When it comes to managing third-party vendors, choosing and adhering to the appropriate cybersecurity model can help you better mitigate risk throughout your entire vendor ecosystem. Third-party risk management (TPRM) teams often face great uncertainty about how to focus their time, money, and energy. Arranging your program to follow a superior cybersecurity model for third-party risk can help risk managers more clearly understand the risks posed by vendors and more effectively prioritize resources and budgets to mitigate them.
BitSight can help. BitSight for Third-Party Risk Management helps organizations reach a more mature stage of vendor risk management by promoting following a cybersecurity model based on the Deloitte Enterprise Risk Management Evaluation. BitSight enables security leaders to reach a more mature level of vendor risk management by asking the right questions and focusing resources on the right areas, based on Deloitte’s maturity model as guidance.
The Deloitte Enterprise Risk Management Evaluation helps organizations discover where they rank in terms of maturity of their TPRM program. Following the Deloitte-based structure, BitSight offers companies an analysis of their existing vendor management tools and processes in four categories. Based on the responses within each area, an organization can identify where they fall on the maturity scale and where they have opportunities to improve specific processes.
The four categories BitSight analyzes include:
By evaluating and ranking each of these four categories, BitSight can help you identify the maturity level of your TPRM efforts, target areas for improvement, and allocate resources to build the most effective risk management program.
With BitSight’s tried-and-true cybersecurity model for TPRM, organizations of all sizes, sectors, and security levels can achieve their maturity level goals.
BitSight for Third-Party Risk Management gives you the confidence to make faster, more strategic decisions about managing third-party risk using the resources you have today. BitSight provides automated tools to continuously measure and monitor the security performance of vendors, enabling your third-party risk managers to better focus resources and information security controls to achieve significant risk reduction.
BitSight for Third-Party Risk Management immediately exposes cyber risk within your supply chain. With BitSight, you get insight into the riskiest issues facing your vendors along with data that correlates to potential security incidents. Armed with this information, you can quickly optimize your third-party risk management programs.
With BitSight for Third-Party Risk Management, you can:
As the world’s leading Security Rating Service, BitSight’s third-party risk management offering provides solutions to refine an organization’s maturity based on an accepted cybersecurity model, enhancing risk management throughout the vendor lifecycle. BitSight Security Ratings provide a dynamic measurement of each vendor’s security posture based on objective, verifiable data. Through continuous monitoring and assessment – including cyber risk monitoring, attack surface monitoring, and cloud security monitoring – BitSight enables organizations to make faster, smarter decisions about third-party cyber risk and cybersecurity policy.
Over 2,100 customers use the BitSight Security Ratings platform to monitor 540,000 organizations, collectively reducing cyber risk. Among its customers, BitSight counts 25% of Fortune 500 companies and 20% of the world’s countries. BitSight is also the choice of 7 of the top 10 largest cyber insurers, 4 of the Big 4 accounting firms, and 4 of the top 5 investment banks.
A cybersecurity model is the cyber security plan or framework used by an organization to measure an organization's level of maturity and ability to identify cybersecurity threats and risk and to guide the selection of policies, strategies, and programs to defend against threats and mitigate risk. A cybersecurity model also includes methodology for assessing the performance of programs to heighten security and minimize risk.
A third-party cyber risk management framework or model identifies the risk in vendor ecosystems and outlines the strategy, people, processes, and technology required to mature a program and better mitigate risk in third-party networks.