With the number of third parties connected to businesses increasing, risk and security teams need to ensure they are spending the right amount of attention on the right third parties. To do this, organizations need a clearly defined, tiered portfolio of third parties, vendors, and suppliers. Today, many companies tier their third parties based on the inherent risk they present, and the types of data they handle or have access to.
Article Link: https://www.bitsighttech.com/blog/third-party-tiering-cornerstone-of-a-strong-third-party-risk-management-program