Developing a Cybersecurity Vendor Risk Management Program
As touched upon, the job of managing vendors can be quite a challenge for organizations. Onboarding vendors can be a thorough and lengthy process involving different departments, such as the business, risk, legal, and procurement, to help ensure risk is assessed and contracts are written and executed correctly to reduce any liability. As more services shift to third-party cloud-based vendors that host our user and customer data, the onboarding process must be more rigorous than ever before. This becomes even more challenging as you need to deal with both current and new privacy requirements. As part of the onboarding process, the right personnel must be included in the process.
It is also important to remember that Vendor Risk Management is not just a one-time exercise but one that needs a life cycle attached to it. At a minimum, annual reviews should occur as audits and certifications expire. Because of this, it is important...
