Managing third-party risk with cyber security assessments
Cyber security assessments are a critical part of managing third-party risk. While vendors are essential to helping a business grow and remain competitive, they also introduce certain levels of unwanted cyber risk. Regular security risk assessments can help to identify risk within the supply chain, allowing organizations to work with vendors to remediate it – or to choose an alternate vendor relationship.
BitSight for Third-Party Risk Management allows security teams to go beyond point-in-time assessments to expose cyber risk in the supply chain in near-real time, helping to focus resources to achieve significant and measurable cyber risk reduction. Providing automated tools that continuously measure and monitor the security performance of vendors, BitSight helps optimize third-party risk management programs without overextending your resources.
Best practices for a cyber security assessment
These four best practices are designed to help streamline the cybersecurity risk assessment process and achieve better risk reduction:
1) Choose industry-standard methodologies
Third-party risk management teams don’t need to reinvent the wheel when it comes to assessments. Methodologies such as the NIST Cybersecurity Framework or the SANS Top 20 Critical Security Controls are widely adopted assessment methodologies that combine best practices, standards, and cyber security policy examples for reducing cyber risk in third-party networks.
2) Customize assessments
Using a single format for all vendors can increase the time and cost of completing a cyber security assessment. Some vendors will be connected with more sensitive company data and operations than others, and should be assessed more often and in more depth to make sure their risk levels are acceptable. By creating tiers of vendors according to their risk level, you can make better use of program resources and allocate them to areas where more due diligence is needed.
3) Establish risk thresholds
By defining risk thresholds, you can more easily measure the security performance of vendors against acceptable levels of risk and establish program alerts when a vendor drops below the acceptable risk threshold. With known levels of acceptable risk for each vendor, risk remediation and reassessment can be prioritized more efficiently.
4) Implement continuous monitoring
Point-in-time cyber security assessments are a powerful tool, but they can’t deliver an ongoing assessment of risk within an organization or its third-party vendors. Continuous monitoring solutions such as security ratings can provide a near-real-time view of risk and help to validate the vendor’s self-assessment that is typically part of third-party risk management program.
Assessing cyber security risk with BitSight
As the world’s leading Security Ratings service for third-party cyber security assessment, BitSight enables organizations to improve risk management throughout the vendor lifecycle. BitSight Security Ratings are a proven assessment tool, delivering a dynamic measurement of each vendor’s security posture based on objective and verifiable data. By continuously monitoring and assessing each vendor’s security performance, BitSight helps risk managers make more strategic decisions about selecting and onboarding new vendors and working with existing vendors to mitigate risk.
BitSight Security Ratings work much like credit ratings – they’re an objective, externally verifiable evaluation of an organization’s performance. Unlike point-in-time cyber security assessments that identify risk once or twice per year, BitSight continuously measures security performance based on evidence of compromised systems, user behavior, security diligence, and data breaches. The result is a data-driven cyber risk rating issued daily that delivers an accurate assessment of the risk each vendor carries.
BitSight Attack Surface Analytics
In addition to third-party risk management, BitSight Security Ratings provide cybersecurity visibility into an organization’s own security performance and its attack surface. While BitSight Security Ratings provide an overall view of security performance, BitSight Attack Surface Analytics deliver granular detail about the risks hidden across digital assets in the cloud, diverse geographies, subsidiaries, and in the remote workforce. With BitSight Attack Surface Analytics, security teams can quickly validate their organization’s digital footprint, assess security posture, and reduce risk in increasingly complex IT ecosystems.
BitSight automatically inventories all the assets in a digital ecosystem. Outlining the location of each asset by cloud provider, geography, and business unit as well as any cyber risks that are associated with it.
Uncover shadow IT
BitSight helps teams discover hidden assets and cloud instances that fall outside the control of the IT department. By identifying cloud services, servers spun up in the cloud, and other unknown assets that are attributed to the organization, BitSight helps security teams assess the risk of these assets and bring them into alignment with corporate policies.
Identify concentrated risk
With BitSight’s ecosystem-wide view of digital assets, security teams can assess cyber risk based on individual assets and visualize areas of excessive risk to prioritize remediation.
Why choose BitSight?
Founded in 2011, BitSight has become the world’s leading security ratings platform, trusted by some of the largest organizations to provide a clearer picture of their security posture. BitSight’s 2,100 customers monitor 540,000 organizations to collectively reduce cyber risk. Among those customers are 20% of the world’s countries, 25% of Fortune 500 companies, 4 of the top 5 investment banks, and 7 of the top 10 largest cyber insurers.
BitSight has pioneered the security ratings industry, providing organizations with greater visibility into their security performance and the performance of their vendors. BitSight’s proprietary method of data collection gathers information from 120+ sources to deliver unprecedented visibility into 23 key risk vectors – twice as many as other security rating organizations. BitSight also offers the most accurate network assets map and owns the largest botnet sinkholing infrastructure to provide customers with greater visibility into compromised systems. Additionally, with the ability to view 12+ months of historical data, BitSight customers can easily identify trends and gain greater insight into risk and vulnerabilities.
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