Supply chain data breaches have become a significant concern for organizations, with third-party vendors often serving as the weakest link in the cybersecurity chain. The 2022 data breach study by IBM and the Ponemon Institute revealed that 54% of organizations experienced breaches through third parties, resulting in losses of up to $4 million per incident. To address this growing issue, companies must implement effective vendor risk management (VRM) strategies that protect their digital assets and minimize the potential for third-party data breaches.
Managing vendor security and third-party risk is essential for maintaining a strong cybersecurity posture and ensuring compliance with industry regulations. By incorporating VRM solutions such as Informatica Corporation’s Vendor Risk Management module, integrated into their PrivacyDASH™ and Verify Audit Portal™ (VAP), organizations can streamline third-party privacy and security assessments, track supplier compliance, manage incidents and remediation activities, share security policies and training materials, and maintain visibility into third-party cybersecurity service levels.
Utilizing an online portal for vendor risk management provides companies with a convenient and efficient platform for managing third-party relationships. The PrivacyDASH™ and Verify Audit Portal™ offer enterprise-grade security features, including multifactor authentication and mobile compatibility, ensuring that suppliers and partners of all sizes can securely access and share information. These platforms save time and increase productivity by centralizing vendor risk management efforts and reducing risks to the entire supply chain ecosystem.
By simplifying third-party privacy and security assessments, tracking supplier compliance with security standards and privacy legislation, managing incidents and remediation activities for service providers, sharing security policies and training materials with trusted partners, and maintaining visibility into third-party cybersecurity service levels, companies can effectively manage vendor security and minimize third-party risks.
To support these efforts, professionals and advisory firms can join the FlexSecure Partner Program (FPP™) directly from www.SecurityandPrivacy.ca and recommend the PrivacyDASH™ and Verify Audit Portal™ to their clients and trusted partners. Trusted advisors can share registration links for the Datarisk Verify Audit Portal (www.datarisk.ca/register) and Managed Privacy Canada’s Privacy Dash (www.managedprivacy.ca/register) with their networks, targeting vendors and service providers requiring standardized policy and compliance training, security and privacy managers seeking to streamline enterprise risk education, and professional services firms looking to extend their security program to their clients.
In conclusion, organizations must prioritize vendor security and third-party risk management to protect their digital assets and prevent costly data breaches. By leveraging online portals like PrivacyDASH™ and Verify Audit Portal™ and adopting comprehensive VRM strategies, companies can effectively safeguard their supply chains and mitigate the risks associated with third-party relationships.