Cybersecurity has propelled vendor risk management up the priority list for the board. While the statement is true, concern over cybersecurity has actually had a much broader effect. It has driven vendor risk management up the priority list for everyone: regulators, investors, customers, CEOs, operations executives, and, yes, the board of directors.
Compliance officers might wish that cybersecurity were still the domain of the IT security team - and once upon a time, it was. Those days are gone. Internet technology has forever transformed how employees work everyday and what vendors do for your company via the supply chain.
This paper will explore:
- Business impacts of cybersecurity risks from vendors
- Regulators perspective to vendor risk
- Why sound third-party risk management is a strategic business advantage
- Steps companies can take today to better understand and manage vendor risk, including SOC audits & NIST protocols