Findings: The Forrester New Wave: Cybersecurity Risk Rating Platforms, Q1 2021

Findings: The Forrester New Wave: Cybersecurity Risk Rating Platforms, Q1 2021

Disclaimer: The opinions described in this article belong to the researchers and editors of The Forrester New Wave: Cybersecurity Risk Rating Platforms, Q1 2021. Solutions Review does not expressly condone any individual solution or solution provider.

Recently, Cambridge MA-based analyst house Forrester Research released the latest iteration of its flagship Forrester Wave report; this report is entitled “The Forrester New Wave: Cybersecurity Risk Rating Platforms, Q1 2021.” 

Researchers Paul McKay, Alla Valente, Joseph Blankenship, Shannon Fish, and Peggy Dostie created a 10 criteria report analyzing the market. Through these criteria, they identify the seven most significant vendors. These vendors include BitSight, Black Kite (previously Normshield), Panorays, Prevalent, RiskRecon, SecurityScorecard, and UpGuard. 

The Wave Report describes Forrester’s findings concerning how each provider meets its researchers’ evaluation criteria. Thus, with this information, Forrester’s researchers place each vendor on their Wave; the graph, in turn, positions each vendor as a Leader, Strong Performer, Contender, or Challenger in relation to one another.

The editors of Solutions Review read the full report. Here’s what we found.

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Key Capabilities in Cybersecurity Risk Ratings Platforms, Q1 2021

In the report, Forrester focuses on the capabilities supporting cybersecurity vetting and continuous monitoring within third-party risk management use cases. To quote the report: “Using externally observable data for an enterprise’s external internet presence, solutions in this market give a single, aggregated rating of a firm’s cybersecurity posture across several security risk factors.” 

However, The Forrester New Wave Q1 2021 stresses that the market remains immature, as capabilities continue to develop to accurately reflect an enterprise’s cyber risk. Additionally, vendors maintain inconsistent levels of transparency. 

Two Leaders in Cybersecurity Risk Ratings 

Of the seven vendors in The Forrester New Wave Q1 2021, only two are named Leaders: SecurityScorecard and BitSight. RiskRecon and Panorays both receive the title of Strong Performers, while the remaining three appeared in the Contenders section. 

Forrester praises SecurityScorecard for its robust process transparency and workflow capabilities. Meanwhile, BitSight garners attention for its robust process transparency and workflow capabilities.

Read the full Forrester New Wave: Cybersecurity Risk Rating Platforms, Q1 2021

Ben Canner