As outsourcing significant business functions is now common practice for most organizations, major third-party data breaches are rapidly taking over news headlines.
Ponemon Institute and IBM’s 2019 Cost of a Data Breach Report found the average cost of a breach has increased from $370,000 to $4.29 million, with third-party involvement listed as one of the main reasons. An eSentire survey from the same year highlights that 44% of firms surveyed have experienced a significant data breach caused by a third-party vendor.
With Gartner reporting 60% of organizations as having 1000+ third-party relationships, effectively managing the cybersecurity risks they create and practicing vendor due diligence proves increasingly difficult.
Information security teams often also rely on manual risk reporting methods which are time and labor-intensive. Many organizations are now turning to automated third-party risk management (TPRM) solutions that automate data breach detection capabilities, provide real-time insights, and streamline remediation workflows.
We assess three TPRM solutions, Panorays, BitSight, and UpGuard, to help you make an informed decision before investing in the right solution for your needs.
BitSight Technologies is a Cambridge, MA-based company that aims to quantify the external cybersecurity posture of organizations using publicly accessible data.
BitSight’s security ratings are used by security and cybersecurity risk professionals to conduct due diligence research for vendor risk management programs, private equity, M&A activities, and more.
Panorays is a US incorporated company operating largely in Tel Aviv, Israel. The Panorays platform helps users discover, assess, and monitor their cybersecurity risk exposure from third-party vendors in their digital supply chain.
The Panorays platform leverages third-party security ratings, security questionnaires, and remediation workflows to help customers reduce risk through improved due diligence across vendor relationships, mergers & acquisitions, and executive visibility.