451 Research Names Prevalent as a Leader in Third-Party Risk Management
Not since the days of data loss prevention have we seen a new security sub-category emerge with the one-two punch of broad and rapid regulatory response backed with allocated budget dollars, a rare combination in a market whose customers would generally rather spend their money elsewhere. To be sure, the process of assessing each of an organization’s external vendors can be a Herculean task that will necessarily entail a substantial amount of up-front manual effort, particularly for large enterprises whose vendor count can easily run into five-digit territory.
The ability to inject some degree of automation to the process will likely be well received by organizations that often don’t know where to start, and face an uphill battle to meet regular compliance audit requirements. Prevalent has an interesting take on vendor risk, although the critical and intractable nature of the problem points to a potentially lucrative market opportunity that’s sure to draw both new and existing vendors like moths to a flame. Prevalent will have to move quickly to ensure it gets a decent bite at the apple.
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