Mini case study

Third$-$party risks can have far$-$reaching consequences. In $2023,$ the Metropolitan Police in the UK fell victim to a cyber incident involving a third party. A cyber attack targeted the IT system of one of their third$-$party suppliers, leading to a data breach that potentially exposed the sensitive information of $47,000$ London Metropolitan Police officers and staff members, including those involved in undercover and counterterrorism operations.

Research this case further. Describe how a robust third$-$party risk management $($TPRM$)$ program could have more effectively mitigated the risks associated with their third$-$party relationships and potentially prevented a breach like this from occurring in the future. Please include in your description how the TPRM program could have helped to reduce the risks in the following categories:

o Cybersecurity risk

o Operational risk

o Legal, regulatory, and compliance risk

o Reputational risk

o Financial risk

o Strategic risk