Category: Vendor Management

How Vendor Risk Management Can Impact Your GDPR Compliance

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Risk exposure is indiscriminate, regardless to the size of the company. Now that GDPR is in full effect, organizations should be engaged in activities to display compliance. This includes implementing a solid vendor risk management program to identify, track and monitor your company’s risk exposure. Under GDPR your company could face fines, penalties and other possible legal ramifications.   To prepare for GDPR, organizations should have overhauled critical business operations, one being their vendor risk management program. The expressed language in GDPR regarding data controllers and processors is very clear, you are liable if one of your third party’ processors encounters a breach that leads to customer data being compromised. The illustration below provides a high-level overview of the applicable…

Who’s really responsible for third-party vendor breaches

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Third-party vendors, suppliers, and partners pose more risks to your reputation and bottom line than ever before. Recent surveys indicate as many as 63 percent of breaches stem from third-party access. Some of the most devastating cyberattacks in recent years, in fact, have occurred not to big companies, but to their vendors. The sheer number of third-party contractors may be a factor. Enterprises are turning increasingly to contractors to not only save on the costs of hiring full-time employees, but also to fill a temporary need or a very specific niche such as IT or data analysis. As your own circle of trust widens, how will you ensure that your enterprise’s data, that of your clients and customers, will remain…