With nearly all of knowledge breaches now attributable to compromised third-party distributors, cybersecurity packages are rapidly evolving in direction of a larger emphasis on Vendor Threat Administration.
For recommendation on selecting one of the best VRM answer in your particular knowledge breach mitigation necessities, learn on.
The Dangers of Not Having a Vendor Threat Administration Answer
In line with the 2023 Value of a Knowledge Breach report by IBM and the Ponemon Institute, knowledge breach injury prices have peaked (once more) at USD 4.45 million. Knowledge breaches involving compromised third-party distributors elevated this quantity by about $216,441.
Elements growing common knowledge breach prices – Supply: 2023 Value of A Knowledge Breach Report.Vendor Threat Administration is a cybersecurity program making certain vendor safety dangers don’t exceed your danger urge for food.
A Vendor Threat Administration platform helps safety groups obtain assured management over their third-party assault floor, making certain vendor dangers are detected and remediated earlier than cybercriminals exploit them. The influence of a VRM instrument goes past diminished knowledge breach injury prices. A resilient Vendor Threat Administration program might considerably scale back your danger of a knowledge breach.
In line with the Verizon 2022 Knowledge Breach Investigations Report, 62% of all knowledge breaches occur by way of third-party distributors.
To supply probably the most correct measure of efficiency, this record compares VRM options in opposition to a minimal set of options required to deal with at the moment’s third-party cyber menace panorama.
What are the options of one of the best Vendor Threat Administration options?
Your selection of Vendor Threat Administration software program ought to supply the next set of options at least:
Assault Floor Monitoring – Actual-time danger monitoring for vendor vulnerabilities that would facilitate safety incidents. Assault Floor Monitoring additionally feeds right into a broader cybersecurity self-discipline often known as Assault Floor Administration, which helps you keep a minimal digital footprint to additional lower knowledge breach dangers.Vendor Threat Evaluation Administration – The chance evaluation lifecycle includes a number of levels, from due diligence to proof gathering, danger monitoring, and so forth. Ideally, all levels of this lifecycle ought to be addressed within the one cloud-based VRM platform.Safety Questionnaire Automation – If not streamlined to optimum effectivity and scalability, clunky safety questionnaire processes trigger disruptions throughout all dependent levels of the VRM lifecycle, particularly danger assessments.Threat Remediation Workflows – An entire danger remediation workflow have to be included in a VRM platform in order that found dangers may be immediately addressed.Regulatory Compliance Monitoring – Regulatory violations carry important penalties. For the reason that safety postures of service suppliers within the provide chain immediately influence compliance efforts, a VRM platform ought to embody vendor danger and compliance monitoring options.Vendor Safety Posture Monitoring – Safety posture quantification instruments, like safety rankings, enable every vendor’s diploma of information breach susceptibility to be tracked in actual time. This function is a useful assist when managing a considerable vendor assault floor.Cybersecurity Reporting Workflows – With stakeholders anticipating larger visibility into your cybersecurity program’s efficiency, A VRM platform ought to embody a function for immediately producing experiences pulling related knowledge about your VRM efforts.Important Vendor Threat Administration software program metrics
Every answer on this record will even be measured in opposition to the next efficiency metrics:
Person-Friendliness – A user-friendly VRM platform streamlines onboarding, permitting your group to learn from the platform’s performance as rapidly as possibleCustomer help – An ever-present buyer help group provides you with the peace of thoughts of realizing any administrative and troubleshooting queries will likely be addressed rapidly, permitting you to focus totally on drawing worth from the VRM instrument.Threat Scoring Accuracy – The effectivity of a VRM program is immediately tied to the accuracy of its risk-scoring mechanisms. Threat scores inflating vendor danger profiles with superfluous threats trigger pointless pressure on remediation assets. Alternatively, risk-scoring mechanisms lacking necessary threats depart a corporation unknowingly uncovered to vital knowledge breach dangers.11 Greatest Vendor Threat Administration instruments in 2024
The highest eleven Vendor Threat Administration instruments choices for enhancing VRM program effectivity are listed under.
1. Cybersecurity
Superb for organizations searching for a complete Vendor Threat Administration instrument addressing the complete scope of the VRM lifecycle, together with prompt vendor-security danger insights, regulatory compliance monitoring, 360-degree danger assessments, and automatic workflows.
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Cybersecurity’s efficiency in opposition to Key Vendor Threat Administration options
Beneath is an summary of how Cybersecurity performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
(i). Assault Floor Monitoring
The Cybersecurity platform contains assault floor monitoring options addressing inside and full third-party assault surfaces. Integrating with Cybersecurity’s Assault Floor Administration module, this steady monitoring function discovers rising provider dangers and vulnerabilities throughout vendor relationships, serving to safety groups obtain assured management of their vendor assault floor. Cybersecurity’s assault floor monitoring scope extends to the fourth-party panorama, empowering customers to deal with potential knowledge breach dangers extending as afar because the fouth-party assault floor.
