Organizations today are more reliant than ever on partners, service providers, vendors, and managed services. While these third parties offer tremendous benefit, they also represent a measure of risk for an organization. As vendors are onboarded with ever greater speed, many organizations are looking to improve the cyber security vulnerability assessments to better scale their third-party risk management program to meet the needs of their business.
Traditionally, cyber security vulnerability assessments have involved risk assessment questionnaires completed by vendors themselves on a yearly or periodic basis. While questionnaires still offer value, they can’t provide the real-time visibility into security performance of organizations needed to mitigate third-party risk.
BitSight can help. With solutions that provide tools for continuous monitoring of the security posture of vendors, as well as tools to validate vendor responses with external data, BitSight enables organizations to optimize vulnerability assessments and achieve measurable cyber risk reduction.
While cyber security vulnerability assessments mainly based on questionnaires have long been the norm, relying solely on questionnaires can leave your organization vulnerable for several key reasons.
Questionnaires undoubtedly still have a place in cyber security vulnerability assessments. They can be especially helpful when taking a deeper dive into a vendor’s security programs and controls. Basing your questionnaires on industry-standard assessment methodologies like SANS Top 20 Critical Security Controls or The NIST Framework for Improving Critical Infrastructure Cybersecurity can help you develop insightful questionnaires and customize them to the types of vendors you’re vetting.
However, as you seek to optimize your vendor assessments, you’ll want to include a cyber security assessment tool that continuously monitors a vendor’s security posture. That’s where BitSight comes in.
BitSight is the world’s leading Security Ratings Service, providing organizations with an objective and verifiable measurement of their internal cybersecurity performance and their vendors’ posture. BitSight for Third-Party Risk Management uses BitSight Security Ratings to measure the security posture of vendors and expose cyber risk within your supply chain. With daily Security Ratings provided for each of your vendors, you can get a fuller picture of risk across your entire vendor portfolio.
With BitSight for Third-Party Risk Management, you can:
The continuous monitoring function within BitSight’s Third-Party Risk Management solution is built on BitSight’s industry-leading Security Ratings. Generated daily for hundreds of thousands of organizations, BitSight Security Ratings are produced via a data-driven, outside-in approach that analyzes objective and externally observable data. Unlike questionnaires, BitSight ratings require no information from the rated entity.
BitSight Security Ratings range from 250 to 900. The higher the rating, the more effective the company is at implementing programs and controls to deal with cyber security threats and vulnerabilities. Using more than 120 data sources, BitSight continuously scans massive amounts of information looking for evidence of compromised systems, issues with security diligence, problematic user behavior, and publicly disclosed data breaches.
BitSight Security Ratings enable organizations to proactively identify issues within their extended network ecosystem, prioritize remediation efforts, streamline assessments, and drive conversations about security controls.
BitSight transforms how organizations manage information security risk with objective, verifiable, and actionable security ratings. Founded in 2011, BitSight today is the world’s leading Security Rating Service. By enabling more complete security visibility and evaluating how well an attack surface is protected from cyber security threats, BitSight helps organizations improve their security posture and manage risk more effectively.
Using the BitSight platform, over 2,100+ customers monitor 540,000 organizations to collectively reduce cyber risk. BitSight is trusted by 20% of the world’s countries to protect national security, and 25% of Fortune 500 companies use BitSight to get a clearer picture of their security posture.
A cyber security vulnerability assessment is a review of security weaknesses in an IT system. Vulnerability assessments determine whether an organization’s network, systems, and hardware have vulnerabilities that could be exploited by attackers. Ultimately, an assessment enables organizations to remediate vulnerabilities to reduce cyber risk.
Security ratings are an objective, verifiable measurement of an organization’s security posture and security performance. Security ratings provide a quantitative measure of cyber risk, enabling organizations to improve their own security posture, compare themselves against peers, and reduce risk in their third-party ecosystem.
Risk assessment questionnaires, or security compliance questionnaires, are a tool used in third-party risk management programs. When completed by vendors and prospective vendors, questionnaires provide organizations with insight into the security posture of a vendor as well as risk the vendor may pose to the organization.