Black Kite today announced the release of its seventh annual Third-Party Breach Report, which analyzes third-party data breaches in 2025, including how they occurred, organizational impact, and structural conditions shaping third-party cyber risk at scale. The report found 136 unique major incidents, affecting 719 companies, plus an estimated 26,000 additional impacted companies that were not officially named.
Black Kite’s report examines the supply chain’s interconnectedness and vulnerabilities by evaluating last year’s key third-party breach events and dominant trends, the cyber posture of approximately 200,000 monitored companies on the Black Kite platform, and the concentration risk among the top 50 most relied upon third parties within the Forbes Global 2000 ecosystem.
2025 Incidents and Impact
2025 saw a surge in verified incidents with 136 major events. However, what stood out is not that companies were breached, but rather, a significant “shadow layer” emerged behind aggregate disclosures. In fact, while 719 companies were publicly named as victims, approximately 26,000 additional impacted companies were affected but never officially named. At the individual level, publicly disclosed figures point to 433 million impacted people.
In 2025, we saw an average of 5.28 downstream victims per third-party breach, the highest level observed to date (2.56 in 2024, 3.09 in 2023, 4.73 in 2022, and 2.46 victims per incident in 2021). This uptick reflects a sharp increase in the scale and coordination of attacks, driven by threat actors targeting shared platforms, centralized services, and high-dependency vendors. As attackers move upstream, single compromises increasingly translate into multi-company impact.
The visibility gap is further exacerbated by a persistent “Silent Window”: while the median time to detect an intrusion was 10 days, the median delay to disclose that breach to the public was 73 days. This delay represents a massive transfer of risk from the vendor to the unsuspecting downstream customer.
Key findings include:
- Verified incidents surged to 136 events, with 719 named victim companies, and a much larger hidden layer behind aggregate disclosures
- Publicly disclosed impact reached 433 million people, while vendors reported approximately 26,000 additional affected companies without naming them
- Detection is slow, disclosure is slower, with median detection at 10 days (79 events with timeline data) and median disclosure lag of 73 days (average 117)
What the Third-Party Ecosystem Looks Like
Across a baseline of approximately 200,000 monitored organizations, randomly selected to understand the current state of the industry, the ecosystem appears healthy on paper with an average Cyber Grade of 90.27 (A). While a high average grade indicates that many organizations meet standard control expectations and compliance checklists, it does not guarantee that the ecosystem is resilient under real-world pressure. Third-party risk scales through common failure modes and dependency structures, so ecosystems can look strong in aggregate while remaining fragile in the specific places attackers repeatedly exploit.
For instance, the reality of the terrain is defined by repeatable weaknesses. Over 53% of organizations have at least one critical vulnerability, and 23% have corporate credentials circulating on the dark web. This creates “Pressure Zones,” particularly in manufacturing and professional services, where high susceptibility and weak discipline overlap. Notably, these sectors have been the top two hit by ransomware for four consecutive years. Education is another high-pressure sector. This is not driven by attack sophistication, but by chronic exposure. High credential leakage, inconsistent patch discipline, and operational constraints combine to create environments where compromise is easier to initiate and harder to contain.
On the other hand, finance presents a different pattern. Ransomware Susceptibility Index® (RSI™) scores remain materially lower because sustained governance pressure forces tighter control over identity, patching, and exposure management. Regulatory frameworks and continuous audit expectations raise the cost of negligence and shorten tolerance for unresolved weaknesses.
Key findings include:
- Across nearly 200,000 monitored organizations, the ecosystem appears healthy on paper, with an average Cyber Grade 90.27 (A), yet failure signals are widespread – 53.77% have at least one critical vulnerability, and 23.34% have corporate credentials circulating on the dark web.
- The ecosystem is not uniformly risky, with manufacturing and professional services sitting in the pressure zone with high Ransomware Susceptibility and weak patch discipline, while finance trends toward a more controlled profile.
The Concentration Risk Crisis: Top 50 Shared Vendors
The top 50 vendors shared by the Forbes Global 2000 represent not only a concentrated point of failure, but also, threat actors know they are the “master keys” to some of the world’s largest organizations, so they are hunting them aggressively.
Of utmost concern is that these vendors maintain a lower average Cyber Grade (83.9, B) than the ecosystem at large, and a staggering 70% of them have at least one vulnerability currently listed in the CISA KEV catalog. With 62% of them showing corporate credentials in stealer logs, this sensitive information is already circulating on the dark web.
