Learn how to create a scalable & sustainable vendor risk management program to see what it takes to create a VRM program that’s ready and able to stand up to our interconnected economy
Maturing your Cybersecurity Model for Third-Party Risk
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.
A Cybersecurity Model for Managing Third-Party Risk
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:
- Strategy and governance. How well developed is the cybersecurity policy and governance around third-party risk management? Companies with agile third-party risk programs consistently document and apply policies across their entire organization and their third-party ecosystem.
- People. Is there a team or department focused solely on vendor risk or a leader who champions TPRM to the board? Companies that lack mature programs typically don’t have dedicated resources working on TPRM and struggle to engage their leadership team or get buy in from across the organizations.
- Process. Is analysis of third-party risk restricted to the onboarding process or is the security posture of vendors continually revisited? With BitSight for Third-Party Risk Management, companies can continually monitor their vendor’s security ratings, as well as implement other best practices to create a more mature TPRM program.
- Technology. How is onboarding, ongoing, and offboarding information collected, and is the process automated? Companies with mature cybersecurity models for cyber security risk management automate data collection and analysis to dramatically improve efficiency and ensure data accuracy.
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
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.
Benefits for Maturing your Third-Party Risk Program
With BitSight for Third-Party Risk Management, you can:
- Support end-to-end business enablement. BitSight lets risk management team mature by partnering with the business to onboard third parties faster, accelerating the benefits of working with each vendor. At the same time, you can summarize and communicate the risk associated with that relationship in ways that promote outcome-based, informed decisions across the organization.
- Scale your TPRM program. BitSight helps make third-party risk programs more scalable with automated technology such as smart tiering recommendations, workflow integration, and risk vector breakdowns that help to spot areas of known risk faster, bringing more vendors into the mix with the same time and resources.
- Minimize cyber risk in your vendor ecosystem. Through daily Security Ratings, BitSight delivers a clear picture of third-party cyber risk aligned with your organizations risk tolerance. With an automated approach to existing operational workflows, you can make data-driven decisions and prioritize resources to efficiently reduce risk across your portfolio and improve operational efficiency.
Why Mature your Organization Following BitSight’s Cybersecurity Model Recommendations?
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.