By: Editorial Staff, Date: February 11th, 2022
Most business organizations across different industries remain reliant on outsourcing to gain a competitive edge—a trend that also reveals the growing third-party security risks. When businesses contract with third parties, they open a critical aspect of their operations to vendor-related risks and threats.
Poor vendor management program should be considered as a major threat by business leaders today. Companies failing to assess vendors thoroughly suffer significant financial, compliance, operational, and reputational damages.
As the threat of cybercriminals and attackers continues to magnify, new waves of attacks are anticipated to emerge—further highlighting the urgent need for organizations to implement a robust vendor management program.
Moreover, vendor risk assessments provide a clear picture of third-party risks that organizations are exposed to, hence it is the responsibility of the company to conduct a thorough assessment of its third-party providers to avoid unnecessary pitfalls.
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