Businesses rely on vendors for everything from productivity and collaboration tools to big data analytics, finance, and customer information. However, vendor relationships are getting more complicated when it comes to cybersecurity and data privacy. Most organizations that are aware of these challenges are working to create a cybersecurity supply chain risk management program and address third- and fourth-party risk management through a combination of enterprise risk management and strong cybersecurity practices.
Vendors have highly effective solutions and the subject matter experts to maintain and develop them. Businesses that rely on them are happy to reap the benefits of not having to staff additional skill sets, maintain complex infrastructure, and perform routine work that goes along with the systems — and they accept the risks that may be introduced.