With global digital supply chains, life science companies are investing in vendor cyber risk quickly

With life science (pharmaceuticals, medical devices and biotechnology) companies spanning the globe, they become more and more reliant on third parties to collaborate, ship and innovate. Of course, those companies then risk becoming vulnerable to possible legal and reputation harm based on the practices of their third parties.

Our customers utilize the solution to perform due diligence across thousands of vendors. They identify and address any potential exceptions regarding a third party using custom questionnaires. Should a potential issue arise, information security teams can show regulators the robust vetting process that identifies potential risk for the organization.

The number of life science vendors in the ThirdPartyTrust network is growing everyday. The unique attribute about our solution is vendors manage their own security profiles and can share their profiles with other companies. Vendors get mileage out of their work and life science companies can be assured they have up to date information when they assess a vendor.

Life sciences companies are growing their reach and their vendor populations. But whether it’s your business or the vendors you work with, noncompliance could be costly to your bottom line and future profitability.