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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

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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 for Continuous Monitoring?

Founded in 2011, BitSight has transformed how companies manage information security risk by providing objective, verifiable, actionable security ratings. BitSight counts among its clients 7 of the top 10 largest cyber insurers, 25% of Fortune 500 companies, 4 of the top 5 investment banks, and 20% of the world’s countries.

BitSight Security Ratings technology provides:

  • Greater visibility into key areas of cyber risk that are correlated to breach
  • The most widely used security ratings platform across all industries, with more than 2,100+ BitSight customers sharing Security Ratings with more than 170,000 third-party organizations
  • An engaged community of cyber risk professionals that interact on the BitSight platform
  • An easy, visual way to prioritize and collaborate internally on a cyber risk management framework

FAQs: What is Cyber Risk Management?

Cyber risk management quantifies the likelihood that security control failures could result in a breach. It also measures the impact of performance over time. To effectively manage risk for third-party vendor networks, organizations need technology to continuously monitor each vendor’s security posture using objective, verifiable metrics.

In third-party risk management, continuous monitoring is the perpetual evaluation of a vendor’s security posture and the risk that each vendor represents for an organization. Continuous monitoring offers far more value than traditional methods of third-party risk management – such as the yearly, point-in-time assessments that are completed by vendors themselves. With continuous monitoring, an organization can continually refine its cyber security plan with objective, real-time information about third-party risk.

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