Vendor Risk Management: Ten Frequently Asked Questions

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Importance

Is VRM actually important? Is anyone else actually doing this?

Not everyone is doing it yet, but many are. Some organizations, like the financial sector, have been monitoring vendor risk for a very long time. There are two factors to keep in mind here:

  1. The regulatory environment is changing, and more and more, regulators are recommending, and in many cases requiring, VRM programs.
  2. As more companies identify third-party risk, in part due to recent highly publicized breaches, they're placing more focus and resources in developing VRM programs. In a way, everyone is a third party to somebody else. Even if you're not monitoring your vendors, you can be sure someone is monitoring you. With the risks that are present today, everyone is asking their vendors about security posture.

The bottom line is that vendor risk management is both important and necessary.

As cyber threats become more sophisticated and complex, businesses need not only to ensure they are secure, but that their vital partners, suppliers and vendors are protecting themselves as well. According to the 2015 Verizon DBIR, 70 percent of observed cyber attacks involved a secondary victim. To avoid being blindsided, organizations are beginning to monitor the security of their third parties to reduce the likelihood of a data breach.

Gartner estimates that around 10 percent of companies have formalized IT risk management programs, but that the figure will grow to 40 percent by 2018. If you're just beginning to implement a vendor risk management (VRM) program, BitSight Technologies has identified 10 frequently asked questions to help you get started.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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