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Third Party Security Risk Management

What are the consequences of a data breach against one of your suppliers?

When you outsource parts of your IT infrastructure or use Cloud services, you are actually expanding your attack surface.

According to a report by the Ponemon Institute, 59% of organisations have suffered a data breach caused by their suppliers, with consequences such as:

Why should you choose Panorays?

RATE the risk posed by Third-Parties on your IT Infrastructure

Cyber risk exposure analysis

EXTERNAL Third-Party Scan

Cybersecurity Assessments


Automatic comparison of Questionnaires with Scan results

Clerk uses Panorays for supplier assessment

What is the Third Party Security Risk Management?

How to evaluate the cyber security of suppliers

Cybersecurity is serious business. But it's easier to understand with a laugh.

Watch the video to see how Panorays explains Third-Party Security Risk Management.

The cyber risks of the Supply Chain

The challenges of Third Party Security Risk Management

Your organisation's attack surface is growing all the time, and it includes also vendors' ones.

Securing your network isn't enough – when you share data with your providers, you also have to evaluate their level of Information Security.

The importance of evaluating Third-Parties' attack surface is marked even more by today's business context:

  1. Increase of Cloud apps use:  The amount of sensitive data that is uploaded to these apps grows by more than 50% every year.
  2. Remote work:  Smart Working has brought new challenges for Cybersecurity, also for the companies in your supply chain.
  3. Third-Party data breach: A Third-Party data breach directly impacts your business and your reputation with customers.
  4. Data Protection Regulations: Regulations like GDPR, CCPA, and NY SHIELD Act require that your customer data is always safe, even if it's stored on Third-Party services.
Panorays helps to reduce the risks of the Supply Chain

Security Questionnaires and Rating Services (SRS)

Panorays allows you to eliminate manual supplier evaluation questionnaires

The problems of traditional Third-Party Security Assessment solutions

Most organizations that perform Third-Party Security Risk Management activities do so in two alternative ways:

  • Security questionnaires
  • Vendor external attack surface assessment via Rating Services (SRS)

Both of these alternatives show problems.

In fact, Security questionnaires are often overly complex and do not take into account the business context and the rapid changes caused by the integration of new technologies.  

The procedure results cumbersome, time consuming and tends to block business activities for long periods.

Supplier Rating Services (SRS), however, present a limited view of the Cybersecurity posture. Their assessments show the external attack surface, but they cannot evaluate internal policies

The Panorays' Approach

Automated Third Party Security Risk Management

Panorays brings a breath of fresh air to Third-Party Security assessments.

The Panorays' approach consists in automating control procedures while considering three fundamental factors:

1. Context: the particular risks presented by each third party, the data that will be processed, the possible presence of subcontractors (e.g. cloud service providers).

2. Visibility: verify the statements collected through questionnaires with external scans of the Cybersecurity posture, to highlight errors and false declarations.

3. Engagement: work hand-in-hand with the Third-Party to make the security assessment process as simple and smooth as possible.

With a combination of dynamic questionnaires, external attack surface assessments and intelligence on business context, Panorays produces a quick and accurate assessment of the level of risk placed by a Third-Party. 

The Panorays approach to Third-Party Security Risk Management

Panorays and DORA Compliance

Panorays helps you with compliance with the DORA Regulation

Automate third-party risk assessment for financial entities

The DORA regulation is a European Union regulation that aims to establish obligations and methods to achieve a high and uniform level of digital resilience for European financial entities.

Among the obligations imposed by the DORA Regulation, there is the one relating to the management of the risk posed by third-party suppliers, in particular Cloud and ICT service providers.

This process, typically slow and time-consuming, can be simplified and automated thanks to the use of Panorays.

With Panorays, compliance with the DORA Regulation becomes a strategic advantage for your organisation.

Don't waste time: the deadline to be DORA compliant is January 17, 2025.

How does the Panorays platform work?

Panorays is a SaaS platform that automates the assessment and management of cyber security risks posed by vendors, from initial analysis, to remediation and ongoing monitoring.

Dynamic security questionnaires

Panorays Smart Questionnaires are created automatically and in a dedicated way for the Third-Party to be evaluated, also considering the context.

Attack surface scan

Non-intrusive vendor attack surface analysis to verify security posture.

Business intelligence

Comprehensive cyber risk assessment, combining the results of questionnaires, external scans and business context.

An vision at 360 ° on the security of your Supply Chain

Choose Panorays, the most comprehensive and easy-to-use third-party security risk management platform.

Distline is the Italian reference for the Panorays solution

Evaluate Third-Party's CYBER POSTURE

Your attack surface is not just the one inside the perimeter, but it also includes your Third-Party's ones.

Make sure they use appropriate cybersecurity measures with the complete, simple and automatic evaluation of Panorays.

Fill the form to request a free demonstration: our Experts will answer all your questions about Panorays and Third Party Security Risk Management.

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