TEL AVIV, Israel, Dec. 11, 2019 /PRNewswire/ — Panorays, which automates third-party security lifecycle management, has collaborated with Konfidas, the leading Israeli managed security service provider (MSSP), to offer clients an end-to-end supply chain cyber risk management package. With this collaboration, Konfidas will help Panorays’ customers integrate and manage their third-party security processes. The combined service is already being used by a number of organizations, including banks and insurance companies.
“The Panorays-Konfidas collaboration comes just in time to address new supply chain security and privacy regulations and standards,” said Panorays Co-Founder and CEO Matan Or-El. “Panorays sees collaborations with MSSPs as an opportunity for customers to have a one-stop-shop for all the daily management of third parties, vendors and suppliers. We are thrilled to cooperate with Konfidas to provide customers with that added value.”
The Panorays platform provides transparency and control for companies that want to have the full picture of the cyber posture of their supply chain. It does this by combining automated, smart and customizable questionnaires with a continuous hacker’s view of the evaluated vendor. Panorays’ 360-degree view enables companies to understand and mitigate their security risk.
For companies that seek a managerial solution as well, Konfidas offers a service that includes a custom risk management methodology, mapping of suppliers, suppliers’ surveys, regulatory consulting and management of the daily usage and management of the Panorays platform. In addition, Konfidas also offers a managed cybersecurity service and cyber insurance to comply with new market demands for these services and products. Hence, the collaboration offers a solution both for companies who manage their own cyber risks, as well as for those who wish to outsource their cyber protection.
“We are proud of our cooperation with Panorays. After examining a few platforms, we came to the conclusion that Panorays is the best for supply chain security management tasks,” said Ram Levi, Konfidas Founder and CEO. “With the Panorays platform, we will be able to effectively manage our clients’ supply chain cyber risks on an ongoing basis. The suppliers will also be able to acquire a full managed cybersecurity service with cyber insurance, and thus meet all market demands in this respect.”
In recent years, there has been a rise in the number of cyberattacks against organizations through their supply chains. According to a Ponemon Institute study, 61 percent of U.S. respondents reported that their organizations experienced a data breach caused by one of their third parties. The majority of respondents also indicated that they did not have sufficient resources to manage third-party relationships.
For all of these reasons, there is a rising expectation that organizations will manage their third-party cyber risk by defining specific work processes and applying appropriate controls. The cooperation between Panorays and Konfidas provides an optimal solution for this challenge.
“This joint initiative offers an extensive solution, including supply chain risk management and cyber protection,” said Levi. “We believe that this collaboration between Panorays and Konfidas will offer great value to both companies’ clients.”
“Data Risk in the Third-Party Ecosystem”, Ponemon Institute LLC Research Report, November 2018