Data Is Power: Wield It Wisely
The Importance of Digital Vendor Management
As the digital landscape grows and changes, businesses rely on an increasingly sprawling network of third, fourth, and fifth parties to render final, consumer-facing content. Chris Olson, CEO at The Media Trust, explains why a sound digital vendor management strategy is so crucial not only for compliance purposes, but also for brand health.
The digital age breeds constant change – none more powerful than the availability of data and, more specifically, the ease of collecting and using personal data. For industry, this data has the power to both accelerate new opportunities for growth and act as an anchor to drag down momentum. In an era where businesses prize data and guard against its misappropriation, its troubling that this discernment doesn’t carry over to the digital environment, where countless third parties and partners on enterprise websites and mobile apps have access to personal user data, often without a company’s knowledge.
Impending regulations and the changing political landscape require a more cautious approach to the collection, use and sharing of personal data. Threats of not only hefty fines, but also long-term reputational damage induce enterprises to take a closer look at their own websites and mobile apps to understand exactly which partners execute code and which capture personal data. This basic knowledge — standard elements in a vendor risk management program — could very well be the key to mitigating future troubles if adapted for a digital-first economy.
Source: Disaster Recovery Journal