With increased penetration of cloud computing, AI, machine learning cyber security incidents are on rise. Organizations are working towards reduction of risks associated with new upcoming technologies and trying to strike a balance between business growth and data security. Third party risk management is considered in top 3 risks as per Gartner risk report of 2024.
Every organization, be it small, medium or large are impacted by third party risks. This risk is exponentially increased as more and more providers are building and using AI technologies in their products which resulted in apart from security but privacy concerns also.
In today’s topic we will learn about top 10 TPRM Tools (third party risk management tools) available in the market.
List of TPRM Tools
Upguard
Upguard has seven key features to detect threats at multiple levels. It covers security risks associated with Internet facing third party assets. Auto detection happens using third- and fourth-party mapping techniques.
Key features of Upguard
- Evidence gathering involves combining risk information from multiple sources to get complete risk profile
- Monitoring third party attack surfaces via automated scan
- Third parties trust and security pages to showcase information about their data privacy standards, certifications, cybersecurity programs
- Elaborate security questionnaires to assess risk posture of third party
- Third party baseline security posture
- Vulnerability model of third party
SecurityScore card
SecurityScore card detects security risks associated with third party vendors.
Key features of SecurityScore
- Detection of security risks associated with internal and third-party attack surface mapped to NIST 800-171
- Projected impact of remediation tasks and board summary reports
- Third parties risk management via Atlas to manage security questionnaires and calculate third-party risk profiles
- Third-party monitoring via security score feature and track performance
Bitsight
Bitsight multiple third-party risk identification techniques work together to present a comprehensive risk profile from third-party exposure.
Key features of Bitsight
- Automatic identification of risks associated with alignment gaps with regulations and cyber frameworks such as NIS 2 and SOC 2
- Track third-party cybersecurity performance using security ratings
- Monitor emerging cyber threats across cloud, geographies, subsidiaries and remote workers
- Multiple threat sources are used to create a risk profile
OneTrust
OneTrust identifies risks across onboarding and offboarding phases of third-party vendors.
Key features of OneTrust
- Predictive capabilities to gather insights about privacy and security , governance risks
- Maintain updated vendor inventory but workflow automation across vendor onboarding / offboarding
- AI engine (Athena) to expedite internal and third-party vendor risk discovery
Prevalent
Prevalent point in time risk assessments with automated workflows to monitor third-parties and track emerging risks in real time.
Key features of Prevalent
- Impact of third-party risks on organization and security ratings from 0-100
- Point in time risk assessments with continuous monitoring capabilities
- Identification of common data leak sources, dark web forums and threat intelligence feeds
Panorays
Remain informed of third-party risks with built-in risk assessment workflow for risk assessment creation quickly. But it does not support threat and risk intelligence into supply chain data.
Key features of Panorays
- Detection of common data breach vectors
- Library of questionnaire templates mapped to popular standards and frameworks
- Combining data from security ratings and questionnaires to support third-party risk attack surface
- Workflows customization with external applications using JSON based REST API
RiskRecon
Third-party risk exposure assessments with deep reporting and security ratings.
Key features of RiskRecon
- Uses risk analysis methodology having 11 security domains and 41 security criteria to get contextualized insight into third-party security posture
- Security rating scoring system 0-100
- Standard API to create extensive cybersecurity ratings
CyberGRX
Expediting third-party risk discovery during vendor due diligence. More frequent risk assessments are supported coupling third-party risk data streams.
Key features of CyberGRX
- Security questionnaires to establish vendor security posture
- Continuous updates to library of point in time assessments to map current risks to threat landscape
- Monitor emerging risks related to phishing, email spoofing, domain hijacking, and DNS issues
Vanta
Focuses on detection of risks associated with misalignment to frameworks and standards.
Key features of Vanta
- Intuitive dashboard to monitor third-party risks related to compliance and track their progress
- Alignment tracking with security frameworks and standards such as SOC 2, ISO 27001, GDPR and HIPAA.
Drata
Full audit readiness assessment by security tools monitoring and compliance workflows to streamline operations
Key features of Drata
- Policy builder to map specific compliance requirement for third-party risk analysis
- Maintain compliance across 14 cybersecurity frameworks
- Continuous monitoring of compliance controls
