Panorays, a leading provider of third-party cyber risk management (TPCRM), is set to attend InfoSecurity Europe 2024 from June 4-6 in London. At the event, Panorays will not only demonstrate how its platform manages and reduces AI risk posed by third parties – but how it does this at scale.

Get Ready for DORA Regulation Compliance in 2025

As a leader in TPCRM, Panorays must stay on top of the latest in regulatory compliance, particularly those related to third-party risk management. For example, the EU Digital Operational Resilience Act (DORA) is a new legislation aimed at protecting networks and information systems (e.g., information and communication technology or ICT)in the financial industry. However, it also focuses on the third parties that supply these ICT services.

As the DORA regulation enforcement date of January 17, 2025 quickly approaches, businesses are trying to understand how they can prepare. Many believe that it will align with the NIS2 directive, which will in turn reflect an evolution of the ISO27001/2 control framework.

Still, it’s a challenge, because although the DORA security control requirements haven’t been detailed, many of the technical standards of the regulation have already been adopted. If you want your organization to be prepared to meet compliance by the deadline, however, you’ll need to start now.

To help you get up to speed quickly, Dov Goldman, VP of Risk Strategy at Panorays, will speak at InfoSecurity Europe about the importance of DORA and its UK counterpart and which tools you need to prepare. His talk, A Practical Framework for DORA Cybersecurity Compliance, takes place at 3:20 on Tuesday in the Technology Showcase.

The Forrester Wave Names Panorays a Leader in Cybersecurity Risk Rating

Yet another way Panorays demonstrates leadership in the TPRM space is when other industry experts give it a shout out.   

In an evaluation of ten different vendors in The Forrester Wave™:Cybersecurity Risk Rating Platforms, Q2 2024, the global research and advisory found Panorays excelled in 25 different criteria that included current offerings such as asset discovery and attribution, vendor discovery and mapping, cybersecurity questionnaires and exposure to prioritization and remediation. It also evaluated its current strategy in terms of vision and partner ecosystem. Finally, it evaluated its market presence. 

Panorays was mentioned by Forrester explicitly for its ability to “prioritize business context for third-party cyber risk management and highlight supply chain complexity and the deep technical functionality required to secure it from a first- and third-party perspective.”

An AI-Powered Solution for Third-Party Risk Management

The Forrester report also calls attention to Panoray’s AI-led asset and vendor discovery and ability to leverage AI models to identify third, fourth, fifth and n-th parties and classify them according to criticality and business function. It then uses both machine learning and AI-based breach prediction to accurately assess the likelihood of each supplier based on past incidents such as breaches, zero-day exploits, and cyberattacks.

Panorays also offers AI proactive contextual threat intelligence that identifies active supply chain attacks targeting relevant third parties through AI-driven mapping of new vulnerabilities and breaches. The platform then delivers alerts to any threat indications based on predetermined risk level and triggers any necessary actions that need to be taken.

How Panorays Risk DNA Scales Your TPCRM

In an environment where most assessment processes are fragmented and manual, making it difficult to scale and meet growing demand, Panorays delivers a scalable TPRM program that can expedite any vendor management process with automation tools.

Its Risk DNA Assessments continuously evaluate the cybersecurity posture of each third party by taking into account the level of business criticality, external and internal assessments, and each company’s individual risk appetite. This enables it to deliver a contextualized approach to third-party risk through a risk score that reflects the evolving business context of each vendor relationship. Through the use of AI, Panorays also enables this contextual approach with minimal reliance on communication from your third parties. This includes a step-by-step program for remediation, taking into account your goals and other factors such as business impact and ratings. It then calculates the least number of steps and efforts to reach your desired level of protection.

By mapping each customer’s full threat landscape and continuous cybersecurity monitoring and reassessing the Risk DNA, Panorays delivers a combination of tools for pinpointing early threat indications within the unique business context of every relationship, enabling companies to adapt their defenses, minimize risk and proactively prevent the next breach from affecting their business.

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