Cyber attacks, misconfiguration, and data leaks are more common than ever before. Our news cycle is full of first and third-party data breaches that expose the protected health information (PHI) and personally identifiable information (PII) of thousands or even hundreds of millions of people.
Not only are data breaches more common, but they're also more costly. The average cost of a data breach is now nearly $4 million globally.
Third-party data breaches put significant strain on organizations' resources, with recent estimates of the average cost of a third-party data breach as high as $4.29 million.
Regardless of your industry, vendor risk management (VRM) is a top priority for CISOs and other senior management. It's increasingly an important topic even at the Board level.
Beyond financial costs, breaches cause significant regulatory and reputational impact due to new general data protection laws. In the United States, California has introduced CCPA, Florida has introduced FIPA, and New York has launched the SHIELD Act.
Every state, territory, and country have turned their attention to protecting the PII and PHI of its constituents. Largely due to the European Union's GDPR, which has led to countries like Brazil introducing their own general data protection laws.
The compounding factor is that these laws have broadened the definition of sensitive data. What were once small security incidents are now reportable data branches, increasing the impact of inadequate cyber risk management.
Finally, security teams have more to do than ever before. The job is not only about developing information security policies and improving security postures. Increasingly, you will be expected to translate technical details into terms non-technical stakeholders understand.
The good news is there are tools that can help, such as UpGuard, BitSight, SecurityScorecard, Panorays, OneTrust, MetricStream, Optiv, and Aravo.
The issue is a Google search will produce thousands upon thousands of results, making it hard to decide on which one to pick.
We wrote this guide with all this in mind, to give you a clear comparison between Prevalent and UpGuard, so you can make an informed decision and choose the tool that is right for you.
Prevalent is a Phoenix-based company that enables you to reveal and reduce vendor risk with its 360-degree third-party risk management platform.
Prevalent's cybersecurity risk rating solution helps organizations manage and monitor the security threats and risks associated with third and fourth-party vendors.