Vendor partnerships and outsourced products and services are hallmarks of a modern business.
These partnerships empower organizations to close knowledge gaps, reduce resource expenditure, and optimize operations. However, collaborating with vendors can also be extremely risky.
Although many businesses downplay the severity of vendor risks, incidents like the recent CrowdStrike outage highlight just how critical they can be to a company’s long-term success and continuity.
When an organization outsources critical services and products to a third party, it ties its security and operational systems to that vendor or service provider. This dependency can introduce new risks, especially if the third party violates the organization’s security or business continuity standards.
So, what’s the solution? How can organizations continue to gain the benefits of third-party partnerships without compromising their security?
Mastering vendor risk management (VRM) is the most effective way for an organization to mitigate the risks associated with its third-party partnerships. Let’s explore how.
Why is vendor risk management so important?
Third-party partnerships expose…
