Third-party vendors are extremely important to today’s businesses. They let you systematize certain business processes that you can’t do yourself or that are too costly to do yourself. For instance, third-party vendors can provide your payroll services, HR support, technological services, and sales for you. While third-party vendors can help you save time and money and boost your efficiency, … [Read more...] about Third-Party Vendor Assessment: Importance and Steps
Vendor security
Why Your Business Must Have a Vendor Risk Management System
Creating a well-functioning vendor risk management (VRM) system can be a formidable task to undertake. This is due to the delicate nature of the job at hand, which requires the system to collect information about all of the vendors in one convenient place and categorize them according to their riskiness and then decide whether to remediate or terminate these contracts. Despite this challenge, … [Read more...] about Why Your Business Must Have a Vendor Risk Management System
Tips for Supply Chain Risk Management
Cyber risk management is a rather challenging feat, even for the most experienced cybersecurity teams. Many day-to-day business functions depend on outsourcing to third-party companies to create a vast digital trail that ultimately requires cyber protection and monitoring. Therefore, relationship management is essential for managing cybersecurity risks in the supply chain or the vendor … [Read more...] about Tips for Supply Chain Risk Management
Vendor Due Diligence: Best Practices to Secure Your Supply Chain
Third-party vendors have become crucial assets to businesses and are now key in carrying out their everyday operations. However, this has led to cybercriminals targeting vendors to gain access to sensitive information of the companies they work for and exploit that data. With an enormous surge in attacks occurring since the pandemic began, organizations must ensure that vendors are … [Read more...] about Vendor Due Diligence: Best Practices to Secure Your Supply Chain
6 Tips for Vendor Management Success in 2022
The cybersecurity incidents that unfolded in the past two years have been unpredictable, to say the least. This past year, businesses suffered in ways previously unknown to many. Some of the biggest lessons that we learned in 2021 include prioritizing cybersecurity and monitoring your third parties frequently, ensuring that your vendors have adequate business continuity plans, monitoring your … [Read more...] about 6 Tips for Vendor Management Success in 2022
