How seriously is your company treating the risk of a data breach? Sure, you allocate a good chunk of your security spend to protecting the data inside of your firewall, but what about your third party partners? You know those guys, the ones processing your payroll, designing your website, or even managing your HVAC equipment. Just because you outsource to a third party doesn’t mean you outsource the risk. So, how do you manage vendor risk?
Are you effectively tracking your third parties?
According to Forrester’s latest research for The Forrester New Wave™: Cybersecurity Risk Rating Solutions, Q4 2018, security and risk professionals surveyed reported that on average, their organizations work with more than 4,700 third party vendors. 4,700 vendors! That number certainly puts things in perspective when you think about scaling a program, but how about this statistic? Of those surveyed, “only 14% of respondents said they are confident that they effectively track all of their third parties.” 14%! As outsourcing continues to proliferate, organizations are finding themselves in a very vulnerable position.
A solution to help with the growing problem of data breaches is cybersecurity risk ratings. By collecting, analyzing, and scoring threat intelligence data, organizations can identify the risk associated with their employees’ personal data or intellectual property as its shared with vendors throughout the supply chain. We believe that Forrester’s comprehensive evaluation of this emerging market confirms the importance risk professionals have already placed on vendor cybersecurity as a top priority for CISOs.
The Forrester New Wave™: Cybersecurity Risk Rating Solutions, Q4 2018 Report
Prevalent is thrilled to be named a Leader in The Forrester New Wave™: Cybersecurity Risk Rating Solutions, Q4 2018 evaluation. Forrester evaluated nine vendors across three categories: current offering, strategy, and market presence. After evaluating where Prevalent stood in relation to other solutions, Forrester gave Prevalent the highest possible rating, termed differentiated, in the following criteria:
- Risk Analysis and Attribution
- Internal and Enterprise Risk Context
- Risk Assessments and Review Portal
- Vision and Execution
- Global Reach
Prevalent’s Approach to Managing Third Party Risk
Prevalent’s threat monitoring solution offers a continuous view of potential vendor risks. It goes beyond the technical monitoring of cyber threats and network health to a strategic view of the business drivers of information security risk. Prevalent has the only solution that offers insight into your vendor ecosystem across the critical areas of data, brand, financial, operational, and regulatory – areas identified as mandatory to satisfy regulatory obligations.
However, we believe that’s just one piece to the puzzle. Regulated industries today are required to assess vendors. They need to know whether their vendors have adequate security controls in place and what IT security and data privacy policies and procedures a vendor follows. As innovative, thought leaders, Prevalent is the only company to bring monitoring and assessment due diligence into a single view, providing actionable intelligence to manage third party risk.
So, if you’re in that group of security and risk professionals and you aren’t sure if you’re effectively tracking your third party vendors, consider a comprehensive platform that combines continuous monitoring along with assessment due diligence for a highly-functioning, efficient program to mitigate risk.
The full Forrester New Wave™ report is available for download here.
If you are interested in learning more about Prevalent, watch our latest video.
Sara Muckstadt is a Product Marketing Manager at Prevalent, Inc. She is responsible for corporate marketing and demand creation activities, with a continued focus on positioning Prevalent as the leader in Third Party Risk Management.