June 16, 2023
I agree with this new rule. With continuing risk evolving related to cyber threats and site breaches, it is needed now more than ever. I perform due diligence on vendors and believe that for my company it is necessary to hire a compliance consultant that can support ongoing monitoring of the 3rd parties we use. There are additional costs involved, of course, but they are minimal ($10k-$30k annually) when compared to the security having this in place will provide. I also believe that it can have a positive impact on company cyber insurance premiums.