Late December 2021: A company coming off a record year for revenue growth was preparing to ramp down for a week to celebrate the December holidays. However, unbeknownst to the company, just a few days prior, one of its longest-serving employees had been recruited by a ransomware group. The employee had responded to a posting on a computer hacking forum asking for access to corporate networks in return for cash payouts.

Third-party risk management (TPRM) has grown in prominence as organizations increase their reliance on external parties, from cloud providers to credit card processors. As more enterprises invest in this critical business function, certain best practices are becoming key to a successful TPRM program.