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 two VRM solutions, OneTrust Vendorpedia 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.
CyberGRX was founded in 2015 and is based in Denver, Colorado in the United States. CyberGRX provides enterprises and their third parties improve their approach to third-party cyber risk management.
It does this by collecting questionnaire data and cyber risk assessments in a structured format and then sharing them on their information exchange platform to reduce the operational overhead of due diligence programs.