Third-Party Risk Management Leader Unveils Industry’s First Third-Party Incident Response Service

Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today unveiled the industry’s first Third-Party Incident Response Service. As supply chain breaches have continued to dominate the news, many organizations still struggle to get timely notifications from vendors.

The Prevalent Third-Party Incident Response Service delivers a solution that automates discovery, provides a contextual scoring model and offers built-in remediation guidance to accelerate Time-to-Remediation.

Delays between a vendor incident and a company’s risk identification, analysis and mitigation leave organizations exposed to operational disruptions, fines and customer losses.

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However, manual event notification processes only slow risk assessment and remediation at a time when speed is essential. The Prevalent Third-Party Incident Response Service enables organizations to rapidly identify and mitigate the impact of supply chain breaches by:

• Automating the collection and analysis of vendor incident information using a contextual questionnaire, empowering organizations to focus on risk mitigation instead of data collection
• Enabling third parties to proactively submit event notifications and updates, speeding incident discovery
• Providing pre-built reporting to help security teams be better prepared for board and executive questions regarding the impact of supply chain incidents
• Demonstrating proof of a third-party breach response plan to satisfy auditors and regulators

“Prevalent’s goal is to enhance third-party risk management across every stage of the vendor lifecycle – from onboarding and ongoing management to offboarding – to minimize third-party security incidents,” stated Alastair Parr, senior vice president of global products and delivery operations for Prevalent, Inc. “After working closely with our customers, specifically through the SolarWinds, Accellion and Microsoft Exchange Server breaches, we realized a need to provide companies with more automation to accelerate both Time-to-Detect and Time-to-Remediate.”