Legal Vendor Cyber Risk Management – An In-Depth Guide
The cyber threat landscape is complex and security breaches have become a daily occurrence. The rise in the number of high-profile cyber attacks reinforces the need for organizations of all sizes to boost their cyber resiliency.
An organization’s legal department, in particular, may face serious challenges when it comes to risk management of its vendor ecosystem. As a company’s reputation and data are at increasing risk of being compromised, it is critical for legal departments to adopt a comprehensive and robust approach to vendor cyber risk management.
There are a number of detailed steps to consider when building a strong Legal Vendor Cyber Risk Management (LVCRM) program, which enables the management of cyber risk among vendors and suppliers. Understanding the third-party cyber risk management life cycle is critical for both the organization and its vendors to decrease security control gaps and minimize overall risk.
It is important to note that risk management is not a one-time activity. After developing a LVCRM program, organizations must continually assess risks and augment their program. By addressing vendor cyber risks, an organization can mitigate the exposure to its legal department, and thereby the entire organization, reducing the risk of being the next headline.