Over 10 years we help companies reach their financial and branding goals. Engitech is a values-driven technology agency dedicated.

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engitech@oceanthemes.net

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Vendor Third-Party Risk Management

vendor third-party risk

Vendor Risk Management Service

Recent studies reveal that 61% of companies experienced a third-party data breach or security incident in the past year.

Key Benefits:

  • Reduce Third-Party Security Risks
    Identify and mitigate vulnerabilities in vendor security controls to prevent data breaches and operational disruptions.

  • Ensure Compliance with Industry Standards
    Align vendor practices with regulations such as ISO 27001, SOC 2, HIPAA, PCI-DSS, and GDPR to maintain compliance and protect sensitive information.

What Do You Get For Your Money ?

Streamline onboarding, reduce vendor uncertainties, and confidently choose reliable partners with our thorough risk assessment process

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Safeguard your interests, define responsibilities, and ensure accountability with robust contract oversight and precise SLA alignment

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Stay vigilant, track vendor compliance, and swiftly handle issues to maintain seamless security and ongoing regulatory adherence.

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Get a comprehensive, industry-aligned Risk Assessment mapped to regulatory standards with our tailored NIST CSF and RMF-based solutions. Identify, prioritize, and mitigate security risks with actionable insights.

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    • Challenge: The supply chain is a prime target for cyberattacks, with many vendors lacking strong security controls.
    • Solution: A structured vendor risk assessment framework identifies security gaps, policy weaknesses, and high-risk vendors before they cause harm.
    • Benefit: Businesses prevent inherited vulnerabilities, avoid regulatory scrutiny, and reduce exposure to vendor-driven data breaches.
    • Real-world breaches: Major incidents at Target, SolarWinds, and MOVEit were all traced back to compromised vendors, leading to severe financial and reputational damage.
  • Challenge: Regulations like ISO 27001, SOC 2, HIPAA, PCI-DSS, and GDPR require businesses to assess vendor risks—but many companies lack the tools and resources to meet these obligations.
  • Solution: Our Vendor Risk Management Service maps vendor controls to compliance standards, ensuring regulatory alignment and audit readiness.
  • Benefit: Businesses avoid legal penalties, contract violations, and compliance failures, ensuring vendor security meets regulatory expectations.
  • Challenge: The average cost of a third-party data breach is $4.29 million—higher than direct cyber incidents due to delayed detection and legal consequences.
  • Solution: Organizations that proactively manage vendor risks reduce breach costs by up to 50%, according to industry research.
  • Benefit: Proactive risk assessment ensures business continuity, protects sensitive data, and strengthens supply chain resilience—reducing downtime, financial loss, and operational disruptions.

  • Challenge: Many organizations lack in-house experts proficient in comprehensive vendor risk assessment and management.

  • Solution: Outsourcing TPRM provides access to professionals with specialized knowledge in cybersecurity, compliance, and risk mitigation.

  • Benefit: This expertise ensures thorough evaluation of vendor practices, reducing potential vulnerabilities and enhancing overall security posture.

  • Challenge: Managing vendor risks internally can be resource-intensive, often diverting attention from core business activities.

  • Solution: Engaging a dedicated TPRM service streamlines the risk management process through established workflows and methodologies.

  • Benefit: This approach optimizes resource allocation, allowing internal teams to focus on strategic objectives while ensuring effective vendor oversight.

  • Challenge: Organizations often struggle with maintaining up-to-date insights into vendor risk profiles due to dynamic threat landscapes.

  • Solution: A TPRM service offers continuous monitoring and assessment of vendors, providing real-time visibility into potential risks.

  • Benefit: Proactive identification and mitigation of emerging threats help maintain compliance and protect against supply chain disruptions.

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