Key findings include:
- 70% have at least one CISA KEV exposure, and 84% have critical vulnerabilities(CVSS ≥ 8)
- 80% show phishing URL exposure, and 40% show active targeting signals
- 62% have corporate credentials exposed in stealer logs, and 30% have breached credentials in the last 90 days
- 52% have a breach history, with 18% in the last year
To read the report, visit https://content.blackkite.com/ebook/2026-third-party-breach-report/.
Methodology
The findings in this report are the result of a multi-source, intelligence-led investigation conducted by the Black Kite Research Group. Black Kite combined verified public breach disclosures with the company’s external cyber risk telemetry and supply chain intelligence to analyze how third-party data breaches emerged, propagated, and concentrated across the ecosystem throughout 2025. The report covers third-party data breach events disclosed between January 1, 2025, and December 31, 2025. The breach dataset is limited to verified, publicly disclosed incidents and is designed to reflect what can be substantiated from reliable reporting and primary disclosures.
Black Kite Research Finds Just 58 CVEs Posed a Critical Supply Chain Threat – Out of More Than 48,000 Published
Posted in Commentary with tags Black Kite on May 19, 2026 by itnerdBlack Kite today released its 2026 Supply Chain Vulnerability Report, revealing that of the 48,000+ CVEs published in 2025, only 58 represented a genuine, discoverable, and exploitable threat to enterprise supply chains.
This finding reinforces a critical shift in how organizations must approach cyber risk. The challenge is no longer just scale; it’s precision. Vulnerability volume continues to surge, driven by rapid AI adoption and advances in AI-powered vulnerability discovery. At the same time, exploit timelines are compressing, with attackers moving faster than ever, exploiting vulnerabilities an average of seven days before public disclosure, a window expected to shrink further as AI technologies accelerate scanning and exploitation capabilities.
Yet despite the surge in CVE volume, the number of vulnerabilities that pose meaningful risk remains remarkably small, making the ability to quickly identify and act on what truly matters more essential than ever to defending the supply chain.
AI Changed and Expanded the Attack Surface
AI adoption is reshaping the supply chain risk landscape, creating a widening gap between organizations with advanced security capabilities and those without.
Large enterprises that have adopted AI-powered vulnerability scanning have reduced detection timelines to an average of 14 days and remediation cycles to 21 days. In contrast, mid-market vendors, smaller software providers, and open-source maintainers that often lack these advanced defenses, still average 197 days for detection and down from 60 days for remediation.
As enterprise perimeters harden through AI-driven security, threat actors are increasingly shifting their focus to these “Tier 2” suppliers, driving risk to concentrate around the smaller vendors that enterprises depend on. For TPCRM programs, this means mid-market vendors now carry a significantly higher systemic threat profile.
Key findings from the report:
The report, based on analysis of more than 1,240 manually reviewed high-priority CVEs published in 2025, details a five-stage prioritization framework that filters raw vulnerability data through discoverability, exploitability, and vendor exposure to surface only the threats that demand immediate action. In 2025, that process produced 329 FocusTags® (asset-level threat signals that link a global vulnerability directly to a specific vendor’s confirmed exposure), and identified just 58 highest-priority designations representing the vulnerabilities most likely to impact supply chains.
Black Kite applied a FocusTag® for 95.2% of OSINT-discoverable vulnerabilities before they were added to the KEV or within 24 hours of their addition, enabling customers to take a proactive approach to supply chain risk and mitigate threats before vulnerabilities are widely exploited.
Designed for TPCRM leaders, CISOs, security operations teams, and vendor risk managers, Black Kite’s report provides the definitive data and methodology for organizations seeking to secure their extended vendor ecosystem and transition from reactive patching to proactive risk mitigation. To download the report, visit https://blackkite.com/reports/2026-supply-chain-vulnerability-report.
Methodology
The findings within the 2026 Supply Chain Vulnerability Report are founded on a rigorous manual analysis process conducted by the Black Kite Research Group. While automated scanners track the raw volume of disclosures, raw CVSS data alone is insufficient for effective TPCRM. To extract actionable intelligence, Black Kite researchers manually analyzed 1,240 high-priority CVEs published in 2025. The criteria for designating a vulnerability as “high-priority” requires the flaw to extend beyond theoretical severity. The Black Kite Research Group evaluates vulnerabilities based on real-world exploitability, the prevalence of the affected product within enterprise supply chains, and the active interest of threat actors. Vulnerabilities that are strictly internal, highly theoretical, or confined to obscure hardware are filtered out of this high-priority dataset.
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