Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions
The SolarWinds supply chain breach continues to wreak havoc on Orion customers around the world, as they continue to identify and mitigate its risks. Recognizing the potentially damaging impact to companies’ operations, Prevalent released a free event and incident management assessment to its customers soon after the breach was first reported in December 2020. The goal of this survey was to enable our customers to gain much-needed visibility into the risks among their vendor communities so they can take the appropriate remediative actions.
What we learned from the results of the survey was both encouraging and revealing.
Prevalent launched our free SolarWinds event and incident management assessment to vendors in our Third-Party Risk Networks. Analyzing the response data from these assessments shows both the scale and impact of the breach. Among the Prevalent network vendor population only a small percentage rated the impact of the breach as low to none.
More revealing, however, were the outcomes, with more than a third of impacted parties indicating they lacked customer notifications and incident management policies.
Response data from Prevalent’s free SolarWinds assessment clearly shows that far too many companies were wrong-footed by this breach, exposing internal process gaps around customer notification and incident management limitations.
To address these risks, Prevalent recommends that organizations:
If you are still determining the impact of the SolarWinds breach on your third parties, contact Prevalent today. Through our third-party risk management solution and certified partner community, we have helped organizations gain risk visibility on such events across thousands of vendors in as little as two weeks.
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