For an summary of Cybersecurity’s assault floor monitoring capabilities within the context of assault floor administration, watch this video:
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(ii). Vendor Threat Evaluation Administration
Cybersecurity’s VRM SaaS instrument streamlines the end-to-end vendor danger evaluation course of, eradicating all dependence on irritating spreadsheets. The seller danger evaluation lifecycle levels addressed contained in the Cybersecurity platform embody:
Proof Gathering – Gathering proof to kind a whole image of inherent dangers earlier than vendor onboarding or preliminary danger publicity for present distributors. This knowledge can both be gathered from belief and safety pages, certifications, or questionnaire responses.Threat Administration – The method of deciding which dangers to simply accept, waive, and prioritize in remediation efforts. All dangers are ranked by stage of criticality following danger identification.
Watch this video for an summary of Cybersecurity’’s danger evaluation workflow.
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(iii). Safety Questionnaire Automation
To deal with the most typical reason for VRM course of inefficiency – delayed questionnaire submissions, Cybersecurity has launched automation know-how to revolutionize the seller questionnaire course of.
AI Autofill – This function auto-populates instructed questionnaire responses based mostly on a database of a vendor’s beforehand submitted questionnaires.AI Improve – This function permits distributors to provide clear and concise questionnaire responses from a set of bullet factors.
AI Improve generates detailed responses from a set of bullet factors.
Cybersecurity’s AI autofill function suggesting a response based mostly on referenced supply knowledge.
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Cybersecurity’s vendor questionnaire automation options considerably scale back time spent finishing questionnaires, which implies you obtain responses in hours, as an alternative of days (or weeks).
Watch this video for an summary of those options in Cybersecurity’s AI Toolkit.
Cybersecurity’s AI-powered options can be found throughout all of its pre-built vendor questionnaire templates, which map to well-liked frameworks and requirements, together with HIPAA, PCI DSS, and ISO 27001.
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(iv). Threat Remediation Workflows
Cybersecurity contains an in-built danger remediation workflow for immediately addressing dangers recognized in danger assessments and questionnaires. To assist safety groups prioritize remediation duties that can have the best optimistic impacts on a corporation’s safety posture, Cybersecurity initiatives the possible safety posture enhancements for chosen remediation duties.
Safety posture enchancment projection for chosen remediation duties.
Watch this video for an summary of Cybersecurity’s danger remediation workflow.
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(v). Regulatory Compliance Monitoring
Cybersecurity’s VRM answer tracks every vendor’s diploma of alignment in opposition to well-liked rules based mostly on safety questionnaire responses.
Cybersecurity’s safety questionnaires map to the requirements of rules like HIPAA, PCI DSS, and NIST 800-53, figuring out compliance dangers based mostly on questionnaire responses. This function presents a aggressive benefit to VRM and Third-Get together Threat Administration packages, simplifying compliance administration, even throughout probably the most vital phases of a vendor relationship.- onboarding and offboarding.
Watch this video for an summary of how Cybersecurity’s compliance monitoring function may observe alignment with cybersecurity framework requirements.
To expedite remediation processes, Cybersecurity presents vendor collaboration options, streamlining communication about particular safety danger fixes.
Watch this video to learn the way Cybersecurity streamlines vendor collaborations to realize optimum remediation effectively.
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(vi). Vendor Safety Posture Monitoring
Cybersecurity’s safety ranking function quantifies vendor safety postures by evaluating over 70 vital assault vectors throughout six danger classes.
Community SecurityPhishing and MalwareEmail SecurityBrand and ReputationWebsite SecurityQuestionnaire Dangers
The six danger classes feeding Cybersecurity’s safety rankings.
This danger class record represents probably the most concise provide chain safety danger profile resulting in third-party breaches. Whereas contemplating extra assault vector classes would possibly appear to be it could produce extra correct safety posture calculations, doing so will increase the chance of together with vainness elements not actually indicative of precise safety dangers – which can solely frustrate your safety groups.
Remaining quantified safety postures are represented as a numerical worth starting from 0-950.
Cybersecurity’s vendor danger rankings mechanism adheres to the Rules for Honest and Correct Safety Rankings to provide goal safety posture measurements that may be independently verified.
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(vii). Cybersecurity Reporting Workflows
Cybersecurity’s Vendor Threat Administration platform presents a library of customizable cybersecurity reporting templates showcasing vendor danger mitigation efforts and the efficiency of different danger administration processes to maintain stakeholders knowledgeable of your VRM efficiency.
To streamline the whole reporting workflow, Cybersecurity permits board experiences to be exported into editable PowerPoint slides, relieving the burden of getting ready for VRM and TPRM board displays.
Cybersecurity’s board abstract experiences may be exported as editable PowerPoint slides.
