Driving Greater Prioritization In Vendor Risk Management
Noah Simon | December 13, 2016
With third parties becoming a major attack vector into organizations, BitSight is focused on enabling security and vendor risk professionals to better prioritize their efforts when it comes to identifying and monitoring cyber security risks across their vendor ecosystem. BitSight Security Ratings customers can now prioritize issues and receive customized alerts when the aggregate performance of multiple companies change.
The BitSight Security Ratings portal now features a Remediation Strategy section to help risk and security stakeholders focus on improving their organization’s security posture. As we have shown, organizations with a higher security rating are less likely to experience a publicly-disclosed data breach. This new capability highlights the risk vectors that have the highest Rating Impact and quantitatively identifies where organizations should focus remediation efforts. Strategies are presented from most to least Rating Impact.
The strategy is available for all companies in a customer's portfolio and provides information to prioritize remediation efforts, enhance security effectiveness, and guide security conversations with third parties and business associates. Companies who take advantage of this feature can strengthen their security posture and drive security progress across their entire supply chain.
Customers can now set folder-level alerts to be notified when the aggregate security posture of multiple companies changes. Many customers are already using folders to segment their third parties into different buckets based off the business function they provide and risk they pose. Folder level alerts provide the ability for customers to set specific rating alerts for each folder, allowing the customer to set more stringent alert preferences for Tier 1 vendors and looser preferences for Tier 2 or 3 vendors. Alerts deliver critical information right to your inbox and provide the insight that you need to manage third party risk.
Customers can use folder level alerting as an important reporting mechanism on the health of their vendor risk program. If organizations are frequently getting alerts for rating drops, it’s possible their vendor risk management strategy needs to be revisited.