SAN FRANCISCO, July 26, 2017 /PRNewswire-iReach/ —Aravo Solutions, the leading provider of SaaS based solutions to support the complex third party risk and compliance demands of the Global 2000, and SecurityScorecard, the leader in security ratings, today announced the integration of the Aravo Enterprise platform with SecurityScorecard’s platform, to provide a fully integrated solution for enhanced third party cyber-risk management.
With the rapid digitization of consumers’ lives and enterprise records, cybersecurity, together with business resiliency in the event of an incident, are rapidly escalating up regulatory and board agendas. Michael Saracini, CEO, Aravo Solutions says: “Recent research conducted by Juniper predicts the cost of data breaches to reach $2.1 trillion globally by 2019. We are also seeing regulation, such as the GDPR due to come into effect in May 2018, apply a greater focus on data privacy, and by virtue, security. The potential penalties associated with misuse or breach, under this regulation, exceed 20 million euro or 4% of global annual revenues.”
Mr. Saracini further commented that “More often than not, the most significant areas of exposure do not sit within the four walls of an organization but across their extended enterprise; in fact, research by Soha Systems estimates that 63% of data breaches can be traced to the actions of third parties. Exacerbating this risk, is the ‘long-tail’ of third parties – those that may not make up critical third parties that traditionally have undergone a significant amount of due diligence, but where vulnerabilities and considerable threat exposure can often lie.”
David Rusher, SVP Product Strategy and Alliances, Aravo Solutions says: “This strategic partnership helps strengthen resiliency against one of the biggest threats facing companies today – cybersecurity. The integration provides a sought after ability to triangulate data, allowing companies to compare third party self-assessment data with SecurityScorecard’s ratings to determine whether greater due diligence, such as virtual or onsite audits, are warranted.”
Further, the integration allows clients to embed best practices and resilience within their third party compliance and risk programs, through:
- Segmenting and risk-assessing third parties at scale;
- Using scorecards and risk dashboards as a collaborative tool to raise the bar of performance and de-risk relationships with third parties;
- Providing transparency and collaboration during the remediation process to allow counterparties to programmatically improve their ratings and help build trust between third parties;
- Providing detailed and continuous assessment of third parties’ security posture;
- Providing full and auditable workflow to track scoring and remediation activity, and;
- Providing a platform and process for front line third party relationship management.
“Third party cybersecurity risk is top of mind for every business leader today, said Michael Rogers, Vice President of Strategic Alliances and Channels at SecurityScorecard. “Our strategic partnership with Aravo Solutions demonstrates our commitment to helping the wider ecosystem build greater resiliency and lift the collective bar with security ratings.”
SecurityScorecard provides continuous, non-intrusive monitoring of third-parties and helps organizations address the increasing risk of data breaches, a risk that has grown exponentially year over year. The company takes a unique and highly effective approach to security, identifying vulnerabilities from an outside perspective, the same way a hacker would. Having developed the industry’s most accurate rating of security risk, SecurityScorecard helps organizations gain operational command of their security posture and that of their partners and vendors.
Aravo’s award-winning Aravo Enterprise platform integrates the tools, workflows and reporting required for regulatory compliance, and risk and performance management throughout the entire third party lifecycle, including: planning; due diligence and third party selection; contract negotiation and onboarding; ongoing monitoring; and termination and contingency planning.
SecurityScorecard (securityscorecard.com) is the highest performing security rating platform able to determine the security risk of any organization. The company’s proprietary SaaS offering helps enterprises gain operational command of their security postures and across all of their partners, and vendors. SecurityScorecard provides continuous, non-intrusive monitoring for any organization including third and fourth parties. The platform offers a breadth and depth of critical data points not available from any other service provider including a broad range of risk categories such as Application Security, Malware, Patching Cadence, Network Security, Hacker Chatter, Social Engineering and Leaked Information.
Aravo (aravo.com) delivers market-leading SaaS solutions for managing third party risk and compliance at scale. We help Global 2000 companies protect their business value and reputation by managing the risks associated with third parties and suppliers, and to build business value by ensuring that their third party relationships are optimized.
Aravo has assembled unique domain expertise and best practice approaches from more than 16 years of delivering successful implementations to global companies with the most complex supply and third party networks in the world. Leading brands across a diverse range of industries count on Aravo for end-to-end enterprise third party risk management together with specialist applications to support anti-bribery and anti-corruption, data privacy and security, responsible sourcing, and registration and qualification/know your supplier programs.
Providing unrivaled regulatory agility and ease-of-use together with actionable executive reporting, Aravo supports a user base of 94,000 corporate users, managing 3.9 million third party users in 33 languages and 154 countries. Aravo is headquartered in San Francisco, with offices and partners across the US, Europe and Asia.
In 2016, Aravo was recognized with GRC 20/20’s Value Award for Third Party Management for providing measurable value in GRC efficiency, effectiveness and agility. Aravo was named as a Category Leader with the highest “Completeness of Offering” of any provider in the Chartis RiskTech Quadrant® for Third Party Risk Management Solutions 2017.
Media Contact: PR at Aravo, Aravo, 415-835-7600, [email protected]
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