Entreda, a leader in comprehensive cybersecurity software, systems and cyber security training to the independent financial advice industry and a wholly owned subsidiary of Smarsh, has acquired Privva.
Privva’s cloud-based platform helps companies conduct cyber risk assessments to manage third-party vendor and internal risks.
The acquisition deepens close relationship between the two companies, which have collaborated as strategic partners for more than two years.
Entreda’s products and services help to mitigate the risk of breaches to firms’ IT – devices, networks and users. Meanwhile, Privva’s offerings help firms to evaluate the cyber preparedness of their vendors and suppliers. Together, they will create a more streamlined and integrated offering, enabling clients to do business with even greater confidence than ever before.
The acquisition comes at a time when the SEC, FINRA and other regulatory bodies are increasing their focus on vendor risk management. Sophisticated and large-scale cyberattacks, including the SolarWinds ransomware attack, are raising concerns about network security with key software suppliers.
Going forward, Privva will do business under the Entreda brand, and founder and CEO Ishan Girdhar will continue to lead the Privva organization, reporting to Sid Yenamandra, founder and CEO of Entreda.
Entreda’s Unify platform, which includes Privva’s solutions, has been a core component of Advisor Group’s CyberGuard program. With six subsidiary firms and more than 10,000 financial advisors, Advisor Group is the nation’s largest network of independent wealth management firms.
Yenamandra said, “With the advent of remote work and cloud apps, wealth firms and advisors are relying on tools from third-party vendors more than ever before. Combined with and integrated into our Unify platform, Privva’s proprietary risk scoring methodology will ensure that our client firms can do business with their suppliers, knowing that their data is well protected.”