Organizations are relying more heavily than ever on third-party data handling, and this trend is on the rise. The IT outsourcing market is set to reach US$425.19 billion by 2026, according to a 2021 report by Mordor Intelligence.
The steady increase of these third-party relationships comes with a major downfall — third-party risk.
IBM and Ponemon Institute’s 2021 Cost of a Data Breach Report found that third-party data breaches cost organizations an average of US$4.33 million.
Executives must manage third-party risk throughout the entire vendor life cycle, from pre-purchase to onboarding to continuous monitoring once vendors are active.
Handling a vendor risk management (VRM) program effectively is a labor-intensive task for information security teams. Your organization must dedicate the significant time and resources needed to develop a comprehensive VRM program.
Alternatively, you can invest in automated VRM tools that allow you to continuously monitor your entire third-party attack surface and perform regular vendor assessments throughout the lifecycle.
We assess three VRM solutions, OneTrust Vendorpedia, BitSight, and UpGuard, to help you make an informed decision before investing in the right solution for your needs.
OneTrust Vendorpedia Overview
OneTrust is a US incorporated company with primary operating offices based in Atlanta and London. The OneTrust Vendorpedia platform helps users assess and manage cyber risk from third-party vendors in their digital supply chain.
The OneTrust Vendorpedia solution leverages security questionnaires and remediation workflows through both an exchange and ad-hoc model to help customers reduce risk and improve due diligence efficiency across vendor relationships.
BitSight Technologies Overview
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.
Additionally, these security ratings are used for attack surface analytics, industry benchmarking, and the assessment of fourth-party risk.