Digital transformation and the shift to the cloud have created an ever-growing web of interconnected organizations that leverage technology to thrive. We’re living in a digital economy, fueled by the hyperconnectivity of people, businesses, devices, data, and processes that result from the Internet, AI, blockchain, mobile technology, and the internet of things (IoT).
But as economies shift to digital models, risks can quickly outpace traditional approaches to cybersecurity. Increased reliance and interconnectivity mean more data is shared across organizations, who need effective validation and assurance tools to trust vendors, customers, partners, and other stakeholders with their data.
The role of cybersecurity data in the digital economy
In order to keep pace with continuous advances in digitalization as well as cyber threats, people and organizations need to be confident that their enabling technologies are safe.
Securing the digital economy ultimately comes down to trust. Because of its interconnected nature, your entire ecosystem—from vendors and customers to investors and insurers—need trust in you, and you in them.
But how can you build trust when visibility is low and resources are limited? 59% of risk management leaders say they are frustrated by the lack of visibility that their technology gives them. And only 36% of organizations report having resources to vet all new and existing vendors within their digital supply chain. This translates into a lack of confidence that attempts against the values of a hyperconnected economy.
The solution to these challenges relies on data: only meaningful and objective insights can empower organizations to make better cyber risk decisions and engage confidently in the digital economy.
How BitSight creates trust through cybersecurity data
BitSight has been at the forefront of creating trust through quality data. From pioneering cybersecurity ratings in 2011, enabling organizations to measure and manage cyber risk at scale; to developing the most accurate, comprehensive approach to cybersecurity data, risk management, and cybersecurity analytics in the marketplace.
Our approach to building trust is to provide quality, objective data that makes it easy for every organization to identify, quantify, and mitigate risk. BitSight is the only company with multiple independent studies showing significant, clear correlation to critical outcomes, including cybersecurity incidents, data breaches, and company stock performance. This ultimately helps our community drive growth with the insights they need for the business outcomes they want.
BitSight’s family of products provide end-to-end coverage for a holistic cybersecurity program: from protecting your own business to monitoring your third party vendors with confidence.
With Security Performance Management, you can measure and continually manage your cybersecurity program’s effectiveness over time, lowering risk and building a solid security posture that will instill confidence across your network. This is based on objective, independent, and evidence-based metrics that everybody across your extended ecosystem can trust, setting the foundation for robust relationships.
With Third-Party Risk Management (TPRM) and Vendor Risk Management (VRM), you can effectively assess, validate, and manage third parties across your digital supply chain, by better understanding their inherent risk and continuously monitoring their security posture. This provides you with the critical measurements you need to trust your vendors with access to your network.
Our approach is backed by objective data, providing breadth and depth of accurate analytics for actionable insights and strategic decisions. BitSight uses sophisticated algorithms to produce daily security ratings that range from 250 to 900, to help organizations manage their own security performance; mitigate third-party risk; underwrite cyber insurance policies; conduct financial diligence; and assess aggregate risk.
Most importantly, BitSight security ratings have been proven to directly correlate to the likelihood of data breach at a given organization. This means they are a strong proof point when establishing trust with another organization and collaborating to reduce risk.
Today’s organizations are not only looking to reduce risk. They seek to be a trusted partner to others and to showcase strong security postures.
By means of best-in-class analytics, we support meaningful relationships and collaboration between organizations that create trust in the digital economy.