Business relationships with vendors, outsourced providers and business associates are essential but can create significant risk for regulated entities. Managing risk from these third parties is vitally important in the current regulatory environment.
Numerous high profile security breaches in the past few years. In each instance, a third party service provider has lost information or been breached. The customers of the service providers suffered significant cost in breach notifications, brand damage, and other negative impacts.
This whitepaper describes issues relating to management of risks from third parties in four industry sectors, including healthcare, financial services, life sciences, and consumer brands/retail. The bottom line is that the regulated entity retains the compliance mandate and the associated risk.