What is the significance of these questionnaires?
Security questionnaires comprise third-party risk management (TPRM) programs for organizations. When an organization provides third-party access to sensitive data, it adopts all cybersecurity risks associated with that vendor. If a third party suffers a data breach, the client organization’s sensitive data is also at risk of compromise. Disclosing private data, such as customers’ personally identifiable information (PII), can result in regulatory action, financial action, litigation, and reputational damage for the parent company.