WARREN, N.J.--(BUSINESS WIRE)--Prevalent, the third-party risk and vendor threat intelligence innovators, today announced the immediate availability of an independent research report from 451 Research that dives deep into the company’s unique market position, product portfolio and value proposition for enterprise customers.
Entitled “Worried about your HVAC vendor? Prevalent can help manage third-party risk,” the June 2014 report, authored by senior security analyst Garrett Bekker, details the growing business challenges and serious security risks and implications organizations face when it comes down to effectively managing third-party relationships. The report also discusses Prevalent’s four core offerings – Prevalent Policy Portal, Prevalent Vendor Risk Manager (VRM), Prevalent Vendor Threat Monitor (VTM), and Prevalent Compliance-as-a-Service (PCaaS) – in addition to the sizable market opportunity, industry regulations and competitive landscape around third-party vendor risk technologies and services.
“Not since the days of Data Loss Prevention (DLP) have we seen a new security sub-category emerge with the one-two punch of broad and rapid regulatory response backed with allocated budget dollars,” explains Bekker. “Managing third- and fourth-party security exposure has quickly become a hot-button issue for regulators, and a top priority for CISOs. Prevalent’s interesting take on vendor risk and its combination of exclusive focus on VRM and threat intelligence integration are working together to differentiate the company, its services and its value to enterprise customers.”
Demonstrating the widespread and growing visibility around third-party vendor management, the 451 Research Impact Report notes that within the last year, the Office of the Comptroller of the Currency (OCC) expanded the scope of previous guidance to US banks about managing third-party risk, while the PCI Security Standards Council made third-party risk management a core component of the new PCI Data Security Standard 3.0, released in November. Additionally, NIST’s Cybersecurity Framework, HIPAA Omnibus and the new Consumer Financial Protection Bureau, have all recently added third-party risk components, often accompanied by hefty fines or penalties for non-compliance.
“As the 451 Research report indicates, the need for an automated third-party threat monitoring and risk management platform is undeniable,” says Norman Menz, CTO and Co-Founder of Prevalent. “All organizations are looking to reduce risk and maintain compliance with industry regulations while continuing to drive costs down by adopting cloud-based and outsourced services for non-core functions. The combination of our Prevalent VRM platform and Vendor Threat Monitor deliver a unique solution that is proven to help organizations of all sizes achieve real-time insight into third-party risks, monitor key threat vectors, and protect their data in a cost-effective and measurable way."
“We are encouraged by 451 Research’s attention to the market challenges, opportunities and solutions around third-party risk management and see tremendous advantage in the report’s findings for enterprise customers,” says Jonathan Dambrot, CEO and Co-Founder of Prevalent.
About 451 Research
451 Research, a division of The 451 Group, is focused on the business of enterprise IT innovation. The company’s analysts provide critical and timely insight into the competitive dynamics of innovation in emerging technology segments. Business value is delivered via daily concise and insightful published research, periodic deeper-dive reports, data tools, market-sizing research, analyst advisory, and conferences and events. Clients of the company – at vendor, investor, service-provider and end-user organizations – rely on 451 Research’s insight to support both strategic and tactical decision-making. The 451 Group is headquartered in New York, with offices in key locations, Boston, San Francisco, Washington DC, London, Seattle, Denver, Sao Paulo, Dubai, Singapore and Moscow.
Prevalent is a vendor risk and cyber threat intelligence innovator with a reputation for developing cutting-edge technologies and highly-automated services that are proven to help organizations reduce, manage and monitor the security threats and risks associated with third-party vendors. www.prevalent.net.