Evaluation based on Completeness of Vision and Ability to Execute
Warren, New Jersey –– Nov. 4, 2014 –– Prevalent, the vendor and cyber threat intelligence innovators, today announced that Gartner, Inc. has named the company the only “Visionary” in the inaugural Magic Quadrant for IT Vendor Risk Management.
“Prevalent is leading the way in developing innovative solutions to help companies identify and manage the risks associated with third-party vendors, and we are proud to be recognized by Gartner as a ‘Visionary’ in the inaugural IT Vendor Risk Management Magic Quadrant,” says Norman Menz, CTO and Co-Founder of Prevalent. “Third-party risk is one of today’s most pressing concerns for businesses working within high-profile verticals including financial services, retail, telecom and healthcare. We remain steadfast in our commitment to ensuring that our risk assessments map to industry standards including PCI, HIPAA and FINRA.”
In February 2014, Prevalent introduced Prevalent Vendor Threat Monitor™ (PVTM), a dynamic vendor risk intelligence platform that monitors key threats being assessed within Prevalent Vendor Risk Manager™ (PVRM) or the Prevalent Vendor Assess Service. PVTM significantly enhances the ability to obtain a full picture of vendor risks by aggregating key threat information from multiple external sources to identify potential risks, scores the risks across multiple risk areas, and notifies the appropriate stakeholders.
PVTM also works in concert with PVRM to allow organizations and IT professionals to continuously and proactively monitor key threat vectors from third-party providers across several relationship risk areas including:
- Data Risk
- Operational Risk
- Financial Risk
- Brand Risk
The combination of PVTM and PVRM goes beyond point-in-time assessments by providing organizations with proactive monitoring and automated alerts for third-party risks and threats. This “real-time” risk and assessment helps enterprises adhere to industry compliance requirements and provides peace-of-mind by proactively identifying potential third-party risks before they become legal liabilities to the business. These best-in-class, cloud-based technologies help businesses automate, manage and monitor third- and fourth-party vendors with greater ease, efficiency and coverage across any number of vendor relationships.
“Organizations of all sizes and across all vertical industries are looking to reduce risk and maintain compliance with industry regulations while continuing to drive costs down by adopting cloud-based and outsourced services for non-core functions,” says Jonathan Dambrot, CEO and Co-Founder of Prevalent. “The combination of our Prevalent VRM platform and Vendor Threat Monitor deliver a unique solution that is proven to help these organizations achieve real-time insight into third-party risks, monitor key threat vectors, and protect their data in a cost-effective and measurable way.”
“The market for IT vendor risk management (VRM) software exists to enable the assessment, monitoring and remediation of risks arising from the use of IT vendors and IT service providers,” wrote Christopher Ambrose, Research Vice President, Gartner, Inc, et al. “By far the biggest driver of VRM is the proliferation of regulatory mandates for risk monitoring of third parties that can access personal data, such as payment card and protected health information. These mandates include state-level data breach notification laws in the U.S., the Payment Card Industry (PCI) standard, privacy and data protection regulations worldwide, and industry-specific regulations in the healthcare, telecom and banking sectors.”
To access the Gartner Inc. “Magic Quadrant for IT Vendor Risk Management,” CLICK HERE.
About the Magic Quadrant
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Prevalent is a vendor risk and cyber threat intelligence innovator with a reputation for developing cutting-edge technologies and highly-automated services that are proven to help organizations reduce, manage and monitor the security threats and risks associated with third-party vendors.
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1Source: Gartner, Magic Quadrant for IT Vendor Risk Management, Christopher Ambrose, Kris Doering, Gayla Sullivan, October 31, 2014.