Hold on a second…
This isn’t about hackers.
It’s not about software vulnerabilities, either.
The real issue? It’s your vendors.
90% of security breaches involve third-party vendors. Despite this,
Many businesses lack a proper vendor security checklist,
Fail to monitor vendor risks on an ongoing basis and
Mistakenly believe that their vendors take care of compliance for them.
A weak vendor puts your compliance, data, and reputation at risk. The good news is that the VDES Third Party Vendor Risk Management program reduces breaches by 70%.
Third-party vendor risk management (TPRM) involves the identification, evaluation, and reduction of risks linked to outsourcing activities to external vendors or service providers. This process is vital because these external parties may have access to sensitive information, intellectual property, and other essential assets, which can make them potential targets for cyber threats.
Here are some key components of VDESTPRM:
Risk Assessment: Evaluating the potential risks posed by third-party vendors.
Due Diligence: Conducting thorough background checks and security assessments of vendors.
Ongoing Monitoring: Continuously monitoring vendors to ensure compliance with security standards and regulations.
Incident Management: Having a plan in place to respond to any security breaches or issues that arise.
Compliance: Ensuring that vendors adhere to relevant regulations and standards.
Effective Third-Party Risk Management (TPRM) empowers organizations to safeguard their valuable data, boost operational resilience, and forge robust, secure partnerships with their vendors. By prioritizing TPRM, organizations can not only enhance their security posture but also create a foundation for thriving collaborations that drive success
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