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Cybersecurity’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how Cybersecurity performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
(i). Person Friendliness
Cybersecurity’s intuitive and user-friendly design is often highlighted in buyer critiques on Gartner and G2.
“I really value how simple it is to install and operate UpGuard. The program offers a complete cybersecurity answer and has an intuitive user interface.”
– 2023 G2 assessment
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To get a way of how rapidly the onboarding course of is with Cybersecurity, 7 Chord, an impartial supplier of predictive pricing and analytics to fixed-income merchants, was capable of onboard over 20 of its distributors and begin monitoring them instantly in lower than half-hour.
“We found UpGuard’s design very clean and very intuitive – more intuitive than the UI of its competitors, making it an easy decision to go with UpGuard.”
– 7 Chord
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(ii). Buyer Assist
Cybersecurity strives to supply one of the best ranges of buyer help within the trade. Impartial critiques confirm that Cybersecurity is assembly this goal.
“UpGuard offers the best support after onboarding. UpGuards CSM representatives are very professional & prompt in responding to the issues raised. Tech support is also great.”
– 2023 G2 assessment (learn assessment)
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(iii). Threat Scoring Accuracy
Cybersecurity’s risk-scoring mechanisms goal to replicate probably the most objectively correct profile of a vendor’s safety posture. Cybersecurity’s vendor danger profile presents an in depth breakdown of all dangers influencing safety posture measurements represented as safety rankings.
The element of found dangers and the power to immediately request remediations for every danger supply alternatives to independently verify the legitimacy of every safety menace and the accuracy of its criticality rankings.
Cybersecurity permits customers to drill down on particular safety dangers for extra data.
Cybersecurity’s danger scoring accuracy has been highlighted in impartial consumer critiques.
“UpGuard offers the most up-to-date and accurate information about third parties. Its third-party monitoring capability is handy for most medium to large enterprises.”
2023 G2 assessment (learn assessment)
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2. SecurityScorecard
Superb for companies needing detailed danger assessments and powerful visualization capabilities.
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SecurityScorecard’s efficiency in opposition to key Vendor Threat Administration options
Beneath is an summary of how SecurityScorecard performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
(i). Assault Floor Monitoring
SecurityScorecard presents an assault floor monitoring function that may determine inside and third-party safety dangers by scanning public-facing assault vectors.
Among the indicators of danger thought-about by SecuityScorecard’s assault floor scanning instrument embody:
Compliance danger discovery on the SecurityScorecard platform.Most of SecurityScorecard’s danger checks are refreshed at a weekly charge. In contrast with the Cybersecurity platform, which completes its non-intrusive scans of IPv4 net area in simply 24 hours, this can be a important delay that would result in inaccurate safety ranking calculations.
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(ii). Vendor Threat Evaluation Administration
SecurityScorecard presents a Vendor Threat Evaluation workflow by Atlas – a vendor questionnaire and proof change platform for establishing vendor danger profiles. Nonetheless, as a result of vendor danger monitoring and questionnaire automation modules are provided as separate licenses, knowledge sharing between vendor danger evaluation phases is not streamlined, which might influence the standard of holistic vendor danger views and calculations.
This is not a minor challenge. Disjointed vendor danger knowledge sharing between danger evaluation modules makes it troublesome for customers to grasp what a vendor’s whole precise danger is, which undermines the last word goal of a VRM instrument – to enhance the effectivity of your VRM program.
Cybersecurity streamlines your complete vendor danger evaluation workflow with absolutely built-in options, making certain holistic vendor danger visibility and accuracy is at all times maintained. 
Atlas by SecurityScorecard.
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(iii). Safety Questionnaire Automation
SecurityScorecard applies automation know-how to its vendor questionnaire processes to expedite response instances. A method that is achieved is by suggesting responses based mostly on beforehand submitted questionnaires.
SecurityScorecard’s utility of automation know-how might scale back vendor questionnaire completion instances by 83%.
SecurityScorecard presents a vendor questionnaire administration module with a library of questionnaire mapping to well-liked rules and requirements.
(v). Regulatory Compliance Monitoring
SecurityScorecard features a vendor collaboration function, making it simpler for safety groups and impacted distributors to work collectively to deal with compliance dangers. By combining safety ranking knowledge with questionnaire knowledge, SSC can uncover rising compliance dangers even between official evaluation schedules.
Vendor collaboration whereas addressing detected compliance points on the SSC platform.(iv). Threat Remediation Workflows
SecurityScorecard presents managed remediation providers following a knowledge breach, an providing made doable by its acquisition of LIFARS, a worldwide chief in digital forensics, incident response, ransomware mitigation, and cyber resiliency providers.
SSC additionally offers customers the choice of managing danger remediations, both by submitting decision requests or by offering particulars of compensating controls which are in place.
