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 the first global vendor evidence sharing portal, the Synapse Exchange ™.
As the security industry’s first unified, cross-sector third-party risk management platform, Synapse Exchange automates and speeds the exchange of the full array of data that’s critical to reducing cyberattack risks associated with third- and fourth-party vendors, while sharply reducing costs and complexities for enterprises, vendors and supply chain partners.
Exchange leverages Prevalent’s next-generation third party risk management platform, Synapse, which includes evidence collection and remediation workflows, risk scoring, reporting, and myriad other features developed over years of exclusive third party risk management focus.
“More than 60 percent of data breaches are now occurring through third-party vendors,” noted Jonathan Dambrot, Prevalent CEO and co-founder. “We cut our teeth with vertical industry vendor networks, and the insight contributed by customers, vendors and partners across industries and around the globe has helped make Synapse Exchange a distinctly universal, efficient and economical platform. We’ve helped organisations migrate away from the overhead costs and burdens associated with other third-party risk management approaches, and are delighted to expand our market-proven approach to this new, non-restricted cross-industry platform.”
Sean O’Brien, DVV Solutions Managing Director commented “This is the first universal Third-Party Risk Management evidence sharing portal made available to the mass market. We are proud to be able to work with Prevalent, leveraging their full portfolio of Third-Party Risk Management solutions to deliver tailor made sector-specific services that will improve the scalability, effectiveness and efficiency of TRPM programs across industries such as Finance, Banking, Legal and Healthcare. The benefits are universal and the process is simplistic for everyone within each supplier network.”
Simplifying Processes for Vendors, Partners and Enterprises
Prevalent’s Synapse Exchange enables vendors to complete any standard security controls questionnaire, which is then available with the vendor’s permission to any organisations requesting it. There is no cost for vendors to participate, and vendor data can (with permission) be shared with any organisations in the Exchange. Key features and capabilities:
- Synapse Exchange participants can avail themselves of an ever-expanding repository of vendor controls evidence, enabling nearly-immediate vendor risk scoring and identification of riskiest vendors, those requiring attention, and other factors.
- Synapse™ Exchange participants can access vendors in the Exchange immediately after the vendor approves the evidence-sharing request.
- Participants can request that vendors of interest not in the repository be added, and Prevalent will collect completed questionnaires at no charge, and expeditiously. Participants pay only for the vendor evidence they consume; there is no charge for entry into the Network.
- The Platform supports standard questionnaires such as the Shared Assessments Standardised Information Gathering Questionnaire (SIG), SIGLite, DDQ, and CyberFit, as well as other evidence types such as Word documents, pdf files, and spreadsheets, facilitating the prompt, secure exchange of key vendor controls documents such as SOC 2, HITRUST reports and others.
- All Exchange participants are provisioned with a fully-featured Synapse Platform, meaning they can take advantage of Prevalent’s next generation vendor risk management product, assessing vendors, creating custom questionnaires, Tiering vendors, and building analytics and reports, among other capabilities.
Sean O’Brien concludes: “There is no substitute for a comprehensive vendor assessment to generate a meaningful risk profile. Until now, effective assessment processes have been limited to the largest or most mission-critical third parties and suppliers. With the advent of Synapse Exchange, coupled with DVV Solutions and Prevalent’s sector-focused services, assessing and managing the risks across an organisation’s complete Third-Party and supplier network has become much more achievable and affordable.”
If you are interested in finding out more about DVV Solutions, or information about our Third Party Risk Management services and solutions, please Contact Us now and we will be happy to speak with you.