Yaffa Klugerman

How Panorays is Different Than Other Third-Party Risk Management Solutions

Panorays is different

With so many players in the TPRM space, it’s often tough to tell the difference between them. There’s a lot of noise, and it all sounds the same. But is it?

We at Panorays are frequently asked how our solution is different than the rest. So here are a few key differentiators that set us apart:

360-Degree Ratings

Many solutions rate companies based only on public-facing information—in other words, how a hacker might evaluate a company. Other solutions deal exclusively with security questionnaires that third parties must complete to assess cyber posture.

Panorays is unique in that it combines both of these features. It first performs a non-invasive outside-in assessment of digital assets, much like the way a hacker would perform reconnaissance on a possible target. At the same time, Panorays manages automated security assessments that consider internal company policy and compliance to specific regulations such as GDPR. Thus the ratings are comprised of an outside-in view, along with an inside-out view, giving companies a complete picture of a third party’s security posture.

Context-Based Ratings

Not all suppliers have the same risk level. A vendor that delivers office furniture, for example, probably will not have the same level of risk as a vendor with access to a company’s IT systems. Even so, SRSes will often rate vendors using the same values.

For this reason, Panorays’ ratings consider the business and technology relationship between evaluators and suppliers, giving more weight to those who are critical to operations. In so doing, it provides a truer picture of risk that is reflected in the questionnaire and ratings.

Engagement

You are trying to onboard a supplier, but the security questionnaire has not been answered correctly. What do you do?

In many companies, unclear answers lead to follow-up calls, questions, explanations and then more follow-up calls. It takes a lot of time and a lot of manpower to get the right response. There’s friction between companies and suppliers, and the back-and-forth between them can take months.

With Panorays, the questionnaires are automated and all interaction takes place on the same platform. Not only does this mean that security assessments are completed quickly, it also means that suppliers can view assessment results and improve their cyber posture. Both companies and suppliers can easily dispute or validate findings and report progress mitigating cyber gaps. With this level of engagement, there are no more false positives, no more unclear answers and no more misunderstandings.

Automated Questionnaires

You need to perform a risk audit for all your suppliers, but not all of them are the same. Some suppliers might need to comply with GDPR or CCPA. Others may need to consider your internal company policies. And you may be dealing with hundreds of vendors. How can you thoroughly assess each one?

Many CISOs still use spreadsheets for this process, and it’s an arduous, time-consuming and impractical process. But there’s a solution to this problem: automation.

With Panorays’ automated security assessments, companies can easily customize questionnaires according to their policies and needs. They receive rapid responses from suppliers and can easily verify when inquiries have been completed and cyber gaps have been remediated. In addition, they can adjust question scoring according to internal policies and standards.

Continuous Monitoring

The cyber world is constantly changing. New vulnerabilities are introduced constantly, and companies routinely add new solutions and software that could affect their cyber posture. This is one more reason why manual questionnaires are not practical: By the time they are completed, they are outdated.

By contrast, Panorays continuously monitors third parties, and companies receive live alerts about any changes to supplier security.

These are just a few of Panorays’ unique characteristics. To learn more about automating third-party security, contact us today for a free demo.


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