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 and Sayari Partner to Deliver Integrated Intelligence Across Cyber, Supply Chain, and Corporate RiskNew integration combines global corporate transparency
Posted in Commentary with tags Black Kite on April 29, 2026 by itnerdBlack Kite today announced a strategic partnership and integration with Sayari, a leading provider of global corporate transparency and supply chain risk intelligence. Together, the two companies are enabling organizations to gain a unified view of third-party risk by combining deep visibility into global corporate and trade networks with continuous cyber risk monitoring.
As organizations face increasing pressure to manage risk across complex, global supply chains, many struggle with fragmented data spread across multiple tools and teams. This partnership addresses that challenge by bringing together Sayari’s unmatched insight into corporate ownership, trade activity, and hidden commercial relationships with Black Kite’s objective, standards-based cyber risk ratings and real-time threat intelligence.
Through the integration, customers can enrich third-party risk assessments with both who an entity is connected to and how exposed they are from a cyber perspective—providing a more complete and actionable understanding of risk across the extended enterprise.
Sayari’s platform delivers visibility into complex commercial relationships using one of the world’s largest collections of corporate and trade data, spanning over 250 jurisdictions worldwide. By integrating this intelligence directly into Black Kite’s platform, customers can more easily identify hidden ownership structures, upstream supply chain dependencies, and potential exposure to financial crime or geopolitical risk—while simultaneously assessing cyber posture.
The combined solution supports a wide range of use cases, including:
By reducing manual research and connecting previously siloed data, the Black Kite and Sayari integration enables organizations to prioritize risk more effectively, accelerate investigations, and strengthen resilience across their third-party ecosystem.
The partnership reflects a shared commitment to helping organizations navigate the growing complexity of global risk with greater clarity, speed, and confidence.
There is a related webinar that was done in April called From Fragmented Signals to Connected Risk Intelligence, available to watch on-demand.
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