- Company (that provides the nominated product / solution / service): Prevalent, Inc.
- Website: http://www.prevalent.net
- Company size (employees): 70
- Product Version Number: 4.0
- Type of solution: Software
- Year this product or service was first introduced to the market: 2011
- Year the current version of this product or service has been released: 2016
- Approximate number of users worldwide: Prevalent products manage hundreds of thousands of vendors worldwide
In 3 bullets, summarize why this product or service deserves recognition:
• Synapse is the industry’s first purpose-built, unified platform for vendor risk management that reduces both risk and cost in a shared assessment model, leveraging standardized content, automation and threat intelligence
• Designed for smarter third party risk management, Synapse integrates Prevalent’s next generation Synapse platform and Vendor Threat Monitor™(VTM) to minimize the burden of controls and reduce data collection timeframes from 60% to near zero
• Synapse offers companies a powerful way to reduce third party risk using a scalable, automated process that one Fortune 100 managed health care customer estimates will save millions of dollars in the first year alone.
In less than 300 words, summarize the most important features and benefits of this product or service
Prevalent is the pioneer in the rapidly growing market for third party vendor risk management and cyber threat intelligence. With the proliferation of high profile data breaches, regulatory requirements for third party risk management have increased dramatically. Yet the process of manually gathering security information on an organization’s hundreds, often thousands, of vendors has remained inefficient, time consuming and costly.
To address these challenges, Synapse offers a purpose-built, unified suite of vendor risk management capabilities based on Prevalent’s next generation Synapse and Vendor Threat Monitor™ (VTM) software. Synapse supports virtually any standardized, collaborative assessment network, simplifying and automating the vendor risk monitoring and assessment process, and dramatically reducing data collection durations from 60% to near zero. With Synapse, organizations can quickly start their third-party risk program, gain instant, shared visibility into their vendor community, and actively monitor these risks over the life of the relationship.
Prevalent’s Synapse platform automates the collection of third-party information in a secure and scalable manner. It takes the guesswork out of vendor assessment by creating a standard tiering structure, a standardized assessment workflow, Shared Assessments content, evidence collection, risk scoring, and reporting. Synapse helps organizations understand the impact of doing business with each particular vendor.
Prevalent’s Vendor Threat Monitor (VTM) provides a systematic way of determining the level of oversight appropriate for an organization, and quickly surfaces critical vendor risk events, minimizing unnecessary investigations and allowing more efficient use of resources. VTM also uses VendorThreatIQ™ (TIQ), a groundbreaking scoring methodology that provides insight into vendors’ ability to rapidly detect and isolate cyber attackers behind the firewall.
Synapse offers companies a powerful way to reduce third party risk using a scalable, automated process that one Fortune 100 managed health care customer estimates will save millions of dollars in the first year alone.