Like Cybersecurity, SecurityScorecard additionally initiatives the influence of chosen remediation duties on an organization’s safety posture.
Remediation influence projections on the SSC platform.
Nonetheless, SecurityScorecard doesn’t supply its danger remediation function inside a completely built-in Vendor Threat Administration workflow, which might impede the scalability of your VRM program.
Cybersecurity, however, streamlines your complete Cyber Vendor Threat Administration lifecycle in a single platform, integrating a number of VRM processes, together with:
Preliminary onboardingRisk assessments and safety approval for brand new vendorsOngoing danger monitoring & remediationAnnual vendor danger and reviewUpGuard is likely one of the few VRM product choices addressing the whole end-to-end Vendor Threat Administration lifecycle.(vi). Vendor Safety Posture Monitoring
SecurityScorecard tracks vendor safety postures with a safety ranking function evaluating cyber dangers throughout ten danger elements:
Community SecurityDNS HealthPatching CadenceEndpoint SecurityIP ReputationApplication SecurityCubit ScoreHacker ChatterInformation LeakSocial Engineering
Remaining quantified safety postures are represented as a letter grade starting from A to F.
Safety rankings by SecurityScorecard.
(vii). Cybersecurity Reporting Workflows
SecurityScorecard features a cyber report technology function that immediately pulls related vendor danger knowledge and produces in-depth board experiences. SSC’s experiences are customizable, showcasing danger traits in your vendor ecosystem and benchmark your VRM efficiency in opposition to trade averages.
A snapshot of SSC’s board abstract report.SecurityScorecard’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how SecurityScorecard performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
(i). Person Friendliness
Whereas SecurityScorecard’s dashboard is informative, some customers discover it a bit of too overwhelming and unintuitive. Poor user-friendliness might gradual implementation timelines and delay funding returns.
“The tool was not as user-friendly as its competitors. It’s for more tech-heavy users. This tool isn’t ideal for collaboration with other business units such as legal/contract mgmt.”
– G2 assessment (learn assessment)
(ii). Buyer Assist
In line with impartial critiques, SecurityScorecard’s help group has demonstrated immediate responsiveness to consumer points.
“SS has a responsive support team. which is critical to me on time-sensitive projects.”
– G2 assessment (learn assessment)
(iii). Threat Scoring AccuracyHow Correct are SecurityScorecard’s Threat Rankings?
In line with critiques on Gartner and G2, SecurityScorecard has been discovered to provide false positives, which might influence the accuracy of its safety ranking calculations and, subsequently, the general effectivity of your Vendor Threat Administration program.
“According to third-party feedback, unfortunately, it gives many false positives.”
– G2 assessment (learn assessment)
3. Bitsight
Superb for enterprises requiring a risk-based TPRM instrument with intensive vendor profiling.
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Bisight’s efficiency in opposition to key Vendor Threat Administration platform options
Beneath is an summary of how BitSight performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
(i). Assault Floor Monitoring
Bitsight pulls assault floor insights from a number of sources (cloud, geographies, subsidiaries, and your distant workforce) right into a single dashboard.
Bitsight screens each the interior and exterior assault surfaces to assist safety groups:
Visualize vital vendor risksDiscover shadow ITReduce company digital footprints to help enterprise danger managementMonitor cyber dangers in cloud infrastructures(ii). Vendor Threat Evaluation Administration
Bitsight has developed a vendor danger evaluation module that may conform to the distinctive vendor danger profile. This functionality presents a extra focused method to vendor danger assessments than the broad, one-size-fits-all method that characterizes ineffective vendor danger evaluation platforms.
(iii). Safety Questionnaire Automation(iv). Threat Remediation Workflows
Bitsight claims to help the whole Vendor Threat Administration lifecycle, which is inclusive of a danger remediation workflow. Customers can observe whether or not remediation requests have been opened, resolved, accepted, or are in progress.
Bitsight Vendor Threat Administration Workflow.
Bitsight customers have observed that remediated safety dangers take far too lengthy to be faraway from cyber danger experiences, which might lead to an inaccurate depiction of your general safety posture.
(v). Regulatory Compliance Monitoring
Bitsight doesn’t have a single printed supply itemizing all the rules it helps compliance with. Some weblog posts allude to regulation and cyber frameworks that Bitsight might help, reminiscent of NIS 2 and SOC 2, however this messaging isn’t very clear.
When investing in a VRM answer, it’s necessary to have full confidence in its potential to deal with regulatory compliance dangers – a vital danger issue influencing your safety posture.
In line with Gartner, Regulatory compliance monitoring is a vital functionality of IT Vendor Threat Administration options. As such, to encourage belief in its effectiveness, a VRM answer ought to clearly spotlight its regulatory compliance capabilities.
