At the 2019 RSA Conference, OneTrust announced Vendorpedia, billed as the only security and privacy third-party risk exchange. However, it will need to increase its vendor coverage quickly to create a true value proposition.
OneTrust is a leading privacy management platform vendor. This announcement will help mature its relatively new third-party risk management solution set.
According to OneTrust, its Vendorpedia offering provides security and privacy profiles on over 6,000 third-party vendors. These profiles include pre-completed responses to many of the most popular vendor questionnaires in use. OneTrust customers can use this new service to streamline vendor security assessments.
“Vendorpedia is the first and only third-party risk exchange that brings together the information both security and privacy professionals need for the complete vendor lifecycle,” said Kabir Barday, OneTrust CEO and Fellow of Information Privacy (FIP). “We built Vendorpedia with our world-class privacy and security research expertise to be a scalable, automated and user-friendly solution for security, IT, privacy and procurement professionals alike to tackle the complex and changing third-party vendor risk management lifecycle.”
This is a welcome announcement from OneTrust. However, many customers may find that their largest vendors are not included in the service. While 6,000 vendors may sound like a lot, it just barely scratches the surface. Vendor coverage will need to grow quickly in order to make Vendorpedia a good value for most customers.