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, Vanta, Black Kite, and UpGuard, to help you make an informed decision before investing in the right solution for your needs.
Vanta is a U.S. startup based in San Francisco, CA, offering security monitoring, cybersecurity assessment, and certification solutions services for businesses. They help organizations achieve compliance with auditing standards and security frameworks through automated processes and some risk visibility.
Black Kite Overview
Black Kite is a cyber risk rating platform that uses open-source threat intelligence and non-intrusive scanning to provide information about your vendor risk at scale.
It collects data from a wide range of places without touching any sensitive data, leveraging advances in data science and machine learning to provide high frequency and precise real-time risk assessments.
Like other security ratings providers, its data collection provides continuous risk monitoring of third-parties.