Third-party risk management is crucial for businesses as they increasingly rely on outsourced services, making them vulnerable to data breaches and compliance violations. According to Hyperproof’s 2023 IT Compliance Benchmark Report, 38% reported experiencing a third-party data breach while 48% reported experiencing a compliance violation. Therefore, organizations must implement strategies like assessing third-party risk, developing a framework for doing so, and creating structured onboarding and offboarding processes for vendors.
Rampant ransomware attacks have hit the healthcare industry, with incidents increasing by more than 600%, costing an average of $10 million per breach. This has