesses ( SMBs ).
” Fraudsters are always going to fraud” , ,  , CEO and Co-founder ,  , told PYMNTS. ” But with the , , businesses can stay one step ahead”.
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