Vendor Management: Ultimate Guide To Secure The Best Bargain

Vendor Management: Ultimate Guide To Secure The Best Bargain

Vendor Management: Ultimate Guide To Secure The Best Bargain

Published by Sarmad Hasan September 19, 2022 . 6 min read

Vendor Management

According to vendor management statistics, 87% of businesses have had a disruptive incident with a third-party vendor within the last three years. 82% of organizations are not confident that they have identified all the third party risks. What’s even worse is that 74% of organizations are unaware of the vendors and third parties that handle their personally identifiable information. Only 40% of organizations have a mature vendor risk management process in place.

It does not end here. 60% of companies admit that they lack the resources to monitor the security and privacy practices followed by vendors and don’t even know who they share their information with. 23% of organizations don’t even monitor third parties.

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