With the surge in cyber-attacks, there is an imperative need to approach vendor risk management strategically. Despite having top security measures in place, there is always scope of threat and vulnerabilities posed by third parties and 4th parties on organizations. There have been business disruption in the past where companies have suffered cyber-attacks involving breach of sensitive and confidential information due to insufficient third party due diligence. Lack of prudent planning often puts organizations in the state of security compromise which further leads to damage in brand reputation, financial losses and lawsuits.
Critical negligence in following practices, and inefficient technologies, is accountable for increasing cyber-attacks in the organizations. Today, transparency of the security related initiatives within an organization is important to safeguard the interests of company and the ecosystem. This drives holistic vendor security measures for ensuring compliance with regulations and information security standards and practices. With growing dependency on third party service provides, IT vendors and contractors, it is crucial for companies to identify, monitor and mitigate any risks posed by them.
Join this webinar to discuss how IT Vendor risk management is a major concern for corporates and how to overcome the challenges.
Mr. Hurlock has 32+ years of experience as a practitioner and leader in the risk management arena. His first fifteen years were spent in leadership positions for institutions of various size and complexity. During Mr. Hurlock’s banking career, he worked in several functions including risk, credit, treasury services, and operations. In the late 1980’s, Mr. Hurlock was one of the first bankers to initiate the use of Total Quality Management (TQM) to address operational risk. This resulted in improving quality, efficiency and reducing the risk exposure for key business lines.
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