Reporting plays a critical role in security risk assessment. By providing metrics that measure the presence of risk in your digital ecosystem and the effectiveness of your risk management decisions and processes, your cyber risk reports can help you prioritize your remediation efforts to focus on the areas of greatest risk and the actions that will have the most impact.
Too often, however, a cyber security risk assessment report provides too little or too much information to be useful. Reports that deliver numbers without insights or context are likely to be overlooked, and reports that are too technical will are unhelpful to executives and board members who lack the in-depth knowledge of cybersecurity.
BitSight can help. With powerful reporting capabilities and the most widely adopted security ratings platform, BitSight makes it easy to generate cyber security risk assessment reports that serve the needs of every stakeholder while minimizing the time required from security leaders and risk managers.
Following several best practices can help to ensure that your cyber security risk assessment reports are meaningful, easy to understand, and helpful to stakeholders throughout the organization. When preparing your reports, be sure to:
BitSight enables your security leaders and risk managers to quickly and easily produce cyber security risk assessment reports that follow best practices while promoting efficiency throughout your cybersecurity program. BitSight’s reporting capabilities are based on information available from BitSight Security Ratings, which are an external, objective measurement of an organization’s security performance. Similar to credit ratings that evaluate companies based on external information, BitSight Security Ratings are produced by analyzing objective, verifiable data about an organization’s security posture.
Security Ratings data is collected from 120+ sources that cover 23 different risk vectors. BitSight uses a proprietary algorithm to analyze and classify externally observable data concerning compromised systems, issues with security diligence, potentially risky user behavior, and publicly disclosed data breaches. Ratings are a simple, quantitative metric and range from 250 to 900 – the higher the number, the better the overall security posture of the organization, and the lower likelihood of bad actors successfully infiltrating the network.
Research shows that BitSight Security Ratings are proven to correlate to the risk of a data breach. For example, companies with a rating of 500 or lower are nearly 5 times more likely to have a breach than those with a rating of 700 or higher.
Armed with BitSight Security Ratings, your teams can generate cyber security risk assessment reports that provide a clear view of your company’s security performance and the security posture of your third-party vendors.
Based on BitSight Security Ratings, BitSight reports allow your cybersecurity and risk management teams to communicate more effectively with executives, board members, partners, vendors, and each other. BitSight’s reporting interface makes it easy to find the reports you need and to present the metrics and context that are most meaningful for each conversation with different stakeholders.
BitSight cyber security risk assessment reports are grouped into broad categories to help get you started, including.
Additional BitSight reports include findings and infrastructure details that focus specifically on domain and platform construction, behavior of threats in your system, and how your organization is using the BitSight platform. Reports about risk assessment questionnaires help guide organizations as they prepare for and complete assessments like the NIST CSF and ISO/IEC 27001 questionnaires.
In addition to reports, solutions like BitSight for Third-Party Risk Management provide an at-a-glance view of risk in dashboards and in a cyber security risk assessment matrix or a vendor portfolio overview report. These solutions provide highly effective tools to help security and risk leaders identify and assess risk and prioritize remediation efforts.
Since 2011, BitSight has pioneered the security ratings industry with the most widely adopted security ratings solution. With security ratings that enable continuous monitoring and superior information technology risk assessment, BitSight helps organizations make faster, more strategic decisions about cybersecurity policy and third-party cyber risk management.
Today, BitSight is trusted by some of the world’s largest organizations to provide a clearer picture of their security posture. Among BitSight’s 2,100+ customers are 20% of the world’s countries, 25% of Fortune 500 companies, 4 of the top 5 investment banks, and all 4 of the Big 4 accounting firms.
A cyber security risk assessment report is designed to identify risk within an organization’s digital ecosystem and supply chain. Reports may also assess the severity of risk to help security teams prioritize remediation efforts, and put context behind a vendor or subsidiaries vulnerabilities based on historical performance.
Security ratings provide an objective, quantitative measurement of the security performance of an organization and its third-party vendors. Security ratings are based on externally verifiable information rather than a company’s own internal data.
A cyber security risk assessment checklist is a list of tasks involved in identifying, assessing, and mitigating cyber risk within an organization or its third-party network.