Vendor risk assessment and vendor risk management are crucial aspects of any business, especially in today's interconnected world. As companies increasingly rely on third-party vendors for various services and products, it becomes essential to assess and manage the risks associated with these relationships. A robust vendor risk assessment program can help organizations identify potential risks, mitigate them, and ensure the security and compliance of their vendor network.
According to a February 2023 HIPAA Journal article, more than 98% of primary companies had a business engagement with a vendor that had a data breach in the previous two years.
In this comprehensive guide, we will dive deep into the world of vendor risk assessment, covering everything from the basics of vendor risk management to best practices for third-party vendor risk assessments and steps to take in case of a vendor breach.
