DVV Solutions, leading experts in Third-Party Risk Assessment, are proud to confirm that Prevalent, Inc., our Partner in Third-Party Risk Management, today announced that it has been named a Leader in the 2017 Gartner Magic Quadrant for IT Vendor Risk Management.1
“We are delighted that Gartner has identified Prevalent as a leader in this growing IT security market with this year’s analysis,” said Norman Menz, Chief Technology Officer and Co-Founder, Prevalent. “Third-Party Risk is a serious problem for organisations everywhere and it’s growing. Prevalent is positioned to help solve this problem through the innovative nature of our technology, products, and the expertise of our team. We’re very proud of this recognition.”
Sean O’Brien, Director DVV Solutions commented “The recognition Prevalent has consistently received both from Gartner and the market was a key consideration in DVV Solution initially choosing Prevalent as a key partner and platform to build our Third-Party Risk Management services and solutions upon. This latest announcement provides further confirmation that we have the right solution to meet the growing issues of risk assessment and the management of Third-Party IT supplier risk”
The Magic Quadrant for IT Vendor Risk Management report states, “High-profile failures of IT service providers, increasing rollouts of enterprise risk management programs, and third-party access to sensitive and regulated information continue to fuel demands in the IT VRM market. While the predominant market driver remains regulatory requirements, lesser regulated or nonregulated entities are increasingly concerned with the operational and reputational risks to which their vendors expose them.” It goes on to say that “By 2020, 75% of Fortune Global 500 companies will treat vendor risk management as a board-level initiative to mitigate brand and reputation risk.”
Since the first publication of the Magic Quadrant for IT Vendor Risk Management, Prevalent has released several versions of its vendor risk assessment and continuous threat monitoring products, and in early 2017 announced the release of Prevalent Synapse Exchange™ – the first Universal Third-Party Risk Management Evidence Sharing Portal. In addition, Prevalent announced its acquisition of Datum Security in June to help close the dangerous gap in SMB Third-Party Risk exposure.
“Our ongoing product development and innovation are the reasons why Gartner continues to recognise our technology leadership when it comes to protecting organisations from third-party vendor risks,” said Jonathan Dambrot, Chief Executive Officer and Co-Founder, Prevalent. “We are 100% focused on third party risk and helping both enterprises and vendors save time, reduce cost, and protect their brands.”
Sean O’Brien concluded “Prevalent have become the only vendor in Leader Quadrant exclusively focused on Third-Party Risk with a proven ability to execute and deliver solutions to meet the challenges of scalability and complexity in large-scale risk assessments programs. Together with DVV Solutions expertise we are able to offer our Customers a customisable and GDPR-ready Third-Party Risk Management service to our clients.”
To request access to the Gartner Inc. “Magic Quadrant for IT Vendor Risk Management”, click here.
1Source: Gartner, Magic Quadrant for IT Vendor Risk Management, Christopher Ambrose, Luke Ellery, 29 June 2017.
About the Magic Quadrant
The market for IT VRM software provides software solutions that automate processes for the assessment, monitoring and remediation of technology vendor and service provider risks. Gartner’s Magic Quadrant helps sourcing and vendor management leaders evaluate this growing market. Gartner defines its market scope and evaluates leading vendors on their software’s ability to enable the automated assessment, monitoring, and mitigation of IT and other risks and related workflows whose ownership lies with IT stakeholders.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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