The tiles highlighted in orange are most related in IT VRM use instances – Supply: Gartner.(vi). Vendor Safety Posture Monitoring
Bitsight’s exterior assault floor monitoring options goal to characterize your vendor’s assault floor as an attacker would see it – by highlighting the seller’s most susceptible to knowledge breach makes an attempt.
Bitsight quantifies safety postures as a numerical worth ranking from 0-820. That can assist you decide whether or not your vendor danger publicity is on an upward or downward pattern, Bitsight retains 12 months of safety ranking knowledge for every vendor.
(vii). Cybersecurity Reporting Workflows
Bitsight’s Govt Reporting function pulls related vendor danger metrics right into a cybersecurity report for board conferences. A very useful function in Bitsights’s reporting workflow is the inclusion of Cyber Threat Quantification – an approximation of the monetary influence of chosen cyber menace eventualities. CRQ is a useful instrument for making intelligence cybersecurity funding selections.
Cyber Threat Quantification by Bitsight.
Learn the way Cybersecurity helps monetary providers stop knowledge breaches >
Bitsight’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how Bitsight performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
(i). Person Friendliness
The Bitsight platform isn’t intuitive, so implementation could take longer than anticipated. A crimson flag for a probably steep studying curve in a VRM answer is the expectation of coaching movies. Ideally, the UX of a VRM instrument ought to be so intuitive customers naturally start understanding easy methods to navigate it with out the help of coaching movies.
(ii). Buyer Assist
Bitsight customers have reported wonderful help from the shopper help group.
“Customer service was excellent, everything was explained well, all my questions were answered soundly.”
– G2 assessment (learn assessment)
(iii). Threat Scoring AccuracyHow Correct are Bitsight’s Threat Rankings?
Bitsight’s extreme delays in reflecting the influence of remediated safety dangers may very well be a major frustration for safety groups basing their VRM selections on knowledge not reflective of the particular vendor assault floor.
Cybersecurity, however, scans and refreshes dangers day by day for every vendor to make sure safety groups at all times function from probably the most up-to-date and correct vendor danger knowledge.
4. OneTrust
Superb for SMBs specializing in automating vendor danger assessments and enhancing regulatory compliance.
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OneTrust’s efficiency in opposition to key Vendor Threat Administration software program options
Beneath is an summary of how OneTrust performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
Assault Floor Monitoring: OneTrust’s Knowledge Discovery product helps you observe delicate knowledge flows to reduce your delicate knowledge footprint. Nonetheless, the answer’s exterior assault floor visibility is proscribed.Vendor Threat Evaluation Administration: The platform maps to the first levels of the VRM lifecycle, together with due diligence and steady monitoring.Safety Questionnaire Automation: OneTrust streamlines safety questionnaire workflows with questionnaire templates mapping to well-liked requirements. Questionnaire may be tailored based mostly on a vendor’s earlier responses.Threat Remediation Workflows: OneTrust offers out-of-the-box remediation options for all third-party distributors added to a centralized stock, streamlining remediation workflows from the primary occasion of importing.Regulatory Compliance Monitoring: With questionnaire templates mapping to well-liked regulatory requirements, OneTrust identifies compliance-related dangers throughout all assessed distributors.Vendor Safety Posture Monitoring: OneTrust leveraged safety ranking know-how to trace safety posture deviation throughout all monitored distributors.Cybersecurity Reporting Workflows: OneTrust features a cybersecurity report technology function to maintain stakeholders knowledgeable of vendor danger administration efforts.OneTrust’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how OneTrust performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
Person-Friendliness: OneTrust’s platform is user-friendly and straightforward to navigate, facilitating fast VRM program implementation.Buyer Assist: OneTrust helps its customers with a quick and dependable buyer help group.Threat Scoring Accuracy: OneTrust’s risk-scoring mechanisms supply a delayed illustration of the true state of a corporation’s exterior assault floor, which might have a major influence on risk-scoring accuracy.5. Prevalent
Superb for organizations needing a versatile hybrid method to VRM.
