Continuous monitoring has long played a role in helping businesses to avoid unfavorable outcomes from cybersecurity threats. Today, many organizations are employing continuous cyber security monitoring to better remediate risk within their third-party networks.
Continuous monitoring is far more effective than traditional approaches that rely on yearly point-in-time assessments. By constantly aggregating data from a multitude of sources and analyzing it for trends and anomalies, continuous cyber security monitoring provides third-party risk managers with unprecedented insight into the risk and security performance of their third-party vendors.
BitSight for Third-Party Risk Management includes continuous monitoring capabilities that enable organizations to easily optimize third-party risk management programs and achieve significant and measurable cyber risk reduction.
For years, third-party cyber risk assessment has relied on questionnaires completed yearly to evaluate the security posture of each vendor. Continuous cyber security monitoring offers significant advantages over these traditional risk management solutions. The benefits of continuous monitoring include:
BitSight for Third-Party Risk Management includes continuous monitoring technology that gives vendor risk managers a complete and trusted view into their risk portfolio. Rather than relying on yearly assessments or security information submitted by vendors themselves, organizations can use BitSight Security Ratings to continuously monitor the security status and posture of every vendor in their portfolio.
BitSight Security Ratings provide a daily security score that reflects each vendor’s cybersecurity posture. Security Ratings are based on risk factors like botnet infections, filesharing behavior, out-of-date devices, TLS/SSL certificates, and other data. With BitSight’s cyber security monitoring technology scanning each vendor’s security posture for changes in behavior or potential concerns, organizations get an updated, comprehensive view into risk within their third-party portfolio.
BitSight Security Ratings have proven to correlate with the risk of data breaches. Research shows that a company’s overall rating, along with its grades in specific risk categories, can help to reliably predict security performance over time if conditions remain the same. Organizations can also rely on BitSight ratings to create measurable value in vendor relationships. Additional research has shown that companies with strong cyber security performance and higher BitSight ratings will financially outperform market peers by up to 7%.
By implementing BitSight and a strategy for continuous monitoring of third-party risk, organizations can:
Founded in 2011, BitSight is the world’s leading security rating service, transforming how companies take on third-party risk management and security performance management. BitSight provides security ratings for 20% of the world’s countries, 25% of the Fortune 500 companies, 4 of the top 5 investment banks, 7 of the top 10 largest cyber insurers, and all 4 of the Big 4 accounting firms.
Cyber security monitoring in third-party risk management programs provides risk managers with insight into the security posture of each vendor. Through continuous monitoring, organizations can identify risk in their vendor network more quickly and take fast action to remediate it. Cyber security monitoring based on externally verifiable data also provides more accurate risk assessments.
SIEM monitoring is a traditional risk management technology that aggregates and analyzes activity from a variety of resources across an organizations IT infrastructure. While SIEM monitoring offers a comprehensive internal view of an enterprise’s security posture, BitSight’s cyber security monitoring technology provides an objective, third-party view of externally observable security posture, including the posture of third and fourth parties.