Today's Edition: Three’s a Party—Why 2024 is the Year for Third-Party Risk Management
Eighty-three percent of companies experienced negative consequences as a result of their current third-party risk management (TPRM) process—clearly, something isn’t working here.
The sheer volume of vendors most businesses use today is enough to warrant a hard look at TPRM programs, and the lack of standardized processes and inconsistent risk assessment methodologies certainly doesn’t help. We’re witnessing a “perfect storm” of many vendors, not many resources.
Developing a strong, effective TPRM program is the key to vendor security and a driving force behind thorough risk management. Below, we share all things TPRM and offer some insight into how to shape up your existing programs.
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Beginner’s Guide to Third-Party Risk Management
Every API, contractor, and supplier adds to your company’s third-party risk. One code exploit or stolen password can expose your company to data theft, litigation, and regulatory sanctions. And with 41% of companies having experienced an impactful data breach, it’s crucial to keep third-party risk under control.
Our beginner’s guide breaks down everything you need to know about third-party risk management, including:
Protect your customer’s privacy and your company’s reputation by implementing a strong third-party risk management solution.
From Drata's Experts
A Recap of Drataverse Digital: Risk and Reward
In case you couldn't join us at our last Drataverse Digital, here's the breakdown of all the new capabilities you can now access through Drata.
?Understanding Vendor Risk Management (VRM) + Best Practices
As boundaries between company and vendor systems blur, exposure to cybersecurity risks grow. Here is everything you need to know about vendor risk management, its implementation, and VRM best practices.
Unveiling Third-Party Risk Management
Our Third-Party Risk Management solution offers a comprehensive suite that enables businesses to effectively identify, evaluate, and monitor their third-party vendors.
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Navigating the New Normal: 5 Takeaways From Our Risk Trends Report
Our latest research report takes a deep dive into the current and future state of third-party risk management to help organizations better reassess and prepare to address ever-evolving risks.
Our report points out key trends concerning:
The insights from our Risk Trends Report serve as a wake-up call for businesses to reassess their third-party risk management frameworks, invest in the right tools and processes, and embrace a forward-looking posture that prioritizes continuous improvement and agility in the face of evolving risks.
Around the Web
Refuah Health Center Pays $450K HIPAA Fine; Agrees to $1.2 Million Cybersecurity Investment | The HIPAA Journal
Secured Jobs
Information Systems Cybersecurity Engineer, Enterprise Systems | Apple | Austin, TX
Compliance Director – Human Resources | USAA | Mount Mourne, NC
GRC Senior Analyst | Salesforce | Remote
Helpful Resources
Trusted is currently published twice a month and is designed to share the latest resources from around the compliance, risk management, and cybersecurity space. If you have suggestions or would like to include a recent article or podcast, please let us know.
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