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In today’s world where business processes are becoming more complex and dynamic, organizations have started to rely increasingly on third parties to bolster their capabilities for providing essential services.
However, while onboarding third-party capabilities can optimize distribution and profits, third parties come with their own set of risks and dangers. For example, third-party vendors who share systems with an organization may pose security risks that can have significant financial, legal and business consequences.
According to Gartner, organizations that hesitate to expand their ecosystem for fear of the risks it can create will likely be overtaken by organizations that boldly decide to seize the value of third-party relationships, confident in their ability to identify and manage the accompanying risks effectively. Therefore, it’s critical to handle third-party security risks efficiently and effectively.
Risk and compliance
Third parties can increase an organization’s exposure to several risks that include…
