Cynomi, a prominent provider of vCISO platforms tailored for Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs), proudly unveils its latest offering – the Third-Party Risk Management (TPRM) module. As an integral addition to their vCISO Platform, this innovative tool enables seamless integration of vendor risk management into existing workflows of service providers.
With the global third-party risk management market projected to surge from $7.42 billion in 2023 to $20.59 billion by 2030, Cynomi’s TPRM module comes as a timely solution. Service providers can now address complex vendor ecosystems' risks while adhering to regulatory requirements and customer expectations efficiently.
Cynomi's TPRM provides a powerful solution for MSPs and MSSPs, optimising vendor assessment times significantly. By slashing evaluation durations from 7-16 hours to a mere 1.5-4.5 hours, the efficiency gains are monumental, allowing users to operate up to 79% faster. This speed enhancement directly contributes to a rise in profitability, with service margins increasing by as much as 20%.
Beyond efficiency, the module facilitates the offering of premium vendor risk services at competitive rates, expanding business potential. Core capabilities include:
- Seamless integration with Cynomi’s vCISO platform.
- Purpose-driven design for MSP/MSSP workflows.
- Automated risk scoring coupled with standardised assessments.
- Shared vendor intelligence, minimising repetitive assessments.
- Guided workflows with templates for rapid onboarding.
- Visual risk heatmaps and instant reports for client clarity.
David Primor, Ph.D., Co-founder and CEO of Cynomi, articulates the solution's impact: Third-party vendors have become integral to organisational security, yet MSPs and MSSPs often find vendor risk management challenging. This module integrates automation, shared intelligence, and bespoke workflows into one cohesive system.
With the TPRM module's introduction, Cynomi elevates its offering, granting MSPs and MSSPs an all-encompassing view of internal and external risks. This leads to smoother reporting processes and improved audit results, ultimately empowering service providers as strategic advisors to their clients.
