This presentation is a recording of a webinar given on 11/5/2020 by Clearwater Chief Privacy Officer and Principal Consultant, Dawn Morgernstern.
Many companies have both direct and indirect relationships from third parties, fourth parties and so on that are important to fulfilling business functions. When engaging with third parties, their risks and vulnerabilities become that of the organization. Common risks associated with vendors include everything from compliance and operational risk to financial and reputational loss. Research found that 61% of U.S. companies have experienced a data breach caused by a third party and that number continues to grow.
Managing vendor risk can be a resource-intensive process — third-party cybersecurity incidents are increasing due to the growing complexity of the healthcare ecosystem as well as organizations’ inability to develop a coherent process that identifies, monitors, and assesses the risks posed by third parties.
Despite the challenges, there are a number of key components and best practices that can be implemented at each stage of the vendor engagement process to manage risk and ensure a successful and comprehensive program.
Key Topics Covered:
- Understand the business risks imposed by vendors
- Recognize that no organization is safe through the major breaches caused by third parties
- Know the current standing of the vendor risk landscape by discussing research reports
- Identify challenges in vendor risk management
- Pinpoint best practices for vendor risk management