How to Assess Third-Party Vendors and Mitigate Security Risks
Establishing partnerships, outsourcing, or purchasing different products from multiple third-party vendors frequently involve risks. Several other third parties such as regulatory bodies, government agencies or strategic consultants can also pose grave risks. These risks may result in reputational damage, fines imposed by regulatory compliance requirements, legal liability, business interruptions, and so forth.
Whether you buy products from a wholesaler to run your business, for human resources to provide administrative functions, medical care to support healthcare services for your employees, or integrate your systems with a third-party vendor, sensitive or confidential data that is the heart of your business can easily be on the verge of being compromised.