Cyber Risk Report

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.

1https://www.air-worldwide.com/Publications/Infographics/Global-Cyber-Resilience/

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 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 A Cyber Risk Report?