Choosing The Right Cyber Risk Report
Reporting is a critical component of any cybersecurity or third-party risk management program. From sharing information with vendors to enable them to remediate network risks, to demonstrating the success of your programs and sharing security benchmarks with the board, cyber risk reports are the tools that keep everyone focused on the same metrics and working toward the same enterprise-wide goals.
However, developing reports that accurately represent your cybersecurity program is not an easy task. Stakeholders have varying levels of knowledge about cybersecurity and may need different levels of detail. Pulling security and risk management metrics from multiple sources can be time-consuming. Ensuring that reports include the right level of context to make metrics meaningful is often a complex endeavor.
Bitsight can help. As the world’s leading security ratings platform, Bitsight provides robust security reporting capabilities that let you quickly and easily prepare the right reports for the right audience while delivering the context that lets your audiences truly understand your findings and make decisions based off of them.
The Challenge Of Cyber Risk Reports
Preparing cyber risk reports for security performance and third-party risk management has traditionally been a complex and time-consuming endeavor. Cyber security reports have several objectives, including:
- Providing an overview of risk within your digital and vendor ecosystem.
- Identifying risks associated with individual vendors, enabling you to make more informed decisions about vendor selection and vendor relationships.
- Showing the impact of programs meant to mitigate and remediate risk.
- Demonstrating ROI on investments in cybersecurity and third-party risk management.
- Identifying areas of greatest risk, enabling teams to prioritize remediation efforts.
- Identify where your organization falls compared to competitors in terms of cybersecurity program management.
The challenge of reporting is that every cyber risk report has a different audience. Not only will each report require different metrics, it will need different levels of detail according to the audience’s experience working with third-party risk. Cyber risk reports prepared for security teams will require a level of detail that senior executives and board members may not be able to understand.
Additionally, many reporting tools do not deliver the kind of context that makes metrics meaningful. Putting findings into context may mean comparing metrics to past performance, to peers and competitors, or to industry standards.
Bitsight’s Cyber Risk Reporting Capabilities
Bitsight transforms how companies manage third-party cyber risk. Founded in 2011, Bitsight pioneered the security ratings industry with an outside-in approach to ratings that delivers an objective and verifiable measurement of an organization’s security performance. Through continuous cyber security monitoring, Bitsight generates daily ratings that help organizations make faster, more strategic decisions about third-party risk management and cybersecurity policy.
Bitsight provides immediate insight into the security posture of vendors and cyber risk within your supply chain. Bitsight Security Ratings are also proven to correlate to the risk of a data breach. Research has proven that companies with a security rating of 500 or lower are nearly 5 times more likely to have a breach than those with a rating of 700 or above.1
Based on security ratings that are updated daily, Bitsight’s cyber risk reports provide key findings on security performance of organizations as well as the risk present within their vendor ecosystem. Bitsight’s reporting capabilities provide:
- Effective communication. Bitsight makes it easy to prepare the right report for the right audience, facilitating data-driven conversations about risk in your business ecosystem.
- Centralized reporting. You can easily access all the information you need about the security performance of your company and vendors within the Bitsight program, instead of gathering data from multiple sources and programs when creating reports.
- Actionable metrics. Bitsight cybersecurity reports make it simple to determine if your company and your vendors are meeting security performance standards and to develop plans of action if specific thresholds are not being met.
- Customer-defined inputs. With the ability to query all your data in the Bitsight platform, you can create flexible, custom reports that outline your risk tolerance and profile.
Cyber Risk Reports For Every Audience
Bitsight’s reporting capabilities allow your security and risk management teams to easily develop the right report for the right audience.
- Overview and executive reports provide the information that your senior leadership and board of directors requires. These reports include straightforward facts about the impact of budgets and resources allocated to risk management programs. Risk managers can use overview reports to summarize risk across the vendor portfolio and communicate progress and changes around cybersecurity programs.
- Comparison reports allow security leaders and risk managers to get the real-time, detailed data they need to make confident decisions about security controls and third-party risk. Comparison reports show how security performance stacks up against industry leaders, competitors, partners, and vendors, providing a more objective view of the success of your security programs. Comparison reports can also help third-party risk managers choose between competing companies during vendor selection.
- History and trend reports deliver the context that’s essential to understanding security ratings, risk metrics, and security performance. These reports can detail which risk-based decisions performed best, which vendors are historically most likely to be vulnerable to breach, and which kinds of threats your organization is typically most impacted by.
Why Choose Cyber Risk Reports From Bitsight?
A leading solution
Bitsight is the most widely adopted security ratings solution in the world and is trusted by some of the largest organizations to provide a clear picture of their security posture.
Bitsight’s proprietary method of collecting data from over 120 sources delivers unprecedented visibility into 23 key risk vectors – twice as many as other security ratings organizations. Bitsight also offers the ability to view 12+ months of historical data to identify trends and gain greater insight into risks and vulnerabilities.
Prioritization and context
Bitsight Security Ratings calculate importance of data points in a more diversified way to ensure that the most critical assets are ranked highest. Bitsight is the only solution whose security ratings are independently verified to correlate to risk of breach and can financially quantify the cybersecurity risks in your network.
A highly engaged community
Bitsight is the most widely used security ratings platform across all industries, with +3,000 customers sharing security ratings with more than 170,000 third-party organizations. This highly engaged community provides the necessary context for customers to have confidence in their interactions with third-party vendors.