Third-party vendors are an essential part of business today. Offering products and services that help to make organizations more competitive, many vendors have become integral to the operations of businesses large and small. In fact, a recent study finds that 60% of organizations work with more than 1,000 third-party vendors – and that number is only expected to get larger.
While third parties deliver great value, they also represent significant risk. Vendors, partners, and contractors typically have significant access to an organization’s systems and sensitive data. As cyber security threats continue to evolve, this interconnectedness creates cyber security and risk management challenges for any organization using third-party vendors.
A robust cyber risk management framework for vendors is the key to superior third-party cyber risk management. When developing a cyber security risk management process and framework, many organizations today rely on technology from BitSight to better manage their growing third party ecosystem.
A cyber risk management framework for vendors outlines the processes and procedures that an organization should follow to mitigate third-party risk. A well-developed vendor cyber risk management framework provides a foundation that integrates cyber security risk management into the entire vendor lifecycle. With a framework guiding all decisions around vendor selection, onboarding, and assessment, you can gain insight into areas of highest risk and make more informed decisions to mitigate it.
Essential tasks in a vendor cyber risk management framework should include:
When developing your cyber risk management framework for vendors, BitSight for Third-Party Risk Management offers a wealth of tools, resources, and capabilities for reducing cyber risk.
itSight for Third-Party Risk Management provides automated tools for continuous cyber risk monitoring of vendors’ security posture, enabling you to immediately expose cyber risk within your supply chain so you can effectively focus resources to remediate it.
BitSight’s industry-leading Security Ratings Service provides a daily assessment of a vendor’s security performance based on objective, externally verifiable data. Ratings are based on 120+ data points in categories that include compromised systems, user behavior, security diligence, and publicly disclosed data breaches. Ratings range from 250 to 900 – the higher the rating, the more effective the vendor is at maintaining good security practices. With daily Security Ratings from BitSight, your security team can support your cyber risk management framework by proactively identifying, quantifying, and managing risk throughout your vendor ecosystem.
BitSight for Third-Party Risk Management and other BitSight technologies provide all of the tools required to develop and support a third-party cyber risk management framework. With BitSight, you can:
BitSight transforms how companies manage third-party risk and security performance. As the world’s leading Security Rating Service for third-party cyber risk assessment, BitSight enables organizations to enhance cybersecurity and risk management throughout the vendor lifecycle. Through continuous monitoring and assessment, BitSight helps organizations make faster, more strategic decisions about cybersecurity policy and third-party risk management.
BitSight’s 2,100+ customers worldwide include 7 of the top 10 largest cyber insurers, 4 of the top 5 investment banks, and all of the Big 4 accounting firms. BitSight is also trusted by 20% of the world’s countries to protect national security, and 25% of Fortune 500 companies use BitSight to improve security performance.
Third-party risk management is the task of identifying, monitoring, and controlling cyber risk posed by relationships with third-party vendors and service providers.
A third-party cyber risk management framework articulates the processes and procedures to which organizations should adhere as they assess, monitor, and mitigate risk in their vendor ecosystem.
BitSight Security Ratings are an objective measurement of an organization’s security performance. BitSight Security Ratings are generated through the analysis of observable, verifiable data related to compromised systems, security diligence, user behavior, and data breaches. Calculated using a proprietary algorithm, BitSight Security Ratings provide organizations with a daily assessment of their own security performance and the security posture of their vendors.