Organizations rely on third-parties to keep competitive in the marketplace. The EY global third-party risk management survey highlights that in 2019–20, over 33% of the 246 global companies surveyed were managing and monitoring third-party risk for over a 1000 vendors. As more vendors are onboarded into company networks, managing cybersecurity threats becomes a greater challenge, but a necessity.
Finding the most effective ways to screen, onboard, and monitor vendors is key to maintaining a successful third-party risk management program that properly secures an organization’s sensitive data and protects from network threats. Cybersecurity risks are getting more advanced, and attacks more frequent, which is why finding the right technology to handle your vendor risks can be the difference maker for CISOs and their security teams.
That’s where Bitsight Security Ratings and ServiceNow come in.
An Integration That Puts Cybersecurity At The Forefront
Bitsight has partnered with ServiceNow’s Vendor Risk Management capabilities to provide vendor risk leaders with a risk reduction solution that strengthens the extended enterprise.
Backed by ServiceNow’s workflow efficiency technology, this new Bitsight integration gives customers greater visibility into the cybersecurity risks of their third parties, and thus their data, is exposed to. With expanded visibility and control across the entire vendor ecosystem, vendor risk leaders can better identify the most pressing security exposures, and work with their vendors to quickly remediate the risks.
The integration also aids customers in the vendor selection and onboarding process by delivering security ratings and risk vector data, representing the true risks and vulnerabilities associated with potential vendors before a full evaluation of a third party is launched. With this increased visibility and oversight into a potential vendor’s cybersecurity performance, vendor risk management teams can save resources spent evaluating large pools of vendors and further scale their onboarding capabilities.
Bitsight’s superior analytics deliver a comprehensive and accurate view of an organization's vendor risk portfolio, allowing for trustworthy, data-backed security risk and remediation decisions to be made. With the seamless integration, customers don’t have to contend with manually validating a vendor’s cybersecurity or worry that information or risk detection will be lost when integrating with a new platform.
What To Expect From This Integration
With the new ServiceNow integrated offerings, vendor risk managers can expect to see improved efficiency and risk reduction as a result of three key features:
- Vendor Validation: Security managers can use Bitsight Security Ratings as a first line of evaluation to measure if a vendor meets the organization's cybersecurity requirements from the get-go. This Rating requirement can be evaluated before a full assessment is initiated, saving the organization time and money on vendors that don’t meet the requirements. Bitsight’s capabilities also serve as automatic validation of the onboarding questionnaires, immediately identifying where gaps and red flags are in vendor responses.
- Continuous Monitoring: Users now have the ability to view their continuously updated Bitsight data directly within their ServiceNow vendor risk management system. Just as with Bitsight third-party risk management customers, the integration provides customized alerts and reporting of major changes throughout your vendor pool within the ServiceNow platform.
An example integration dashboard, combining Bitsight’s alerts data with ServiceNow’s vendor management for complete continuous monitoring.
- Effective Assurance: The integration provides customers with the vendor risk assurance they need to confidently prioritize risk management operations and present ongoing cybersecurity risk data to program stakeholders. Bitsight’s data is independently verified to correlate with the likelihood of a data breach, giving vendor risk managers an accurate summary of the risk each vendor poses to their network.
With Bitsight and ServiceNow’s integration, vendor risk managers can combine the monitoring and vendor onboarding capabilities of the ServiceNow offering with Bitsight’s independently verified Security Rating and continuous vendor monitoring software to reduce risk throughout the entire vendor landscape.
Get Started With Bitsight and ServiceNow Vendor Risk Management Today
To learn more about the partner integration, visit our ServiceNow page on our website, where you can find an in-depth look at the integration offerings, as well as a quick video summary of Bitsight’s new integration. Don't hesitate to register for our Knowledge Session to learn more about the benefits of the integration.