Vendor Risk Management is all about the process of evaluating your business partners, suppliers, or third-party vendors both before a business relationship is established and during the duration of your contract. This is an important concept and practice to put in place during the evaluation of your vendors and the procurement process, and can reduce your company’s exposure to reputational damage, fines and other liability.

• Third Party Cyber Risk. How mature is their Information Security Program? Are they implementing appropriate controls?
• Third Party Legal Risk. If your vendor is breached, you may be responsible for breach notification and related reporting obligations.
• Third Party Reputational Risk. A vendor’s breach could impact your reputation is your company’s data is wrongfully disclosed.
• Third Party Financial Risk. If your vendor is breached, you may be responsible for breach notification costs and fines.

West Point Security can assist with continuous monitoring of your vendors. More than half of breaches result from a vulnerability for which a software patch was available, but not applied. We can assist with the creation of a vendor continuous improvement plan, so that your third-party vendor’s security is optimized.