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KEY STEPS TO IDENTIFY RISK & MASTER VENDOR RISK MANAGEMENT

In today’s interconnected technology ecosystem, companies increasingly rely on third-party vendors to meet their operational needs. However, the current state of vendor risk management (VRM) is bleak. More than half of all information security breaches are caused by third-party vendors, and according to Deloitte, 83% of today’s business leaders lack confidence in third-party VRM processes. Understanding and managing cyber risk posed by vendors, suppliers, and third parties has proven to be a difficult task. The right mix of people, processes, and technology result in the most effective and comprehensive program.