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Vendor Risk Management Made Simple

In an article published on April 24 of 2019 by eSentire’s Chief Security Strategist, Mark Sangste, we are reminded of how vulnerable organizations are to the risks posed by their vendors, and their vendors’ vendors. eSentire commissioned a study that included the senior information security and privacy executives from 600 companies in different industries to find out what the real risk looks like and how well it is being managed. The key results are not particularly surprising to those of us that focus on this space, but they are nonetheless alarming:•44% of the companies had suffered a breach at the hands of a vendor in the previous year, contrary to the fact that most of them (81%) reported feeling confident in the security policies and procedures they were requiring of these vendors. •Of the nearly 250 companies that experienced a vendor-driven breach, 32 percent suffered a loss of PII, 29 percent payment information, and 24% experienced a loss of proprietary business information,…

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