Forrester Wave Leader 2024 - Cybersecurity Risk Ratings Platforms

We are thrilled to announce that Panorays has been recognized as a Leader in the latest Forrester Wave™: Cybersecurity Risk Rating Platforms, Q2 2024

As demand for robust Cyber Risk Rating solutions is seeing an exponential increase, we believe this recognition underscores Panorays’ commitment to delivering innovative third-party risk management solutions that prioritize both business context and security.

The Forrester Wave™ evaluated 10 of the most significant vendors in the Cybersecurity Risk Ratings Platforms market based on 25 criteria that address each vendor’s current offering, strategy, and market presence. Panorays received the highest possible score in criteria such as asset discovery and attribution, vendor discovery and mapping, and exposure prioritization and remediation.

Matan Or-El, CEO and Co-founder, Panorays explains, “The power of our platform is that we can offer a comprehensive and modular solution that includes both internal and external assessments, automation, integrations, collaboration, and regulatory compliance, without compromises. We are grateful for the confidence and trust our customers and partners have placed in Panorays. And we are very proud of this recognition from Forrester, which to us further validates our belief that we offer the industry’s best solutions for securing the supply chain.”

Panorays Chief Technology Officer, Demi Ben-Ari, explains the approach that we feel  earned Panorays this recognition: “Panorays’ innovative approach to third-party cyber risk management sets us apart. We prioritize real-time, contextual risk assessments, leveraging advanced AI and comprehensive data analysis to deliver customized security insights. This enables our clients to prioritize and address vulnerabilities in their supply chain for smooth remediation, ensuring powerful protection against emerging threats.”

What is the Forrester Wave ™ in Cybersecurity Risk Rating Platforms and why is it important?

The Forrester Wave™ is a trusted, definitive guide for technology buyers, offering valuable insights into specific market segments. 

Forrester Research, the powerhouse behind the Wave, has a rich 40-year history of providing businesses with in-depth research and advisory services. Known for its objectivity and methodical approach, Forrester’s expertise empowers businesses to make informed decisions about the technology solutions that are critical to their success. The Forrester Wave™ continues this tradition, consistently ranking high in credibility among tech buyers looking to identify the leading vendors in their specific area of interest.

The report assesses the capabilities of vendors to manage third-party cyber risks effectively, providing a comparative analysis of their features, functionalities, and effectiveness in mitigating third-party cyber risks.

Panorays’ inclusion in the CRRP report validates, in our opinion, its position as a key player in the Third-Party Risk Management Solution category. This recognition is a significant win for security professionals everywhere, offering a powerful platform to address the ever-growing challenges of third-party risk management. 

Why We Believe Panorays was Named a Leader in the Forrester Wave ™ Cybersecurity Risk Rating Platforms Q2, 2024 

Championing a business-driven security approach, Panorays utilizes Risk DNA™, an industry-leading risk-scoring methodology that creates a dynamic risk profile for each vendor. Founded in 2016, Panorays has established itself as a leader in third-party cyber risk management solutions. 

Risk DNA™ moves beyond traditional assessments, replacing one-dimensional views with a dynamic picture of risk. It considers not just each vendor’s security posture, but the way  it intersects with your specific business needs, factoring in an unparalleled level of personalization. This includes elements like business criticality, risk appetite, and industry exposure, creating a risk profile unique to your organization’s DNA.

We believe the report specifically recognizes this strength, highlighting Panorays’ focus on “business context for TPRM.”  This focus, along with Panorays’ superior vision that highlights supply chain complexity and the deep technical functionality required to secure it from a first-and third-party perspective.

Here’s a more focused look at some of the criteria where Panorays received 5 out of 5 scores. 

Vision for Third-Party Risk Management

Panorays champions a future-proof approach to third-party risk management, with Risk DNA™ at its core. This groundbreaking methodology delivers a continuous, filtered, and prioritized stream of risk intelligence, keeping organizations ahead of evolving threats. 

Analyzing vulnerabilities based on real business impact, Risk DNA™ helps organizations prioritize and remediate threats based on a clear understanding of potential consequences, such as disruptions to operations and erosion of customer trust.

Recognizing the ever-evolving nature of enterprise risk management, Panorays helps organizations move from a ‘check-the-box’ mentality into a proactive, adaptive third-party risk management strategy that continuously improves their security posture. 

Integrating external attack surface data with in-depth vendor questionnaires, Panorays delivers the most comprehensive view of vendor risk, giving organizations the strategic advantage to proactively address a broader spectrum of threats, and confidently defend their digital supply chains. 

How Panorays Prioritizes Asset Discovery and Attribution

Panorays empowers organizations with an unparalleled view of their attack surface

Panorays goes beyond basic discovery, the platform utilizes hundreds of automated tests to illuminate vulnerabilities across networks, applications, and even human touchpoints. 

Panorays can begin mapping your entire attack surface by starting with just a single asset, automatically uncovering hidden attack vectors like misconfigured cloud resources, shadow IT, and outdated software. Making initial setup and ongoing monitoring effortless, Panorays allows you to continuously optimize your security posture and minimize your organization’s exposure to emerging vulnerabilities. 

Ratings Dispute Resolution

Panorays facilitates transparency and collaboration throughout the risk assessment process, empowering third-party vendors to actively contribute to risk management efforts. 

