Vendor Risk Management (VRM) is defined as a “plan to identify and decrease potential business uncertainties and legal liabilities involving a vendor.” With our ever-evolving electronic world, Vendor Risk Management is especially important from an information security perspective.
Why is the practice of evaluating vendors so important? Findings from the Ponemon Institute show that “49% of companies had a data breach caused by a third party vendor.”
Over the past few years, the rise of mobile, cloud and social technologies changed our working systems, infrastructures and processes. In fact, this shift toward an ever-connected world has given businesses both a greater choice and variety of vendors to deal with, but also the reality that now cyber criminals have a broader area to attack.
When a business works with vendors:
* Sensitive data may be transmitted, stored, and processed on both company and vendor networks.
* It is important to know and understand the legal requirements and mandates regarding risk management policies with vendors, contractors, and consultants.
* It is important to know not only what risks you can contractually pass along to the vendor, but also what your vendors are contractually requiring of you.
When handling your sensitive information, failing to account for the risks associated with vendors could nullify even the best internal precautions taken by your company. Vendor Risk Management should be considered in conjunction with your internal protective measures.
This seminar will provide technical and legal guidelines for companies and vendors alike to encourage a more secure culture surrounding Vendor Risk Management. Help you understand your obligation when working with vendors to ensure the security of your data. And guide you to making better decision on picking the right vendor for your company.
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Who Should Attend
The 5, 4, 3 of Vendor Risk Management
5 Things to Learn:
4 Red Flags:
3 Ways to Protect:
Course Outline Summary
Understanding the Risk
Walk Away With:
– A Cyber Security Risk Management Strategy for Vendors
Date, Time, Location
This course qualifies for: