Businesses spend millions of dollars a year settling lawsuits stemming from inadequate third-party verification.  (Photo: Adobe Stock)

Since the pandemic hit in 2020, it’s been a trial by fire for all businesses; even major companies had to tighten their belts, yet companies continue to spend millions of dollars a year to settle lawsuits because they’ve failed to verify their third parties adequately.

While health and safety concerns increase, instances of data breaches and compromised digital infrastructure are also on the rise. The truth is, you don’t have to be a major company to be the target of a record-setting liability suit. Most suits go after the “deep pockets” of any company associated with a claim of injury, disruption, or breach, so how can executive management make sure their business is protected?

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