Vendor Security Risk

Vendor Risk Management - time up for a paradigm shift

Vendor Risk Management - time up for a paradigm shift

“If not managed effectively, the use of service providers may expose financial institutions to regulatory action, financial loss, litigation, and loss of reputation”, I recall one of the statement that struck me some time ago. Recent cyber attacks reinforce the urgency to implement stronger third party risk management programs. Data might be stored on vendor cloud or on premise, it doesn’t matter, if the data is not properly secured, it increases the chances of data breaches.

Multiple vendors – More complexity

Addressing Vendor Security Risks

Addressing Vendor Security Risks

Today's businesses have outsourcing as default. While third party oversight programs have traditionally been focusing on service endeavours, associated security risks often went unheeded. However, due to emergence of cybersecurity incidents due to third party exposure, necessiated a systematic approach to address them.

Read more about vendor security in my ISACA blog - Addressing Vendor Security Risks

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