Business Partner Vetting (“BPV”) helps your organization to get “satisfactory assurances” from business partners (“Partners”) pursuant to the state of compliance with their cybersecurity programs. The overarching purpose is to ensure that your sensitive data is being protected as expected and required.
Many compliance regimes (“Regime”) mandate that certain data is protected by your Partners (e.g. GDPR with Processors and HIPAA with Business Associates). Given the significant fines that are now routinely imposed and the reputation damage that ensues, it would be cybersecurity malpractice not to have a BPV process in place.