Let me tell you a story because it is the time of year for fables. A Scottish company (Dundee Ltd) is growing rapidly after only a couple of years in existence and needs to find a supplier that has the capacity to scale up to meet increasing demand.
Bruce Turner, “an active company director and audit committee chair”, was recently interviewed on this topic. You can see the full interview at CERM Risk Insights and there is also an article in Future of Professions.
Vendor master file blunders caused a $2.7M loss for a company whose insurer refused to cover most of the loss. At the root of the loss was the company's inadequate response to a phishing email. A few simple best practices could have prevented the loss.