Organizations rely on third parties more than ever to conduct business, but is the confidence in their security practices misplaced? Businesses and regulators expect organizations to assess the security of their third parties, but how can we assess the security of so many and keep the cost under control? Third-party breaches leave an organization powerless, exposed to severe reputation damage and complicated clean-up to get back on track. Third-party relationships are vital to the success of an organization, but is the risk of doing business higher than the value?
Establishing a third-party risk management program is essential to help organizations maintain visibility into their vendor ecosystem.