Vendors can easily dispute findings and associated assets directly within the platform. Panorays’ highly intuitive interface allows them to review details, provide comments, and submit disputes efficiently.

Prioritizing a swift resolution process, Panorays validates disputed claims internally within 24 hours. Following a careful review, Panorays will accept or reject the claim and clearly communicate the decision to the vendor.

Vendor Discovery and Mapping

The Forrester Wave™ report gives Panorays the highest possible score in the  vendor discovery and mapping criterion. Panorays leverages a powerful combination of real-time threat intelligence, web scraping, and data enrichment to illuminate organizations’ entire vendor landscape. 

This comprehensive view extends beyond immediate suppliers, identifying even 4th and 5th party vendors within your extended supply chain. This unmatched visibility empowers organizations to stay ahead of potential risks and effortlessly scale risk management as their vendor network grows.

Exposure Prioritization and Remediation

Ultimately, Panorays helps organizations shift from reactive to proactive risk management. The company’s proprietary Risk DNA™ methodology leverages a continuous, business-driven approach to assess vulnerabilities based on their true impact. 

Factoring highly personalized parameters, including business criticality, data sensitivity, and industry exposure, the platform shapes a risk posture that aligns perfectly with the organization’s unique business needs.

Furthermore, Risk DNA™ integrates seamlessly with compliance efforts. Aligning risk scores with your organization’s KPIs and KRIs, Panorays helps you prioritize actions that address not only vulnerabilities but also compliance gaps. 

Leveraging its prioritized risk assessment, Panorays tailors remediation plans for each vendor, considering the organization’s security goals and the vendors’ Cyber Risk Rating. 

Security Assessment Questionnaire

Panorays transforms third-party security assessments with a streamlined, AI-powered security assessment questionnaire module. Focusing on the most critical areas of concern, the platform customizes questions to each vendor, considering their business impact on the organization and alignment with its risk profile. 

To guarantee accuracy, Panorays validates questionnaire responses against external data, pinpointing inconsistencies for further clarification. The assessment is performed through intuitive, user-friendly workflows such as automated tasks, due dates, reminders, and an in-app chat. 

This shared responsibility model keeps all parties informed and accountable through clear progress tracking and two-way communication.

Integrations and Interoperability

Panorays boasts robust integration capabilities that empower organizations to replace data silos with a unified security ecosystem. 

The platform boasts a wide range of pre-built connectors, seamlessly integrating with existing GRC platforms, IT asset management tools, procurement systems, privacy solutions, and analytics tools. This minimizes disruption and consolidates data into a single source of truth. 

Panorays’ robust foundation empowers developers to extend Panorays’ capabilities even further. The platform’s flexible JSON-based REST API allows for effortless integration of Panorays elements into any modern application. Additionally, Panorays supports single sign-on using industry-standard protocols, streamlining access and user management.

User Experience

Panorays prioritizes user experience, delivering a clean and intuitive design that minimizes complexity and learning curves. This user-centric approach empowers security professionals of all experience levels to leverage the platform’s powerful capabilities. 

Panorays’  automated workflows streamline the assessment process, featuring functionalities like task assignment, scheduled follow-ups, and in-platform messaging. These features facilitate effortless collaboration and knowledge transfer across teams.

Real-time data visualization tools provide clear, actionable insights, enabling informed decision-making at a glance. This strong focus on user experience, cited in the Forrester Wave™ report, guarantees high user adoption, maximizing the platform’s ongoing value for organizations.

Panorays’ reference customers gave its platform the highest satisfaction rating for overall business value
The Forrester Wave™: Cybersecurity Risk Ratings Platforms, Q2 2024

Cybersecurity Partner Ecosystem 

Panorays features a powerful partner ecosystem that amplifies its leadership in the third-party risk management space. The Forrester Wave™ report states that Panorays’ “forward-looking partner strategy,” highlights collaboration with expert industry groups.

Positioned as a central player within the cybersecurity ecosystem, Panorays stays ahead of regulatory requirements and best practices, providing customers with access to the latest security insights and the ability to effectively mitigate evolving third-party risk.

Panorays: Innovative TPCRM Solutions 

Panorays believes The Forrester Wave™ recognition validates its commitment to pioneering innovative solutions for third-party cyber risk management. 

Panorays’ risk scoring methodology, Risk DNA™, continuously adapts, enabling organizations to scale their security posture as business needs evolve. This agility is the best defense against new risks introduced by AI and the ever-growing attack surface.

Panorays addresses the increasing “need for speed” in onboarding vendors by streamlining assessments and prioritizing vulnerabilities based on concrete business impact. With Risk DNA™, organizations can make informed decisions without compromising either security or business considerations, strengthen their security posture, and build trust with both clients and regulators. 

Looking ahead, Panorays understands the need for advanced vendor tiering. Risk DNA™ facilitates this by dynamically classifying vendors based on their risk profile, guaranteeing appropriate security controls are implemented for each. 

Choosing Panorays, organizations gain a powerful partner in building a future-proof third-party risk management strategy for a secure and resilient digital supply chain.

Read the full Forrester Wave™: Cyber Risk Rating Platforms, Q2 2024 here.