As organizations become more dispersed and rely more heavily on outsourcing, managing cybersecurity risk has become increasingly difficult. Yet with increases in the number of cybersecurity threats and volume of attacks, the need for superior cyber security risk management has never been greater. When organizations can manage cyber risk more effectively, they are free to focus on innovating and driving business growth.
As the world’s leading Security Rating Service, BitSight provides solutions that help to dramatically improve cyber security risk management programs. Through security ratings, broad measurement, continuous monitoring, and detailed planning and forecasting, BitSight can help to measurably reduce cyber risk while making cyber security and risk management a facilitator of growth and a competitive differentiator.
To develop an effective cyber security risk management program, focus on these four key cyber risk best practices.
When senior executives and board members are involved in cyber risk management conversations, it’s far easier to get departments and employees to buy into security efforts as well.
Your most valuable data may take many forms and may vary by industry or line of business. It may include sensitive customer or patient information, intellectual property, and data that ensures reliable operations.
Limiting the number of people who have access to valuable data can help to reduce your attack surface. Begin by identifying the data that each employee can access and determine whether that level of access is important. By closely monitoring employees with access to highly sensitive information, you can ensure that it is used for only necessary and legitimate purposes.
The right tools make cyber security risk management less complex and more successful. The most effective tools allow you to monitor both your own security efforts and those of your third parties in real time.
As the leading Security Ratings solution, BitSight helps organizations evaluate risk and security performance by employing the same outside-in model used by credit rating agencies. BitSight provides the objective metrics and tools to measure and mitigate cyber risk across the business ecosystem.
BitSight Security Ratings provide a data-driven and dynamic measurement of cybersecurity performance for organizations and third parties. These daily ratings, derived from objective and verifiable information, provide continuous insight into security performance based on evidence of compromised systems, user behavior, diligence, and data breaches. With BitSight Security Ratings, organizations can move from cyber security risk management programs based on time and policy toward an outcome-based model that is more efficient and effective.
BitSight Security Ratings provide the data and intelligence that drives several use cases.
BitSight for Security Performance Management uses broad measurement, continuous monitoring, and detailed planning and forecasting to enable a risk-based, outcome-driven approach to risk management.
BitSight for Third-Party Cyber Risk Management provides immediate insight into third party cyber risk within your supply chain, including the riskiest issues impacting your vendors.
BitSight Security Ratings for Cyber Insurance enables carriers, reinsurers, risk managers, and brokers to pinpoint and measure the risk involved in underwriting cyber liability.
BitSight for Critical National Infrastructure enables governments, National Law Enforcement organizations and CERTs to improve cyber security risk management by measuring, monitoring, and investigating risks within key sectors and critical infrastructure companies.
BitSight offers more extensive views of cyber risk including insights into insecure IoT systems, mobile applications, and filesharing. BitSight also offers the largest sinkhole network to provide data on compromised data that is highly correlated to breach.
BitSight Security Ratings automatically prioritize issues based on severity and importance of assets affected, allowing organizations to allocate resources to the largest areas of cyber risk. BitSight calculates importance in a more diversified way to ensure that critical assets are ranked higher.
BitSight represents the largest community of cyber risk interactions within a robust community of more than 2,100 customers that share ratings for more than 170,000 third-party organizations.
Cyber security risk management is the task of identifying cyber risks to the organization’s assets, and determining which defensive measures to adopt based on the likelihood of attack and the potential damage an attack could cause.
Cyber security risk management is designed to minimize the risk to the organization by focusing resources on the most significant vulnerabilities and preventing the most damaging attacks.