Prevalent Continues to Reduce Enterprise Third Party Risks with Veracode DirectLink

Prevalent's latest release, Vendor Risk Manager 2.5, now enables enterprises to assess application vendor software as part of their overall vendor assessment, including a direct integration with vendors using Veracode for application scanning.
WARREN, N.J. - July 25, 2013 - PRLog -- Prevalent Networks, a leader in information security, compliance, and risk solutions, is giving enterprise customers a more streamlined, automated way to understand, evaluate and manage potential risks when doing business with vendors. The Warren, N.J.-based security firm today launched the latest version of its flagship solution, Prevalent Vendor Risk Manager (PVRM), a release that sets a new industry standard in application security and risk management.

The latest PVRM 2.5 release improves assessment capabilities with support for Veracode’s vendor application security testing, an integration that enables users to conduct assessments of a vendor’s application security without the need for source code.

Version 2.5 also gives customers the ability to categorize and tier vendors based on service type, data risk, and organizational importance, leverage Shared Assessment content for controls-based assessment, schedule regular vendor risk evaluations, and obtain risk scoring per vendor against a set standard.

The new enhancements provide a single point of access for third party evidence collection, DirectLink integration into Veracode’s application scanning platform, assessment of cloud or other infrastructure providers, risk scoring, and reporting.

PVRM 2.5 gives vendors the ability to log into Veracode and upload a summary report without having to leave the Relationship Gateway.  PVRM 2.5 factors this into a single calculated risk score, providing customers an accurate picture of their overall risk posture.

“Vendor application security and vendor risk assessment are the two top areas of concern for most of our clients.  They are also the hardest to automate and scale,” said Jonathan Dambrot, Managing Director of Prevalent Networks. “By securely automating the collection of third party evidence, including our new Veracode DirectLink capability, we can now offer clients the ability to assess the entire vendor relationship including application security in one place with a single risk score.”

Yet ensuring third party vendor compliance is proving increasingly difficult and costly.  A June 2013 Ponemon Institute “Cost of a Data Breach” survey indicated that third party errors were the single largest factor in data breach costs, increasing average cost by about $1,200,000 for an average data breach (or $43 per record) in the U.S.  While seemingly insignificant, these costs add up when a data breach exposes thousands of records and can make sizeable dents in an organization’s bottom line.

Those same data breach costs can potentially be alleviated with a strong security posture, incident response planning, and consulting support. PVRM 2.5 fills in those crucial compliance gap requirements by identifying security risks and vulnerabilities early on and helping organizations hold their third party vendors accountable for compliance breaches.

Prevalent Vendor Risk Manager can either be deployed within a customer’s infrastructure or hosted in the Prevalent Compliance as a Service cloud.

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Tags:Application Security, Compliance, Shared Assessments, Vendor Risk, Veracode, Dlp, Risk Management, Third Party Risk
Industry:Software, Security, Internet
Location:Warren - New Jersey - United States
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Page Updated Last on: Jul 25, 2013

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