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Prevalent’s efficiency in opposition to key Vendor Threat Administration options
Beneath is an summary of how Prevalent performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
Assault Floor Monitoring: Prevalent presents complete real-time monitoring for vulnerabilities and vendor-related safety dangers by its World Vendor Intelligence Community. The platform’s scope of third-party assault vector monitoring extends to darkish net boards and danger intelligence feeds to help data safety and knowledge privateness requirements.Vendor Threat Evaluation Administration: The platform helps your complete vendor evaluation lifecycle, together with due diligence, steady monitoring, and remediation. Prevalent offers pre-built, customizable evaluation templates aligned with trade requirements like GDPR, SOC 2, and PCI DSS. The platform additionally contains an change for sharing accomplished vendor danger experiences, streamlining the due diligence course of.Safety Questionnaire Automation: Prevalent tracks the distribution of vendor safety questionnaires, making certain potential dangers of third-party relationships endure ongoing monitoring with point-in-time assessments. Notifications are triggered by way of automated reminders to encourage well timed questionnaire completions.Threat Remediation Workflows: Prelavent features a vendor danger remediation workflow integrates into its danger evaluation module to seamlessly progress detected dangers by the administration lifecycle. The platform additionally helps customers with steering on corrective actions.Regulatory Compliance Monitoring: Prevalent’s questionnaires map to regulatory requirements and frameworks to find areas of misalignment. Compliance proof may be exported into compliance experiences to help audits and regulatory critiques.Vendor Safety Posture Monitoring: Prevalent makes use of safety rankings to quantify and monitor the safety posture of distributors. These safety rankings take into account historic knowledge breaches amongst different vendor danger elements.Cybersecurity Reporting Workflows: Prevalent presents customizable cybersecurity reporting templates pulling VRM insights from the platform for stakeholdersPrevalent’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how Prevalent performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
Person-Friendliness: Prevalent has a quick and intuitive implementation workflow. Nonetheless, it might take longer than anticipated to discover ways to navigate its VRM options effectively.Buyer Assist: Prevalent is praised for its wonderful buyer help throughout onboarding and past.Threat Scoring Accuracy: Prevalent’s lack of transparency in regards to the variety of compares included inside its scanning vary is a possible indication of the questionable accuracy of its vendor risk-scoring capabilities.”I wish the dashboard was customizable so I could see the data I want upon logging in. I also wish the reporting was more accurate to only show active vendors versus disabled ones.”
– 2021 G2 Assessment
6. Panorays
Superb for companies in search of in-depth third-party danger administration and monitoring.
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Panorays’ efficiency in opposition to key Vendor Threat Administration software program options
Beneath is an summary of how Panorays performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
Assault Floor Monitoring: Panorays leverages its Threat DNA know-how to quantify danger scores based mostly on varied assault elements. The platform additionally addressed the exterior assault floor to supply visibility into third-party digital footprints.Vendor Threat Evaluation Administration: The Panorays platform contains options supporting all levels of the VRM lifecycle, from onboarding to steady monitoring.Safety Questionnaire Automation: Panorays leverages AI know-how to scan earlier questionnaire responses and supporting documentation, reminiscent of certifications, to expedite questionnaire completions.Threat Remediation Workflows: The platform integrates with third-party workflow apps like ServiceNow and RSA to streamline remediation workflows.Regulatory Compliance Monitoring: Panorays tracks compliance dangers with its library of questionnaires mapping to the favored regulatory requirements. Tailor-made assessments can be created based mostly on distinctive compliance danger contexts with the platform’s Threat DNA function.Vendor Safety Posture Monitoring: Panorays quantifies vendor safety postures with safety rankings for real-time monitoring of vendor safety posture deviations.Cybersecurity Reporting Workflows: Panorays presents customization templates for producing cybersecurity experiences overviewing VRM efficiency for stakeholders and board members.Panorays’ efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how Panorays performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
Person-Friendliness: The Panorays platform is fast to implement and designed to be user-friendly.Buyer Assist: Customers report a dependable buyer help base for Panorays. Nonetheless, with out pricing transparency on its web site, prospects are pressured to work together with the gross sales group to find out if the product aligns with their finances.Threat Scoring Accuracy: Panorays considers a restricted scope of third-party knowledge leakage in its danger scoring methodology, which might restrict the accuracy of ultimate scoring values.7. RiskRecon
Superb for enterprises in search of deep, actionable insights into the cybersecurity well being of exterior companions.
