Businesses are taking quantum leaps with new products and service offerings with the help of partners often sharing customer data, engineering resources and business information. The old adage of “Trust but Verify” has to evolve just as digitization has changed the where and when of doing business. The standard assessment processes isn’t enough anymore and doesn’t reach into the unknown fourth party risk.
In 2017, 63% breaches can be be linked directly or indirectly back to a third party. Organizations are put at operational, reputation and financial risk when a breach does happen. Embracing best practices, following frameworks and enforcing good policy with vendors can reduce the overall risks to your organization.
The number of 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 companies can be assured they have up to date information when they assess a vendor.
In order to stay competitive in today’s changing landscape, innovative companies are looking outside their four walls. Third parties can assist in developing new products and technologies but can also put you at risk of a data incident. Be sure to manage your vendors properly.