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, Whistic, Recorded Future, and UpGuard, to help you make an informed decision before investing in the right solution for your needs.
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.
Recorded Future Overview
Recorded Future’s platform uses machine learning and natural language process AI to deliver accessible intelligence insights across six risk categories: brand, threat, third-party, SecOps, vulnerability, and geopolitical.