The news cycle is full of third-party data breaches and data leaks. And for a good reason, they often expose the protected health information (PHI) and personally identifiable information (PII) of thousands or even hundreds of millions of people.
Cyber attacks and misconfiguration are more common than ever before. Organizations need to invest in tools to prevent data breaches and reduce cybersecurity risk: particularly risks that involve third and fourth-parties.
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.
It's safe to say vendor risk management (VRM) has become a top priority for CISOs and other members of senior management, even at the Board level. Beyond financial costs, breaches also cause significant regulatory and reputational impact, driven by the introduction of general data protection laws.
Every state, territory, and country wants to protect the PII and PHI of its constituents. The European Union's GDPR has been the driver, and countries like Brazil with LGPD are following the EU's lead by introducing their general data protection laws.
The other trend to consider is these laws have broadened the scope of what sensitive data is. Small security incidents are becoming reportable data breaches. Data breach notification laws are increasing the impact of poor cybersecurity risk management.
Outside of these macro trends, InfoSec and security teams have more than ever before. Not only must you develop vendor management programs, manage security postures, and develop information security policies. You now need to translate vendor risk assessments, standardized questionnaires, and self-assessments into terms non-technical stakeholders can understand.
The good news for many security professionals is there is a load of tools that can help. A quick Google search will produce thousands of results, and the issue is deciding on which ones to assess.
That's why we wrote this post to provide you with a clear comparison between Prevalent, Whistic, 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.
Whistic, Inc is based in Salt Lake City, Utah, and aims to help companies hold each other accountable for protecting their shared data. Whistic's CEO is Nick Sorensen.
The Whistic platform helps customers conduct and respond to security reviews in a single platform.
Their platform has tools to help you onboard, assess, and track vendors, allowing you to compare third-parties against a set of predefined criteria based on vendor questionnaires, documentation, and metadata.
Vendors can evaluate themselves against one of the top vendor questionnaires and publish it to their profile, along with supporting documentation including audits and certifications.