December 8, 2023

Vanta – Security and compliance provider has launched a Vendor Risk Management offering  organizations streamline third-party vendor security reviews and due diligence.

This new offering will automate vendor discovery, vendor assessment, and remediation workflows to significantly reduce the time and cost associated with third-party vendor risk reviews and management.

Vanta’s VRM will be available to customers at launch as an add-on to its flagship and namesake trust management platform. The vendor risk management segment has picked up with the proliferation of cloud-based applications, which has resulted in third-party applications emerging as a common attack vector for hackers, with a reported contribution of 60% to overall data breaches.

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On an average it takes, 280 days to discover a third-party data breach. The global VRM market, which is a smaller segment of the governance, risk management, and compliance (GRC) market, is expected to grow from $4.60 billion in 2020 to $13.98 billion by 2028, at a compound annual growth rate (CAGR) of 14.6% during the forecast period, according to a report by Verified Market Research.

The leading players in the market include IBM, MetricStream, RSA Security, Lockpath, OneTrust, and BiSight Technologies, providing a range of VRM solutions and services such as risk assessment and scoring, third-party due diligence, compliance monitoring, and vendor performance management.

Vanta’s new offering is designed to combine the entire vendor management process within a single, automated workflow with necessary integrations with third-party applications, identity providers, and database systems. This, the company said, reduces review costs by 90% as opposed to siloed point solutions.

Vanta can automatically discover any vendors — cloud providers, identity providers like Auth0, databases, CRM systems, and more — and the employees using them via integrations with the company’s single sign-on, and identity providers (IdP) systems.

It employs a vendor ranking system through a risk rubric that provides better visibility into vendor-based risks. This evaluation combines a score of metrics derived from “business critical” factors that customers can adjust based on their requirements.

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This automation will include transforming the traditionally manual process of answering security questionnaires into an automated library of up-to-date, web-based spreadsheets and forms with added features such as auto-complete and one-off questions with a browser extension.

Vanta’s VRM gives insight into redundant applications, enabling organizations to make informed commissioning and de-commissioning of applications efficiently, thereby saving costs, according to Cacioppo.

The automated workflow also streamlines tracking compliance reports and installs periodic reminders to request updated reports.

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