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’sCost 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, RiskIQ, 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.
RiskIQ is a cybersecurity company based in San Francisco, California. RiskIQ provides cloud-based software as a service for organizations to manage their attack surface and detect phishing, fraud, malware, and other online security threats.
RiskIQ was founded in 2009 by Lou Manousos, Chris Kiernan, and David Pon.