As companies in all sectors bring on new vendors at an accelerating pace, third-party cyber risk management has become more important than ever. Yet with shrinking budgets and smaller headcounts, third-party risk management teams are under extraordinary pressure to onboard vendors faster and with less expense.
The third-party cyber security risk management process is complex and full of difficult decisions. Without an efficient, effective process, managing the onboarding and assessment of hundreds or thousands of vendors can be overwhelming and won’t be done to properly protect your network from cybersecurity risks.
That’s where BitSight can help. With a suite of technologies built on an industry-leading Security Ratings Service, BitSight enables your teams to streamline the cyber security risk management process to better mitigate risk to scale your vendor onboarding process to match your organization’s third party risk management needs.
Creating a more efficient and scalable cyber security risk management process requires attention to three areas of your risk management program.
The key to onboarding vendors quickly while mitigating risk is to have the right policies in place for the entire vendor lifecycle. For example:v
BitSight facilitates the cyber security risk management process with a solution designed to expose and directly locate risk in your supply chain. BitSight for Third-Party Risk Management works with BitSight’s industry-leading Security Ratings Service to provide continuous cyber risk monitoring of the security posture of every vendor in your portfolio. By helping to strengthen policies, streamline assessments, and simplify communication, BitSight enables you to establish a more efficient and effective cyber security risk management process.
BitSight Security Ratings, an integral part of every BitSight solution, provide a dynamic measurement of security performance of an organization and its vendors. Much like scores in the credit ratings industry, BitSight Security Ratings are generated through the analysis of externally observable data. BitSight continuously gathers and analyzes massive amounts of security data from hundreds of sources to look for evidence of compromised systems, security diligence, user behavior, and data breaches. Ratings are generated daily, providing a near real-time assessment of a vendor’s security posture.
BitSight for Third-Party Risk Management provides capabilities that let you:
BitSight was founded in 2011 and today is the world’s leading Security Rating Service for third-party cyber risk assessment. Seven of the top 10 largest cyber insurers, 25 percent of Fortune 500 companies, and 20 percent of the world’s governments rely on BitSight to manage cyber risk.
BitSight enables organizations to improve cyber security and risk management throughout the vendor lifecycle. As a proven cybersecurity assessment tool, BitSight Security Ratings help organizations make faster, more strategic decisions about cybersecurity policy and third-party risk management. By enabling more complete security visibility and evaluating how well a vendor is protected from cybersecurity threats, BitSight helps organizations to streamline the cyber security risk management process and manage risk more efficiently and effectively.
A cyber security risk management process involves the tasks of identifying risk, assessing its potential impact, monitoring risk over time, and taking action to remediate it.
Third-party risk management is the task of identifying, assessing, and remediating risk posed by vendors, contractors, and other third parties that are integrated with your network. Third-party risk management typically begins with onboarding and requires continual reassessments of a vendor’s security posture over time.
Security ratings are an objective, verifiable measurement of an organization’s security posture and performance over time. Security ratings are based on externally available information and may be influenced by data concerning compromised systems, the diligence with which organizations follow security best practices, behavior of employees within the organization, and information about publicly disclosed data breaches.