Bitsight for Third-Party Risk Management: New Enhancements Help Customers Confront Major Security Incidents

Between the ongoing threat of vendor security vulnerabilities, and pressure from the organization to do more with limited resources, third-party security professionals are struggling to stay ahead. Bad actors don’t ease off and risk leaders are increasingly hit with stress and burnout. A recent study found that only 36% of organizations report having resources to vet all new and existing vendors over the last 12 months.

With the market shifts creating mounting pressure on security leaders, having the best tools on your side to combat risk, quickly and effectively, is paramount.

The newest Bitsight Third-Party Risk Management product enhancements give security leaders the tools they need to address vendor risk more efficiently - especially during major security events - to help prevent any disruption to their business. 

Bitsight Third-Party Vulnerability Detection

New to the Bitsight TPRM solution, Third-Party Vulnerability Detection takes risk monitoring and vulnerability remediation to the next level. With greater visibility into major security events and other vulnerabilities impacting your digital ecosystem, you can take action swiftly to mitigate threats to your third party vendor ecosystem more quickly.

Third-party risk teams not only get industry-leading data and analytics that update daily, but teams can access risk data in multiple, easy-to-digest views depending on their program’s needs on any given day.  With Bitsight Third-Party Vulnerability Detection, risk leaders can:

• Respond to zero day and other major security events with speed and precision.
• Easily discover specific vulnerabilities impacting your network, so you can remediate at scale.
• Access vulnerability evidence of impacted vendors for better collaboration and mitigation efforts.
• Assure board and company stakeholders with accurate program data and remediation plans when major security incidents occur.

When a zero day vulnerability occurs, limit the network impact and maintain control with the right technology in your corner. 

Bonus feature: This product release is not just limited to our Third-Party Risk Management platform; we’ve also made vulnerability detection technology available for your own network monitoring. With Bitsight Security Performance Management, risk professionals can maintain a continuous view of the risk impacting their internal organization, and now can summarize their risks with multiple view options that work for their specific organization needs.

Enhancements to Bitsight Fourth-Party Risk Management

60% of Financial Services organizations don’t maintain an inventory of their fourth parties, and nearly all companies rely on their third parties to perform due diligence on these companies.

It’s not enough to leave fourth-party risk management to your third-parties, as vulnerabilities hiding in your fourth-party ecosystem (and beyond) are just as risky to your network as those affecting third-party vendors directly. In the same way threat actors can access your data and infrastructure by infiltrating your connected vendors, data breaches impacting your vendor’s vendors, aka your fourth-parties, can mean your organization’s critical infrastructure is also at risk.

Bitsight has enhanced our Fourth-Party Risk Management experience to provide cybersecurity teams with greater visibility into the risk concentrations and dependencies in their entire extended vendor ecosystem. 

With the new Bitsight Fourth-Party Risk Management experience, customers can easily see the 4th Party products and services your third-party network is most dependent on. With security ratings layered onto those 4th Parties, customers can quickly see where concentrations of risk may exist in their network. Bitsight is the only security rating and cybersecurity analytics provider with the ability address fourth-party network risk at scale, and now provides expanded fourth-party visibility to meet the unique needs of your organization, including:

• Quick access to 4th Party concentration risk within your vendor network
• Evidence backed data confirming 4th Party relationships with your vendors
• Centralized summary of 4th Party security incidents
• And more…

Increasing software supply chain attacks (e.g. Solarwinds and Log4j) mean security professionals must maintain a continuous view into their extended network to prevent falling victim to the next detrimental breach. With Bitsight for Fourth-Party Risk Management, security and risk teams can be confident in their view of fourth-party network risks, and where to prioritize remediation efforts to best protect their network. 

Don’t settle for the status quo

The most effective third-party cybersecurity risk management programs adapt to meet the current threat landscape. As bad actors become more sophisticated, and hide undetected within third and fourth-party networks longer than ever before, the need for intelligence in real-time is more important than ever. 

Bitsight’s suite of continuous monitoring technologies and analytics, including newly released Vulnerability Detection and our enhanced fourth-party risk management capabilities, puts intelligence in the hands of  third-party risk professionals , helping them operate their programs with a data and risk driven approach. With an easy-to-maneuver view of third and fourth-party data, organizations can stay ahead of risks and continue to scale their programs to meet their business needs.

To learn more about our TPRM product updates, register for our live webinar.