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VendorManager

-1 karma · joined June 19, 2021

We are advocates of better Client and Vendor relationships and post lots of useful content on on Technology Procurement and how to manage the Supplier-Client relationships.

Drop by or say hi at

http://www.vendormanagementoffice.net

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VendorManager··on Ask HN: What are you working on?
http://www.vendormanagementoffice.net

I am working on spreading awareness about a robust Technology Vendor Management program. This is an area that lacked focus and is very important for company of any size.

Whether you are a startup or a large organization trying to sell something that involves technology, or whether you are on the purchase side of the table, both parties need to understand the nuances. Why are few things important to a client such as your SOC 2 report, ISO27001 report, why is the client asking for regular governance cadence to discuss SLAs, what is the risk, why are vendor’s security controls important Etc.

I am getting amazing response from people in Technology, Procurement, Third Party Risk Management and Cyber Security for a common place to consume information.

I hope the momentum continues.

VendorManager··on Bitcoin and Encryption: A Race Between Criminals and the FBI
Bitcoin is a hacker’s favourite choice for ransom demand due to lack of regulatory oversight and control as the legal tender has. KYC and other rules need to be implemented on crypto currency too.

Read more here:

http://www.vendormanagementoffice.net/2021/06/us-recovers-mi...

VendorManager··on 80% of orgs that paid the ransom were hit again
Backups and disaster recovery sites are definitely important from business continuity perspective, but there is a bigger risk of leaking PII and other sensitive information such as SIN / Social security numbers if the software vendor has access to it. Your business might be able to recover from backup if the hacker has not encrypted it, but the hacker for sure will be maliciously using the PII information to send phishing emails.
VendorManager··on 80% of orgs that paid the ransom were hit again
The insurance cost is increasing due to rising ransomware attacks. This is causing a lot of stress within insurance companies and insured companies. An HBR post cited that this is a new niche for insurance companies and 5 big ransom demands can wipe out the insurance premium they collected from 250 customers.

Relevant analysis here:

http://www.vendormanagementoffice.net/2021/06/cyber-insuranc...