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RiskRecon’s efficiency in opposition to key Vendor Threat Administration software program options
Beneath is an summary of how RiskRecon performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
Assault Floor Monitoring: RiskRecon presents real-time monioring of vendor vulnerabilities in a corporation’s assault floor. The chance of distributors struggling a safety incident reminiscent of a knowledge breach is quantified by contemplating 11 safety domains and 41 assault vector elements.Vendor Threat Evaluation Administration: RiskRecon helps the onboarding and steady monitoring phases of the VRM lifecycle, however it doesn’t present vendor danger evaluation workflows.Safety Questionnaire Automation: RiskRecon doesn’t supply an inbuilt safety questionnaire workflow, which is a major concern given the criticality of this part within the VRM lifecycle. To fill this hole, RIskRecon is pressured to associate with different options providing a danger evaluation answer, which unnecessarily bloats the digital footprint and, subsequently, the assault floor of this VRM instrument.Threat Remediation Workflows: The platform has a really restricted remediation workflow. not accommodating for collaboration between a number of events. With no seamless course of for inviting events to collaborate with particular remediation processes, the restrictions of RIskRecon’s remediation workflow impacts the scalability of a VRM program being supported by the instrument.Regulatory Compliance Monitoring: Via its compliance indicators function, RiskRecon can measure alignment in opposition to well-liked regulatory requirements and cyber frameworks. Nonetheless, the platform doesn’t supply a level of compliance effort visibility anticipated by compliance groups.Vendor Safety Posture Monitoring: RiskRecon makes use of safety rankings to quantify and monitor vendor safety postures.Cybersecurity Reporting Workflows: RiskRecon features a cyber danger report technology function that summarises a corporation’s safety posture based mostly on exterior safety danger elements.RiskRecon’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how RiskRecon performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
Person-Friendliness: Customers are reportedly dissatisfied with RiskRecon’s potential to adapt to the ever-changing necessities of Vendor Threat Administration.Buyer Assist: RiskRecon’s web site doesn’t disclose its pricing, forcing prospects to interact with gross sales help workers.Threat Scoring Accuracy: Customers have reported that RiskRecon depends on legacy knowledge to construct its VRM insights. That is very regarding because it causes cybersecurity workers to base their vendor danger administration methods on a false outlook of exterior danger publicity.8. ProcessUnity
Superb for companies wanting to scale back the busy work concerned in due diligence.ProcessUnity’s efficiency in opposition to key Vendor Threat Administration software program options
Beneath is an summary of how ProcessUnity performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
Assault Floor Monitoring: ProcessUnity presents steady monitoring of exterior inherent dangers, quantifying vendor safety postures as safety rankings.Vendor Threat Evaluation Administration: The platform emphasizes supporting the due diligence phases of vendor onboarding, notably pre- and post-contract due diligence. A extra streamlined and safe due diligence workflow encourages effectivity within the downstream danger evaluation course of.Safety Questionnaire Automation: ProcessUnity presents a danger evaluation library mapping to well-liked rules and requirements. By leveraging AI know-how in its Predictive Threat Insights function, ProcessUnity might expedite danger discovery by questionniares efforts.Threat Remediation Workflows: The platform leverages AI know-how to streamline third-party danger discovery and remediation by its Predictive Threat Insights function.Regulatory Compliance Monitoring: ProcessUnity primarily focuses on monitoring compliance dangers related to the Digital Operational Resilience Act (DORA) and the German Provide Chain Act (LkSG).Vendor Safety Posture Monitoring: The platform presents a safety ranking options to expedite the method of vetting potential vendor inside the due diligence part of VRM.Cybersecurity Reporting Workflows: ProcessUnity presents a configurable cyber reporting template for tailoring VRM experiences to the visibility necessities of stakeholders.ProcessUnity’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how ProcessUnity performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
Person-Friendliness: Customers are reportedly the product as being fast to implement and straightforward to navigate.Buyer Assist: ProcessUnity customers have reported very gradual buyer help efforts, particularly when in search of to deal with queries about options vital to a VRM program, reminiscent of vendor danger evaluation processes.Threat Scoring Accuracy: The platforms appear to drag detailed insights about vendor safety dangers to provide dependable risk-scoring values.9. Vanta
Superb for small companies needing to simplify vendor compliance monitoring
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Vanta’s efficiency in opposition to key Vendor Threat Administration answer options
Beneath is an summary of how Vanta performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
Assault Floor Monitoring: Vanta presents a steady monitoring answer based mostly on monitoring alignment in opposition to safety and regulatory requirements. Nonetheless, the platform presents very restricted protection of the exterior assault floor in its monitoring scope.Vendor Threat Evaluation Administration: Vanta routinely assigns an inherent danger rating for all onboarded members to expedite development by danger evaluation workflows. The instrument bases its danger evaluation method on the rules of ISO 27005, serving to customers meet the requirements of ISO 27001, SOC 2, and HIPAA.Safety Questionnaire Automation: Vanta automates handbook, repetitive questionnaire duties, such because the completion of repetitive questionnaires.Threat Remediation Workflows: Via its danger administration answer, Vanta integrates remediation workflows into its danger evaluation function to expedite vendor danger administration.Regulatory Compliance Monitoring: Vanta tracks compliance in opposition to all the well-liked cybersecurity frameworks and rules.Vendor Safety Posture Monitoring: Vanta doesn’t incorporate vendor safety rankings or vendor knowledge leaks into danger evaluation and remediation insights.Cybersecurity Reporting Workflows: The platform permits compliance experiences to be generated by its Belief Report function.Vanta’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how Vanta performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
Person-Friendliness: Vanta is understood for its user-friendly interface and intuitive compliance monitoring workflows.Buyer Assist: General, customers are happy with the platform’s buyer help providing however dissatisfied with its lack of stay chat availability.It is value noting that almost all points with Vanta can require a number of updates on help tickets. Whereas the help group may be very responsive {and professional}, addressing sure points can generally be time-consuming with a scarcity of stay chat or cellphone help choices. To this point, most of my correspondence has been by e-mail, which might trigger lengthy delays between completely different timezones.”
