First Universal Third-Party Risk Management Evidence Sharing Portal
WARREN, NJ (January 25, 2017) – Prevalent, Inc., the leader in Third-Party Risk Management and Vendor Threat Intelligence, today announced the first global vendor evidence sharing portal, the Synapse Exchange™. As the security industry’s first unified, cross-sector third-party risk management platform, Synapse Exchange automates and speeds the exchange of the full array of data that’s critical to reducing cyberattack risks associated with third- and fourth-party vendors, while sharply reducing costs and complexities for enterprises, vendors and supply chain partners. Exchange leverages Prevalent’s next-generation third party risk management platform, Synapse, which includes evidence collection and remediation workflows, risk scoring, reporting, and myriad other features developed over years of exclusive third party risk management focus.
“More than 60 percent of data breaches are now occurring through third-party vendors,” noted Jonathan Dambrot, Prevalent CEO and co-founder. “We cut our teeth with vertical industry vendor networks, and the insight contributed by customers, vendors and partners across industries and around the globe has helped make Synapse Exchange a distinctly universal, efficient and economical platform. We’ve helped organizations migrate away from the overhead costs and burdens associated with other third-party risk management approaches, and are delighted to expand our market-proven approach to this new, non-restricted cross-industry platform.”
Simplifying Processes for Vendors, Partners and Enterprises
Prevalent’s Synapse Exchange enables vendors to complete any standard security controls questionnaire, which is then available with the vendor’s permission to any organizations requesting it. There is no cost for vendors to participate, and vendor data can (with permission) be shared with any organizations in the Exchange. Key features and capabilities:
- Synapse Exchange participants can avail themselves of an ever-expanding repository of vendor controls evidence, enabling nearly-immediate vendor risk scoring and identification of riskiest vendors, those requiring attention, and other factors.
- Synapse™ Exchange participants can access vendors in the Exchange immediately after the vendor approves the evidence-sharing request.
- Participants can request that vendors of interest not in the repository be added, and Prevalent will collect completed questionnaires at no charge, and expeditiously. Participants pay only for the vendor evidence they consume; there is no charge for entry into the Network.
- The Platform supports standard questionnaires such as the Shared Assessments Standardized Information Gathering Questionnaire (SIG), SIGLite, DDQ, and CyberFit, as well as other evidence types such as Word documents, pdf files, and spreadsheets, facilitating the prompt, secure exchange of key vendor controls documents such as SOC 2, HITRUST reports and others.
- All Exchange participants are provisioned with a fully-featured Synapse Platform, meaning they can take advantage of Prevalent’s next generation vendor risk management product, assessing vendors, creating custom questionnaires, Tiering vendors, and building analytics and reports, among other capabilities.
“There is no substitute for a comprehensive vendor assessment to generate a meaningful risk profile,” concluded Norman Menz, Prevalent CTO and co-founder. “Until now, the expense and effort of an effective assessment process often limited its feasibility to only the largest organizations. Thanks to the Synapse Exchange and flagship Prevalent sector-focused vendor networks that paved the way for this game-changing system, that’s no longer true.”
Prevalent is the leader in third-party risk management and cyber threat intelligence, helping global organizations manage and monitor the security threats and risks associated with third and fourth-party vendors. With the release of Prevalent Synapse™, organizations now have a purpose-built, unified platform that reduces both risk and cost in a shared assessment model, leveraging standardized content, automation, and threat intelligence.
For more information regarding Prevalent, please visit www.prevalent.net, email email@example.com or call 877-PREVALENT.
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Madison Alexander PR