Third-party risk management is a critical concern for every organization outsourcing work, or partnering with vendors for increased business efficiency. With third-party data breaches at an all-time high, your CIO must know how to mitigate third-party risk effectively to protect your organization from the devastating impact of cyberattacks.
Yearly, manual assessments – the traditional methods of third-party cyber risk management – aren’t sufficient to protect from cybersecurity threats. Not only are they slow and costly to implement for the large amount of vendors organizations rely on, they are completely up to the vendor to be accurate, and don’t include objective evaluation. Most important, annual assessments only provide a view of security at a single point in time. They simply can't deliver the timely, objective information you need to protect the organization.
BitSight, the world's leading Security Rating Service, includes continuous monitoring technology that can help manage third-party risk more effectively by providing greater visibility into your organization’s threat landscape. Continuous monitoring also helps your cybersecurity program run more efficiently, accelerating the number of vendors you can onboard without exceeding a manageable risk threshold.
Continuously monitoring your vendors offers several critical advantages compared to the point-in-time nature of annual assessments.
BitSight for Third-Party Risk Management provides continuous monitoring solutions to efficiently expose risk in your supply chain, help you better allocate resources, and facilitate working with vendors to measurably reduce third-party risk in cyber security.
BitSight's continuous monitoring technology uses Security Ratings to measure a vendor's cybersecurity performance based on objective and verifiable information. Security Ratings are derived from externally observable data about compromised systems, diligence, user behavior, and data breaches. By gathering information about everything from botnet infections and spam propagation to patching cadence and open ports, BitSight can issue a daily rating in an easy-to-understand format that continually provides security managers with the latest view of every vendor's security posture.
By adopting a continuous monitoring system with BitSight, you can:
By providing insight into the risk surrounding your vendors, continuous monitoring with BitSight offers distinct advantages for third-party risk management.
Founded in 2011, BitSight transforms how companies manage information security risk by providing objective, verifiable, and actionable security ratings. Today, 25% of Fortune 500 companies, 7 of the top 10 largest cyber insurers, and 4 of the top 5 investment banks choose BitSight technology to help manage cyber risk.
In third party risk management, continuous monitoring involves constantly evaluating vendors' security posture and the risk that each vendor poses to the organization. Rather than assessments that only evaluate vendor risk annually, continuous monitoring provides organizations and CIOs with immediate warnings of changes in vendors' security status.
Third party risk management is the task of understanding and mitigating the risk associated with outsourcing work and services to third-party vendors. A breach in a vendor's network can potentially impact all connected organizations. Third party risk management solutions help to identify the risk and security posture of vendors, allowing security teams to manage vendor relationships in ways that protect the organization more effectively.