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Vendor Risk Management: Ten Frequently Asked Questions

  • Vendor Risk Management: Ten Frequently Asked Questions-

    VRM Teams

    What's the average size of a VRM program? How many people do I need internally?

    Regardless of the size of your organization, you'll need someone (or several people) to monitor your VRM program. Your company's third-party risk exposure will determine whether this is one person's part-time job, one person's full-time job, 10 people's jobs or dozens of people's jobs.

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Vendor Risk Management: Ten Frequently Asked Questions

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  • Vendor Risk Management: Ten Frequently Asked Questions-7

    VRM Teams

    What's the average size of a VRM program? How many people do I need internally?

    Regardless of the size of your organization, you'll need someone (or several people) to monitor your VRM program. Your company's third-party risk exposure will determine whether this is one person's part-time job, one person's full-time job, 10 people's jobs or dozens of people's jobs.

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.