Third Party, First Priority: Why Greenfield Invested in Panorays
Panorays is thrilled to be partnering with Greenfield to bring third-party security risk management to the next level. Here’s a great blog post they wrote about why they invested in Panorays.
Third-Party Security Risk is an Inevitable Pressing Frontier in Cybersecurity
The rise in attack surface area vulnerable to third-party breaches is a natural outcome of the direction that digital advancements have taken in recent years. The “as a Service” model, for example, has unlocked key gains in productivity and innovation, but by definition this model requires granting access to and sharing data with third parties. And with an average of approximately 500 third-party relationships for even a typical midsize enterprise, these exposures add up.
It’s no surprise then that the Ponemon Institute found that over half of organizations have experienced a data breach caused by third parties that led to the misuse of sensitive or confidential information.
We see third-party security risk as a next major frontier in cybersecurity, as legacy tools for managing third-party vendors and risk – Excel spreadsheets, rigid questionnaires, one-and-done assessments – are simply not doing the job. Meanwhile, third-party breaches are rising in prominence (SolarWinds, Accellion, Kaseya, Codecov, etc.), coming under increased regulatory scrutiny within GDPR and NYDFS, and consequently becoming a board-level threat vector and priority for organizations. Read more