U.S. SEC Cybersecurity Disclosure Rules Compliance

Prevalent enables your team to rapidly identify, respond to, report on, and mitigate the impact of third-party vendor security incidents as part of your broader incident management strategy.

In addition to our SaaS platform solutions, Prevalent offers a managed service where our experts centrally manage your vendors; conduct proactive event risk assessments; score identified risks; correlate against continuous cyber monitoring; and issue remediation guidance – all on your behalf.

Key capabilities include:

• Continuously updated and customizable event and incident management questionnaires
• Real-time questionnaire completion progress tracking
• Defined risk owners with automated chasing reminders to keep surveys on schedule
• Proactive vendor reporting
• Consolidated views of risk ratings, counts, scores and flagged responses for each vendor
• Workflow rules to trigger automated playbooks to act on risks according to their potential impact on the business
• Built-in reporting templates for internal and external stakeholders
• Guidance from built-in remediation recommendations to reduce risk
• Data and relationship mapping to identify relationships between your organization and third, fourth or Nth parties to visualize information paths and reveal at-risk data.

Prevalent also provides access to a database containing 10+ years of data breach history for thousands of companies around the world – including types and quantities of stolen data; compliance and regulatory issues; and real-time vendor data breach notifications.

Armed with these insights, your team can better understand the scope and impact of the incident; what data was involved; whether the third party’s operations were impacted; and when remediations have been completed – all by leveraging Prevalent experts.

Prevalent continuously tracks and analyzes external threats to third parties. The solution monitors the Internet and dark web for cyber threats and vulnerabilities, as well as public and private sources of reputational, sanctions and financial information.

All monitoring data is correlated with assessment results and centralized in a unified risk register for each vendor, streamlining risk review, reporting, remediation and response initiatives.

Monitoring sources include:

• 1,500+ criminal forums; thousands of onion pages; 80+ dark web special access forums; 65+ threat feeds; and 50+ paste sites for leaked credentials — as well as several security communities, code repositories, and vulnerability databases covering 550,000 companies
• A database containing 10+ years of data breach history for thousands of companies around the world
  Prevalent also incorporates business, reputational and financial data to add context to cyber findings and measure the impact of incidents over time.

Prevalent partners with you to build a comprehensive third-party risk management (TPRM) program in line with your broader information security and governance, risk and compliance programs based on proven best practices and extensive real-world experience.

Our experts collaborate with your team on defining and implementing TPRM processes and solutions; selecting risk assessment questionnaires and frameworks; and optimizing your program to address the entire third-party risk lifecycle – from sourcing and due diligence, to termination and offboarding – according to your organization’s risk appetite.

As part of this process, Prevalent can help you define:

• Clear roles and responsibilities (e.g., RACI)
• Third-party inventories
• Risk scoring and thresholds based on your organization’s risk tolerance
• Assessment and monitoring methodologies based on third-party criticality
• Fourth-party mapping
• Sources of continuous monitoring data (cyber, business, reputational, financial)
• Key performance indicators (KPIs) and key risk indicators (KRIs)
• Governing policies, standards, systems and processes to protect data
• Compliance and contractual reporting requirements against service levels
• Incident response requirements
• Risk and internal stakeholder reporting
• Risk mitigation and remediation strategies

Prevalent features a library of 750+ pre-built templates for third-party risk assessments. Assessments can be conducted at the time of onboarding, contract renewal, or at any required frequency (e.g., quarterly or annually) depending on material changes.

Assessments are managed centrally in the Prevalent Platform, and are backed by workflow, task management and automated evidence review capabilities to ensure that your team has visibility into third-party risks throughout the relationship lifecycle.

Importantly, Prevalent delivers built-in remediation recommendations based on risk assessment results to ensure that your third parties address risks in a timely and satisfactory manner and can provide appropriate evidence to auditors.

The solution automates third-party risk management compliance auditing by collecting vendor risk information, quantifying risks, recommending remediations, and generating reports for dozens of government regulations and industry frameworks.

Prevalent automatically maps information gathered from control-based assessments to ISO 27001, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, SOX, NYDFS, and other regulatory frameworks, enabling you to quickly visualize and address important compliance requirements and adjust your program accordingly – including whether or not to accept residual risks.

For organizations with limited resources and expertise, Prevalent can manage the third-party risk lifecycle on your behalf – from onboarding vendors and collecting evidence, to providing remediation guidance and reporting on contract SLAs. As a result, you reduce vendor risk and simplify compliance without burdening internal staff.

Prevalent enables you to assess and monitor your third parties based on extent of the threats to your information assets by capturing, tracking and quantifying inherent risks for all third parties. Criteria used to calculate inherent risk for third-party classification includes:

• Type of content required to validate controls
• Criticality to business performance and operations
• Location(s) and related legal or regulatory considerations
• Level of reliance on fourth parties (to avoid concentration risk)
• Exposure to operational or client-facing processes
• Interaction with protected data
• Financial status and health
• Reputation

From this inherent risk assessment, your team can automatically tier suppliers; set appropriate levels of further diligence; and determine the scope of ongoing assessments.

Rule-based tiering logic enables vendor categorization using a range of data interaction, financial, regulatory and reputational considerations.

Prevalent provides a framework for centrally measuring third-party KRIs against your requirements and reducing gaps in vendor oversight with embedded machine learning (ML) insights and customizable, role-based reports.

The capabilities can help your team to uncover risk trends, determine third-party risk status, and identify exceptions to common behavior that could warrant further investigation.

Prevalent also improves efficiency by getting the right data into the right hands at the right time. This makes it easy for report recipients to quickly determine risk acceptability and make confident decisions, regardless of skill level.