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During the week of August 25-31, when Hurricane Harvey [1] made landfall in Texas, retail sales in Houston dropped 59% compared to the previous week, and total consumer spending fell 42.5%. Following Hurricane Katrina, about 19,000 New Orleans-area businesses shut down forever (source: Census Bureau).
And that suffering now extends far beyond the potential for Health Insurance Portability and Accountability Act ( HIPAA ) regulatory non-compliance brought on by lost or stolen data; instead, the breaches affect healthcare organizations’ capacity to function and pose a risk to patient safety.
On top of that, these suppliers themselves outsource their material to second-tier suppliers. Privacy and security concerns increasingly impact multiple vertical markets, including finance, government, healthcare and life sciences, telecommunications, IT, online retail, and others, as they quickly outgrow legacy data storage architectures.
Before outsourcing your business processes or striking some other deal with vendors, you do need to assess the risks they pose. This will give you insight into the vendor’s risk management solutions and its ability to provide the data you need to monitor vendor performance. What Are the Most Common Vendor Risks? Cybersecurity.
The Third-Party Threat There seems to have been a lot of confusion around how to classify this incident; some see it as a digital or cyber issue, attempting to claim on their cyber insurance. 13 It speaks to the fact that third parties and Operations, Security, and IT teams are now all intrinsically linked. It doesn’t work.” 3 billion 12.
You might be able to find a sale, but more than likely, you’ll end up paying the full retail price. Your IT department or outsourced MSP typically handles these concerns. Beyond the factors of salary, insurance, and other expenses related to that employee, you also have to consider how an MSP can save you money in different ways.
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