Managing Risk and Cyber Security Regulations
Data breaches have become the new “business normal.” Indeed, in a 2019 report, Carbon Black reported that in the past 12 months, 88% of global businesses had experienced one or more breaches. In response to this growing onslaught of cyber threats, new regulations are being implemented to protect organizations, their data, and their customers. From the EU’s General Data Protection Regulation (GDPR) and HIPAA to PCI security standards and privacy laws throughout the world, cyber security regulations have never been as voluminous or complicated.
To comply with increasingly complex cybersecurity regulations, organizations need powerful tools for monitoring cybersecurity risk, managing cybersecurity governance, and implementing cybersecurity best practices.
Bitsight can help. With a suite of solutions based on its industry-leading Security Ratings service, Bitsight helps organizations identify risk in their digital ecosystems and supply chains, enabling security teams to focus resources on remediation and compliance.
The Rise of Cyber Security Regulations
A growing number of cyber security regulations are creating a complex web of compliance requirements for organizations around the world. In analyzing the massive and escalating volume of regulation, a couple of themes emerge loud and clear.
Many elements of cybersecurity regulations are directed at establishing accountability and responsibility to ensure that senior leadership in companies are treating security and risk issues seriously and strategically. Many regulations stipulate information security requirements and controls that organizations must have in place to safeguard customers’ personal data from risk of misuse, unauthorized access, and theft.
Additionally, under many cyber security regulations, organizations are now liable for the actions or failings of their vendors and third parties. These regulations recognize the risk within supply chains and the importance of having effective risk management processes to support privacy obligations and information passed on to third parties.
To meet these new mandates, organizations must adopt a cybersecurity model that focuses on monitoring, managing, and reducing risk through security controls and regular board-level reporting. Organizations must also continuously assess and monitor their security posture and performance as well as that of their partners, third-parties, and all those connected to their network to identify security gaps and prioritize remediation of risk.
Bitsight Security Ratings
Bitsight Security Ratings provide organizations with a powerful tool for managing compliance with cyber security regulations. Bitsight ratings provide a data-driven measurement of the cyber security performance of an organization as well as its vendors, partners, suppliers, and acquisition targets. Bitsight Security Ratings can immediately expose cyber risk within a company’s IT environment or its supply chain. Using security ratings, security teams can work quickly to address security issues, prioritize resources, and bring their company and partners into compliance with cyber security regulations.
Bitsight Security Ratings are based on objective, verifiable information. Bitsight uses more than 120 data sources to analyze an organization’s security posture, measure its security performance, and identify areas of risk. Using a proprietary algorithm, Bitsight Security Ratings are based on analysis of four areas of security data: evidence of compromised systems, issues with security diligence, risky user behavior, and publicly disclosed data breaches.
Bitsight Security Ratings are calculated daily, and Bitsight provides alerts when an organization’s security rating changes significantly or when there’s risk identified in your network or vendor pool.
Solutions for Compliance with Cyber Security Regulations
In addition to Security Ratings, Bitsight provides solutions that can ensure compliance with cyber security regulations.
- Bitsight for Security Performance Management provides tools for tracking and improving security program performance over time. Through broad measurement, continuous monitoring, and detailed planning and forecasting, organizations can gain continuous visibility into their expanding digital footprint. They can also identify gaps in security programs, prioritize remediation efforts based on risk, and quantify the impact and effectiveness of security investments. Bitsight can also quantify the financial impact of the risk living in your portfolio, in partnership with Kovrr’s cybersecurity analysis, to help identify the most financially-concerning risks in your network.
- Bitsight for Third-Party Risk Management exposes cyber risk within the supply chain. With automated tools that continuously measure and monitor the security performance of vendors, Bitsight helps organizations comply with cyber security regulations concerning third-party risk. Bitsight accelerates onboarding while prioritizing resources to drive efficient risk reduction across the vendor portfolio.
Why Bitsight leads the security ratings industry
Founded in 2011, Bitsight revolutionized the security ratings industry with an outside-in approach that resembles the credit ratings model. The Bitsight Security Ratings Platform continuously analyzes vast amounts of external data to produce scores that measure an organization’s security performance. By delivering complete security visibility and helping to evaluate how well an organization’s attack surface and third parties are protected against security threats, Bitsight helps organizations improve cybersecurity posture, manage risk effectively, and comply with cyber security regulations.
Bitsight’s 2,100+ customers include 20% of the world’s countries and 25% of Fortune 500 companies. All of the Big 4 accounting firms trust Bitsight, as do 4 of the top 5 investment banks, and 7 of the top 10 largest cyber insurers.