With this ebook, we'll help you prioritize which vendors need the most attention with an in-depth security assessment – such as those with low security ratings, or critical vendors that maintain constant contact with your company’s systems.
Digital transformation has forced an evolution in third-party risk management in recent years as organizations have dealt with new challenges of scale and complexity in their third- and fourth-party ecosystems. According to the latest Data Breach Investigation Report by Verizon, 62% of system intrusions came through a third party, which includes vendors, suppliers, and contractors. In 2008, third parties were involved in just 39% of data breaches, but this figure has only grown since organizations transitioned to the cloud and started adding new vendors to their networks.
Conducting quality vendor assessments is critical, but many third-party risk management teams fight resource constraints preventing the needed amount of focus from being placed on vendor due diligence. CrowdStrike found that 63% of organizations are losing trust in vendors due to frequent security incidents, yet only 36% were capable of vetting all new and existing vendors in the last 12 months.
How can third-party risk professionals balance limited resources with the need for extensive vendor risk management?
A Solution That Works For All Vendor Risk Teams
Bitsight has launched our Vendor Risk Management product to help address the evolving needs of third-party risk managers, continuing to pave the way for successful cybersecurity risk management and confident business performance.
As part of our acquisition of ThirdPartyTrust, we’ve integrated an additional vendor risk management and assessment tool into our Bitsight Third Party Risk Management (TPRM) offering to create Bitsight Vendor Risk Management, providing customers with the tools they need to successfully manage vendor risk in one place.
Bitsight Vendor Risk Management provides:
- Automated, customizable workflows to help organizations scale intelligently.
- A network of more than 20,000 vendor profiles to provide actionable insights on Day 1.
- Cyber risk data from Bitsight to drive a more objective decision-making process.
- Intelligence from multiple data feeds spanning financial health, geopolitical risk, and more.
- A flexible model that supports unlimited interactions with vendors.
- A fully integrated solution to help you manage risk efficiently, end-to-end.
What Sets Us Apart
Vendor risk management is not a new concept for third party risk management teams. When it comes to managing vendors, suppliers, contractors, and any third and fourth party organizations connected to your company’s network, there’s no shortage of risk management options. Emails, spreadsheets, industry frameworks, collaboration tools, cloud-based software… The options for how your organization manages third party vendors is expansive.
Be confident in your vendor selection, assessment, and risk management strategy with Bitsight Vendor Risk Management. Unlike other vendor risk management tools, Bitsight VRM:
Provides a more strategic, data-driven response to vendor risk
Bitsight VRM is powered by Bitsight Security Ratings and cybersecurity analytics, so organizations can confidently prioritize risk decisions where it will impact their program the most. For each of the jobs that a vendor risk manager performs, Bitsight data is there to enhance, automate, and facilitate better decisions by providing objective data in a continuous manner. TPRM teams will find that they are moving faster yet have even more confidence in automated assessments and the enhanced assurance work they are performing.
Facilitates vendor communication
Working with your vendors to evaluate their cybersecurity performance can be tough. They might not use the same tools or have the same cybersecurity protocols, and they might not respond to outreach as quickly as you need them to if a breach occurs. With Bitsight VRM, your third party risk management team can have continuous insight into vendor performance throughout the vendor lifecycle, even outside of re-assessment periods. With an objective, automated view of your vendor networks, confidently validate vendor assessments and make sure the vendor risk profile matches your organization’s risk tolerance.
Third-party risk managers and IT teams can also utilize Bitsight VRM when a breach does occur, or if a concerning vulnerability is flagged in their vendor network. By inviting vendors to access your view of their data within the VRM platform, risk remediation can happen quicker and more effectively.
Simplifies risk management and drives trusted results
With one, unified solution providing your team with all the tools needed for vendor risk management, organizations can confidently scale their program to meet business needs. Bitsight VRM provides procurement, implementation, and operational support all from our industry-leading platform. Additionally, our team of advisors is here to help drive program results, facilitate vendor communication, and help represent vendor risk management outcomes with the right reports and stakeholder communication.
New Technology Doesn’t Mean Disrupting Your Process
The ultimate goal of Third Party Risk Management is to give your organization the power to control risk in your supply chain. Bitsight VRM fits seamlessly into your overall enterprise risk management strategy, facilitating vendor vetting and providing findings that serve as a key input for making informed decisions about outsourcing.
By streamlining risk assessments, vendor management, continuous monitoring, and ongoing reassessments, Bitsight VRM provides an end-to-end solution to reduce vendor risk and take action on any third party relationship that fails to meet your security standards. With confident vendor risk management strategies in place, organizations can focus attention where it’s needed throughout the entire third-party risk management program, including breach response, endpoint monitoring, assuring program stakeholders, meeting compliance requirements, and more.
Discover the Technology That Works For Your Vendor Risk Program
Bitsight Vendor Risk Management is customizable, and ready to slot into your organization’s unique third party risk management strategy. Integrate Bitsight Security Ratings into your organization's cybersecurity program, trusted by over 2,700 organizations globally and independently verified to correlate with ransomware risk to an organization (or vendor’s) network.