1 year ago

The finance industry has the https://www.upguard.com/blog/cost-of-data-breach at US$5.97 million per breach, according to IBM and Ponemon Institute’s https://www.ibm.com/security/data-breach. A https://www.upguard.com/blog/vendor-risk-management-program helps your organization visualize the third-party attack surface to assess and mitigate the risks vendors pose to your organization.

Reputational risk: Unmanaged vendor cyber risks increase the chances of a third-party data breach exposing customer data, causing negative public opinion and reduced customer trust.

Strategic risk: Your organization will struggle to meet broader business objectives, such as customer retention, if a third-party data breach occurs.

Organizations with a vendor risk management program can asses their vendors’ security postures throughout the lifecycle – from procurement to offboarding.