Vendor Risk Management (VRM), also known as Third-Party Risk Management (TPRM), is the process by which an organization identifies, assesses, manages, and monitors risks arising from its relationships with external vendors, suppliers, and service providers, particularly cybersecurity risks.
Cybersecurity is not an issue that impacts only business giants. Nobody is safe from the bad actors of the dark web ― government departments, financial and healthcare institutions, small businesses, individuals, non-profit organizations, even professionals working from home ― anyone and everyone is fair game for hackers and other online threats.
One of the nation’s leading healthcare organizations, with a vast network of renowned hospitals and healthcare services, found itself facing a growing cybersecurity problem. Despite its reputation for clinical excellence and innovation, the organization recognized that human error remained a significant vulnerability, particularly as cyberattacks targeting healthcare facilities were becoming more frequent and sophisticated.
There is a major risk of data breach wherever records are stored digitally. This is why every organization which uses information technology (IT) devices, and has developed IT infrastructure must be mindful about the various laws, rules, regulations, and executive orders it needs to be compliant with to ensure data security.
