Today, organizations are focused heavily on core competencies and keys to success. This—coupled with the rapid growth of software as a service (SaaS)—has led to increased outsourcing of certain business functions to vendors who can perform these functions better, faster, or cheaper. Therefore, there are more third-party relationships today than ever before—and this comes with a variety of benefits and consequences.

For example, a large organization could have 50,000-100,000 supplier relationships. This allows companies to grow more rapidly than if they were to attempt to keep things in-house. But as the number of supplier relationships grows, so grows the amount of risk. And in today's increasingly interconnected landscape, cyber risk has taken the spotlight when it comes to vendor risk.

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