Definition
Vendor Risk Management is the process of assessing, monitoring, and mitigating security risks posed by third-party vendors, suppliers, and service providers who have access to an organization's data or systems.
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Related Terms
Third-Party Risk
Third-Party Risk refers to the potential threats and vulnerabilities introduced to an organization through its relationships with external vendors, partners, contractors, and service providers who access its systems or data.
Supply Chain Attack
A Supply Chain Attack targets an organization by compromising a trusted third-party vendor, software provider, or service in its supply chain, using the trusted relationship to deliver malware or gain unauthorized access.
Risk Assessment
A risk assessment is the systematic process of identifying, analyzing, and evaluating cybersecurity risks to an organization. It determines the likelihood and potential impact of threats, helping prioritize security investments and mitigation strategies.
Compliance
Compliance in cybersecurity refers to the process of meeting established security standards, regulations, and legal requirements. Organizations must adhere to frameworks such as SOC 2, HIPAA, PCI DSS, GDPR, and industry-specific regulations to protect data and avoid penalties.
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