Digital technology has enabled businesses to connect and transact globally. While the benefits of this connectivity cannot be argued, including a broader customer and supplier base, it has come with a hefty price: increased risks exposure.
Third-party risk management is important because failure to assess third-party risks exposes an organization to attacks that can damage its reputation, its business, and the communities it supports. The COVID-19 pandemic has reinforced the importance of third-party risk management strategies.
Deloitte’s 2020 Third-party risk management (TPRM) global survey revealed organizations’ increased concerns about the rising cost of getting TPRM wrong. KPMG’s CEO Outlook survey revealed that three of the top five risks to growth were cybersecurity risk, regulatory risk and supply-chain risk.
According to Gartner, teams that leverage automated and integrated cybersecurity platforms will be more effective in managing risk and demonstrating measurable results.
Next-generation security ratings platforms are providing a unified, objective, comprehensive view of a company’s security posture by combining external data on security hygiene with intelligence signals and automated vendor questionnaires.
This Complete Guide to Building Your Vendor Risk Management Program from SecurityScorecard showcases strategies and technologies that will take your vendor risk management (VRM) program to a mature state, ready to meet the modern risk landscape head on.
Click on the link to download the ebook.
