Gartner Names Prevalent a LEADER in their 2017 Magic Quadrant for IT Vendor Risk Management
WARREN, NJ (July 12, 2017) – Prevalent, Inc., the leader in Third-Party Risk Management, today announced that it has been named a Leader in the 2017 Gartner Magic Quadrant for IT Vendor Risk Management.1
“We are delighted that Gartner has identified Prevalent as a leader in this growing IT security market with this year’s analysis,” said Norman Menz, Chief Technology Officer and Co-Founder, Prevalent. “Third-Party Risk is a serious problem for organizations everywhere and it’s growing. Prevalent is positioned to help solve this problem through the innovative nature of our technology, products, and the expertise of our team. We’re very proud of this recognition.”
The report states, “High-profile failures of IT service providers, increasing rollouts of enterprise risk management programs, and third-party access to sensitive and regulated information continue to fuel demands in the IT VRM market. While the predominant market driver remains regulatory requirements, lesser regulated or nonregulated entities are increasingly concerned with the operational and reputational risks to which their vendors expose them.” It goes on to say that “By 2020, 75% of Fortune Global 500 companies will treat vendor risk management as a board-level initiative to mitigate brand and reputation risk.”
Since the first publication of the Magic Quadrant for IT Vendor Risk Management, Prevalent has released several versions of its vendor risk assessment and continuous threat monitoring products, and in early 2017 announced the release of Prevalent Synapse Exchange™ – the first Universal Third-Party Risk Management Evidence Sharing Portal. In addition, Prevalent announced its acquisition of Datum Security in June to help close the dangerous gap in SMB Third-Party Risk exposure.
“Our ongoing product development and innovation are the reasons why Gartner continues to recognize our technology leadership when it comes to protecting organizations from third-party vendor risks,” said Jonathan Dambrot, Chief Executive Officer and Co-Founder, Prevalent. “We are 100% focused on third party risk and helping both enterprises and vendors save time, reduce cost, and protect their brands.”
1 Source: Gartner, Magic Quadrant for IT Vendor Risk Management, Christopher Ambrose, Luke Ellery, 29 June 2017.
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