Almost every business in today’s time needs to partner with third parties suppliers, etc. to be successful. However, these vendors are not directly under control of the business and can pose a variety of risks and security threats. You will be surprised to know that 98% of organizations worldwide have at least one integration with a breached third party vendor.
Beaconer vs. Panorays: Best Third Party Risk Management Solution
By: Beaconer, Jul 25, 2024
Content
Third party risk management (TPRM) is the process followed to identify and mitigate the risks related to several third parties like suppliers, vendors, service providers, contractors, etc. Using third party risk management tools, organizations can safeguard themselves from risks posed by their vendors and improve their security posture. Beaconer and Panorays are two of the best TPRM software currently that businesses can consider using.
Introducing Beaconer
Among the best third party risk management tool out there, Beaconer is an AI-powered platform that provides comprehensive reports within 1-6 days, 10 times faster than traditional methods, minimizing business disruptions. With 70% less cost and 5 times faster remediation, Beaconer ensures exceptional customer experiences.
The tool handles the entire third party risk management services, from vendor coordination to remediation, allowing businesses to focus on core operations. Its managed services streamline reassessment processes, providing effortless periodic evaluations. Trusted by industry leaders like Sudoviz, Beaconer’s commitment to understanding client needs ensures seamless third party risk management program implementation, delivering exceptional results with advanced tools and machine learning platforms.
Top Features of Beaconer’s TPRM Software
- Completely Managed Service Model: Beaconer takes a different approach to TPRM. All you have to do is request an assessment, Beaconer gets the assessment competed for you using their inhouse database. This massively improves the assessment time.
- Cyber Risk Real-Time Scanning: With addition of Darkweb, Attack surface monitoring and Threat intel real-time, your vendors are continuously monitored and their security posture is regularly tested
- Constant Monitoring: A dashboard of metrics that permits tracking third party behavior in real-time, guaranteeing the early identification and mitigation of emerging hazards.
- Actionable Risk Insights: Make use of Beaconer’s TPRM solution to generate insightful risk assessments that can be used to rank risk mitigation projects and proactively counter potential dangers.
- Remediation Services: Beaconer are the only company that provides remediation services end to end. Any gap that are identified during the assessment will be remediated by Beaconer eliminating your efforts completely.
- Tailored Assessments: Every assessment with Beaconer is customized to your scope of work and the platform is designed in such a way that there is an assessment conducted for every scope.
- Regulatory Compliance Management: To ensure adherence to laws and industry norms, Beaconer’s TPRM system offers robust compliance management capabilities.
- Vendor Lifecycle Management: To expedite third party risk assessment, onboarding, and offboarding of suppliers, make use of Beaconer’s vendor lifecycle management module. Operating costs will go down and productivity will rise as a result.
Comparison – Beaconer Vs Panorays
The following table features a comparison between Panorays and Beaconer, two of the best third party risk solution out there.
| Category | Beaconer | Panorays |
| Services | It offers a fully-managed cutting-edge suite of TPRM services and solutions.
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It’s a fully cloud-based service with minimal installation criteria required.
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| Pricing | Beaconer is the most value effective TPRM service provider in the market as it provides managed service which includes both SaaS solutions and resources. This makes it over 70% cost effective in comparison to competitors. | Public-facing pricing is not available. Prospective customers must engage with a Panorays representative to receive pricing quotes for different subscription tiers, with higher tiers allowing for a greater number of monitored vendors and customer users. |
| Ease of Use | You just need to submit an assessment request and the rest will be done by Beaconer. For this, you can use the convenient pre-assessment functionality. It uses AI to retrieve requests and gather data from the information hub, ensuring prompt risk assessment. | Streamlined and clear use case specific workflows. It’s simple to implement and cover all your third-party security risk management needs. |
| Remediation | Beaconer is providing complimentary remediation services where the team will work with your third parties & business teams to close the identified gaps. You get a personalized dashboard to track remediation activities along with extensive support throughout the process. | Customers communicate directly with vendors in the app, streamlining remediation and dispute resolution, improving vendor relationships and enabling faster onboarding of approved vendors. Remediation plans are derived from both attack surface assessment and questionnaire responses. |
| Customization | Beaconer provides a customized assessment report based on the services provided by the vendors. | Customers can download the third party assessment reports and customize it according to their requirements. |
Why Beaconer Leads in Third Party Risk Management?
Beaconer provides comprehensive third party risk management solutions for a variety of industries, including Manufacturing, Finance, Healthcare, Retail, Legal, and more, whereas the majority of other TPRM software is tailored for a specific industry. Within 1 to 6 days, organizations receive a customized vendor evaluation report.
In order to ensure that nothing jeopardizes the overall security posture, Beaconer maintains a team of subject matter experts to handle any issues that may arise. You won’t have to waste weeks corresponding back and forth with vendors to get responses when using Beaconer’s managed third party risk service.
It oversees the entire completion process of vendors’ periodic reassessments on your behalf, keeping track of and automatically initiating reassessments at predetermined intervals. A real-time dashboard helps you monitor the whole vendor risk management landscape.
Conclusion
Third party risk management plays a critical role in safeguarding organizations against cyber threats stemming from their vendor relationships. Using a third party risk management tool, organizations get comprehensive visibility, automation, and continuous monitoring capabilities to assess, mitigate, and manage third party risks effectively.
As discussed above, Panorays and Beaconer are two of the best vendor risk management solutions you’ll find. Both are great but Beaconer has the edge thanks to its ease-of-access, streamlined assessment and remediation, and usage across different industries. If you run a business and want to safeguard it against third party vendor risks, you should definitely check out Beaconer.
Author Bio
Nagaraj Kuppuswamy
Nagaraj Kuppuswamy is the Co-founder and CEO of Beaconer, an esteemed enterprise specializing in managed third-party risk using the cloud native AI based solution. With an extensive portfolio of accolades and industry certifications, Nagaraj stands out as a seasoned expert, boasting over 16 years of dedicated involvement in the field of Cybersecurity. Throughout the course of their career, he has predominantly focused on elevating the realm of third-party risk assessment.
