Organizations have more third-parties and vendors than ever before, so much so that it’s become overwhelming for many companies. A 2021 Ponemon Sullivan report found that an average organization’s third-party inventory tallied up to over 2,300 third-parties with 50% of respondents reporting that they don’t have an inventory.
This trend is the same for cybersecurity vendors and third-parties. With digitalization, digital transformation, cloud-based vendors, and increasing reliance on third-parties and partners for major infrastructure services, this is increasing the average attack surface dramatically.
Companies, in trying to account for their increased cybersecurity risk, are seeking to procure additional tools and vendors to protect themselves. Unfortunately, this has led to another challenge. An increase in third-parties can lead to overwhelming complexity during the procurement process as well as the management process.
Without the right vendor management policy in place, this can turn into an organizational risk that can impact your ability to mobilize your cybersecurity department and properly protect your organization.
Why lacking a vendor management policy can lead to decision paralysis
The cybersecurity vendor market is growing rapidly with various new solutions and tech coming out every year. There’s an abundance of acronyms, solutions powered by AI, machine learning-based solutions which