Cyber Risk Management

Transforming Cyber Risk Management with Continuous Monitoring

For cyber security and risk management professionals, proper cyber risk management across your vendor networks has never been more critical. Enterprises are more reliant than ever on third parties and cloud-based service providers. Cyber threats continue to grow in frequency and sophistication, and the potential damage from a successful malicious actor becomes greater every year.

Continuous monitoring offers the potential to transform cyber risk management across your third-party networks. In a shift from traditional solutions, continuous monitoring lets risk professionals abandon subjective, manual, point-in-time assessments in favor of objective, automated, year-round solutions that provide total visibility and a wider view into the risk portfolio.

Bitsight for Third-Party Risk Management enables organizations to continuously monitor the risk landscape of third-party vendors, facilitating better decision making for effective cyber risk management. With Bitsight Security Ratings, organizations can make more informed, data-driven decisions based on the most accurate information about the cyber risk associated with each vendor.

The Need for Continuous Monitoring

Yearly, manual assessments – the traditional practice for third-party cyber security risk management – provide limited insight into a vendor’s true security posture. These annual assessments capture just a single point in time, and are only as accurate as the person filling them out. These traditional assessments, that likely require lengthy questionnaires, are also slow to fill out and process, making them overly costly.

Yet, the need to improve cyber risk management in your vendor network is essential. Vendors, suppliers, and other third parties have access to a great deal of an organization’s data, creating a very real risk for breaches through the expansive list of access points to your network. Threats involving third-party vendors play out with far greater speed today, and the financial impacts of a third-party breach continues to rise1. Clearly, organizations need a cyber risk monitoring solution that can provide real-time visibility into third-party risk every day of the year, rather than at specific points in time.

Additionally, cyber risk professionals need a solution they can trust more than the subjective data provided by vendors in their yearly assessments. A continuous monitoring solution with objective security data is critical to enhancing the cyber security risk management process.

1 https://www2.deloitte.com/global/en/insights/topics/risk-management.html?icid=top_risk-management

Bitsight for Third-Party Risk Management

Bitsight for Third-Party Risk Management offers continuous monitoring technology to immediately expose risk within your supply chain. Bitsight Security Ratings provide a dynamic measurement of a vendor’s cybersecurity posture based on objective, verifiable data. Generated through an analysis of externally observable information, Bitsight ratings identify risk categories such as public disclosures, user behavior, security diligence, and evidence of compromised systems. By continuously monitoring every vendor’s Bitsight Rating, and what causes changes to the rating, organizations gain insight into the riskiest issues affecting their vendors.

Bitsight simplifies cyber risk management by enabling vendor risk professionals to:

• Gain greater visibility into each vendor’s risk portfolio. Bitsight technology lets risk managers look past the obvious points of risk and see more deeply into a vendor’s risk profile. Continuous monitoring demonstrates critical external vulnerability data such as shadow IT, remote office networks accessed by employees, cloud data, on-premises cyber data, and more.
• Integrate continuous monitoring within the entire cyber risk management program. Bitsight’s automated, data-driven processes can provide value throughout the vendor lifecycle, from onboarding and assessment through the end of the vendor relationship.
• Provide the board with reliable metrics. Bitsight for Third-Party Risk Management makes it easy to quickly pull together up-to-date reports that reflect the complete vendor portfolio in the ways the matter to the overall business performance. Security leaders can have confidence in the quality and timeliness of the data they present to the board.

The Benefits for Cyber Risk Management

Bitsight for Third-Party Risk Management provides vendor risk managers with:

• A trusted view of third-party risk. Rather than relying on yearly assessments and security information provided by vendors, vendor risk managers can trust Bitsight’s continuous monitoring capabilities to provide an objective view of each vendor’s security status.
• Objective and verifiable information. Bitsight Security Ratings are based on objective, independently verified data and have been proven to correlate with a risk of data breaches. A company’s overall Bitsight rating and grades in given risk categories can reliably predict future security performance. With this information, organizations can protect against vendors who have a higher likelihood of experiencing a cyberattack.
• Customized monitoring options. The ability to select the best level of continuous monitoring for each vendor promotes efficiency without overspending on cyber risk management efforts.
• Tools to respond to vendors’ security incidents. When a new incident occurs or a vulnerability is detected, Bitsight not only alerts the organization but enables collaboration with vendors to quickly and efficiently remediate the issue.

Why choose Bitsight?

An industry-leading solution

Bitsight is the world’s leading provider of cyber risk intelligence, transforming how security leaders manage and mitigate risk. Leveraging the most comprehensive external data and analytics, Bitsight empowers organizations to make confident, data-backed decisions and equips security and compliance teams from over 3,300 organizations across 70+ countries with the tools to proactively detect exposures and take immediate action to protect their enterprises and supply chains. Bitsight customers include 38% of Fortune 500 companies, 4 of the top 5 investment banks, and 180+ government agencies and quasi-governmental authorities, including U.S. and global financial regulators.

Extensive visibility

Bitsight operates one of the largest risk datasets in the world. Leveraging over 10 years of experience collecting, attributing, and assessing risk across millions of entities, we combine the power of AI with the curation of technical researchers to unlock an unparalleled view of your organization. Bitsight offers more complete visibility into important risk areas such as botnets, mobile apps, IoT systems, and more. Our cyber data collection and scanning capabilities include:

• 40 million+ monitored entities
• 540 billion+ cyber events in our data lake
• 4 billion+ routable IP addresses 
• 500 million+ domains monitored
• 400 billion+ events ingested daily
• 12+ months of historical data

Superior analytics

Bitsight offers a full analytics suite that addresses the challenges of peer comparison, digital risk exposure, and future performance.

Ratings validation

Bitsight is the only rating solution with third-party validation of correlation to breach from AIR Worldwide and IHS Markit.

Quantifiable outcomes

Bitsight drives proven ROI with significant operational efficiency and risk reduction outcomes.

Prioritization of risk vectors

Bitsight incorporates the criticality of risk vectors in to calculation of Security Ratings, highlighting risk in a more diversified way to ensure the most critical assets and vulnerabilities are ranked higher. 

FAQs: What is Cyber Risk Management?