Organizations are relying more heavily than ever on third-party data handling, and this trend is on the rise. The IT outsourcing market is set to reach US$425.19 billion by 2026, according to a 2021 report by Mordor Intelligence.
The steady increase of these third-party relationships comes with a major downfall — third-party risk.
IBM and Ponemon Institute’s 2021 Cost of a Data Breach Report found that third-party data breaches cost organizations an average of US$4.33 million.
Executives must manage third-party risk throughout the entire vendor life cycle, from pre-purchase to onboarding to continuous monitoring once vendors are active.
Handling a vendor risk management (VRM) program effectively is a labor-intensive task for information security teams. Your organization must dedicate the significant time and resources needed to develop a comprehensive VRM program.
We assess two VRM solutions, OneTrust Vendorpedia and UpGuard, to help you make an informed decision before investing in the right solution for your needs.
OneTrust is a US incorporated company with primary operating offices based in Atlanta and London. The OneTrust platform helps users assess and manage cyber risk from third-party vendors in their digital supply chain.
The OneTrust solution leverages security questionnaires and remediation workflows through both an exchange and ad-hoc model to help customers reduce risk and improve due diligence efficiency across vendor relationships.