Performing vendor due diligence is a critical part of cybersecurity planning. As you consider bringing on new partners, suppliers, or third-party vendors, it’s essential to address the inherent risks to which they may expose your network. Cyber risk must be a key area of vendor due diligence, since vendors increasingly have access to corporate networks and sensitive data.
As the average number of vendors continues to grow for most businesses, the time and cost of effective due diligence can easily overwhelm vendor risk management teams. According to Gartner, 60% of organizations now work with more than 1,000 third-party vendors, including partners, sub-contractors, and suppliers1. To keep up with the cybersecurity planning needs of the organization, third-party risk managers need solutions that automate processes to reduce risk across their third-party networks while accelerating proper due diligence.
BitSight can help. BitSight for Third-Party Risk Management provides continually updated security ratings based on publicly available cybersecurity data. These cybersecurity ratings simplify due diligence and reduce the time and cost required to assess and onboard new vendors. With BitSight, you can simplify cybersecurity planning with solutions that help to focus resources, enable more informed decision-making, and reduce risk across your vendor portfolio.
As you work to onboard third parties, this checklist of information can help to make the most complete and thorough evaluation of the risk each vendor represents.
As you are performing the tasks in this checklist, BitSight for Third-Party Risk Management can provide external key insights and metrics that make due diligence and cybersecurity planning faster, more cost-efficient, and more accurate.
BitSight for Third-Party Risk Management provides automated tools to continuously measure and monitor the security performance of vendors without strictly relying on a vendor’s self-reported cybersecurity data. In contrast to manual processes like yearly questionnaires, BitSight’s solution lets you perform due diligence and onboard vendors with much greater speed and accuracy. Through continuous monitoring, BitSight provides a clear picture of where risk specifically lives in you third-party network, allowing you to work with vendors to pinpoint risks and remediate vulnerabilities to achieve measurable cyber risk reduction.
With BitSight for Third-Party Risk Management, you can:
BitSight for Third-Party Risk Management and other BitSight solutions rely on metrics provided by BitSight Security Ratings. As a data-driven and dynamic measurement of an organization’s cybersecurity performance, BitSight Security Ratings provide insight into a vendor’s cybersecurity posture and help identify areas of risk. Ratings are calculated using a proprietary algorithm that analyzes and classifies externally observable data. Ratings range from 250 to 900 – higher the rating, the more effective the company is in managing their security programs. BitSight ratings are generated based on four classes of data – security diligence, user behavior, compromised systems, and publicly disclosed data breaches. Using more than 120 data sources, BitSight Security Ratings are updated daily and allow organizations to proactively identify, quantify, and manage cyber risk in their vendor ecosystem.
BitSight has been a world leader in the security ratings industry since its founding in 2011. Through continuous monitoring and vendor assessment tools – including cyber risk monitoring, attack surface monitoring, and cloud security monitoring – BitSight enables organizations to make faster and more strategic decisions about third-party risk and cybersecurity investments.
BitSight has the most robust community of cyber risk professionals interacting on its platform. Over 2,100 BitSight customers share security ratings with more than 170,000 third-party organizations, making BitSight the most widely used security ratings and monitoring platform across all industries.
BitSight customers include 4 of the top 5 investment banks, 4 of the Big 4 accounting firms, 25% of Fortune 500 companies, and 20% of the world’s countries.
In managing third-party vendors, cybersecurity planning efforts include due diligence to identify and proactively mitigate potential risks to which new vendors may expose an organization.
Cybersecurity posture refers to the ability of an organization to identify, avoid, and remediate risk posed by cyber threats, vulnerabilities, and relationships with vendors and other companies. Security posture is determined by an organization’s cybersecurity planning, strategy, technology, policies, and cybersecurity budget.