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 Cost of a Data Breach Report found the average cost of a breach has increased from $370,000 to $4.35 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, Black Kite, RiskIQ, and UpGuard, to help you make an informed decision before investing in the right solution for your needs.
Black Kite Overview
Black Kite is a cyber risk rating platform that leverages open-source threat intelligence and non-intrusive cyber reconnaissance to provide information about your vendor risk at scale.
It collects a wide range of information without touching the target customer. It leverages advances in data science and machine learning to provide higher frequency and precise real-time risk assessments.
RiskIQ is a cybersecurity company based in San Francisco, California. RiskIQ provides cloud-based software as a service for organizations to manage their attack surface and detect phishing, fraud, malware, and other online security threats.
RiskIQ was founded in 2009 by Lou Manousos, Chris Kiernan, and David Pon.