Why Vendor Management is Critical

Vendor management is crucial in today's interconnected business landscape. As organizations increasingly rely on external vendors to provide essential services and technology solutions, the need to ensure their reliability and security becomes paramount.

Data breaches not only compromise sensitive information but also tarnish a company's reputation and result in financial losses. Robust vendor management practices help organizations establish stringent security protocols, enforce data protection measures, and minimize the potential for breaches, safeguarding both their own and their customers' data.

Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker experienced a data breach through a 3rd party vendor and has a ransom demand of $70 Million. The largest ever. Read the article here at Tech Crunch. Click Here