– 2024 G2 Review
Risk Scoring Accuracy: The trustworthiness of Vanta’s risk scoring calculations is questionable, given its limited consideration of the external attack surface.10. Drata
Ideal for organizations needing to streamline compliance workflows and maintain audit readiness.Drata’s performance against key Vendor Risk Management solution features
Below is an overview of how Vanta performs against the seven key features of an ideal Vendor Risk Management product.
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Attack Surface Monitoring: Drata helps organizations achieve audit readiness by monitoring compliance-related risks. However, the solution lacks an inventory discovery feature, which is a critical component of Attack Surface Management.
For an overview of Attack Surface Management and its key processes, watch this video.
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Vendor Risk Assessment Management: The platform offers a policy builder to simplify compliance risk tracking in its assessment workflow.Security Questionnaire Automation: Through its Trust Center, Drata expedites the vendor security profile building, streamlining the questionnaire workflows that followRisk Remediation Workflows: Drata streamlines risk management by automatically mapping discovered risks to their corresponding risk controls. Users can also opt to receive alerts about evolving risks related to their tailored treatment plans.Regulatory Compliance Tracking: Drata tracks compliance gaps against 14 popular cybersecurity standards.Vendor Security Posture Tracking: Drata tracks vendor security postures using qualitative methods, a subjective indication of vendor risk severity through a graphical risk posture bar. This approach makes it difficult to align multiple parties with risk management strategies due to its subjective nature. A more objective approach to security posture tracking that multiple parties are more comfortable aligning with, including stakeholders, is the use of security ratings.
Vendor risk overview on the Drata platform – source: drata.comCybersecurity Reporting Workflows: The platform allows security posture reports to be generated for stakeholders and board members to communicate cyber risk exposures at any time.Drata’s performance against key Vendor Risk Management metrics
Below is an overview of how Vanta performs against three primary performance metrics that collectively represent the usability and reliability of a VRM tool.
User-Friendliness: Drata is known for its user-friendly interface, facilitating quick onboarding and efficient use.Customer Support: Users are reportedly very pleased with Drata’s customer support.Risk Scoring Accuracy: Drata’s lack of asset discovery functionality could limit the platform’s ability to consider the impact of asset risk on vendor risk scores, making the accuracy of its risk-scoring methodology questionable.11. Black Kite
Superb for dynamic danger ranking, open-source menace intelligence, non-intrusive cyber reconnaissance, and detailed reporting.
Learn the way Cybersecurity compares with Black Kite >
Black Kite’s efficiency in opposition to key Vendor Threat Administration options
Beneath is an summary of how Vanta performs in opposition to the seven key options of a perfect Vendor Threat Administration product.
Assault Floor Monitoring: Black Kite covers a complete scope of the third-party assault floor construct its danger insights. Among the danger domains coated embody set repute, credential compromises, social media monitoring, and darkish net searches.Vendor Threat Evaluation Administration: Black Kite doesn’t supply an inbuilt danger evaluation workflow. Customers would wish to combine separate third-party danger administration software program to construct a whole vendor danger evaluation program.Safety Questionnaire Automation: Black Kite makes use of AI know-how to parse accomplished questionnaires and different related cybersecurity documentation to calculate compliance and danger publicity scores for every vendor.Threat Remediation Workflows: The compliance dangers detected by the platform’s AI-powered doc parsing capabilities expedite danger discovery and subsequent remediation duties. Nonetheless, the platform primarily focuses on the remediation and administration of compliance-related dangers.Regulatory Compliance Monitoring: With its cyber-aware AI, Black Kite can parse a number of doc sorts, not simply questionnaire responses, to construct a complete compliance danger publicity profile. Detected dangers are routinely mapped to well-liked frameworks, together with SOC 2, NIST, GDPR, and ISO27001,Vendor Safety Posture Monitoring: Black Kite assigns technical safety rankings to distributors throughout a variety of assault vector domains. Nonetheless, its giant variety of knowledge factors casts its risk-scoring accuracy right into a questionable gentle.Cybersecurity Reporting Workflows: The platform’s technique report function permits cybersecurity danger posture insights to be readily shared with stakeholders.Black Kite’s efficiency in opposition to key Vendor Threat Administration metrics
Beneath is an summary of how Black Kite performs in opposition to three main efficiency metrics collectively representing the usability and reliability of a VRM instrument.
Person-Friendliness: The Black Kite platform is comparatively intuitive and fast to implement.Buyer Assist: Customers are reportedly not very happy with the corporate’s stage of buyer help.Threat Scoring Accuracy: Black Kite doesn’t mix exterior vendor danger monitoring with evaluation workflows, forcing customers to implement a separate TPRM answer in the event that they need to set up a complete danger evaluation program. With out built-in danger discovery pathways mapping from in-built danger evaluation workflows, the platform’s potential to think about the whole scope of potential third-party danger elements in its danger scoring methodology is questionable.
