Cybersecurity incidents are one of the greatest threats facing organizations today. Breaches can have significant financial impact and result in theft of intellectual property and customer data. Cyberattacks also cause damage to an organization’s reputation, jeopardizing relationships with customers, investors, and partners.
The number and sophistication of attacks continues to rise, even though organizations have been ramping up investments in cybersecurity protection. As a result, security teams face pressure to prove the effectiveness of programs and justify cybersecurity budgets. To manage cybersecurity efforts most effectively, security and risk leaders need solutions to continuously monitor, measure, and communicate the performance of information security controls and programs designed to protect their organization from cybersecurity threats.
BitSight can help. BitSight for Security Performance Management provides the tools to measure the performance of cybersecurity programs and align investments with activities that produce the highest measurable impact over time. With BitSight, security professionals can direct their limited resources to the areas of critical need and greatest risk, while facilitating data-driven conversations on cybersecurity protection with key stakeholders.
Spending on cybersecurity protection increases year-by-year. Worldwide spending on information security products and services is forecasted to grow 8.7% to 124 billion, according to Gartner. Forrester reports that 28% of IT budgets for US private sector companies are directed to cybersecurity efforts.
Despite this investment, the number of breaches annually continues to rise – as do the costs of recovering from an attack. Ponemon Institute reports that the average data breach costs a company $3.86 million. US-based breaches are among the most expensive, averaging $7.91 million per breach. Forrester reports that two-thirds of organizations experience an average of five or more security breaches over a two-year period.
Adding to the challenge of cybersecurity protection, organizations are under greater pressure to comply with regulations like GDPR, HIPAA, Criminal Justice Information Services (CJIs), and NYDFS Cybersecurity Regulation (23 NYCRR 500).
To increase ROI on cybersecurity budgets, reduce the cost of breaches, and ensure compliance with regulatory frameworks, organizations need a better way to measure, monitor, and manage security performance. That’s where BitSight comes in.
BitSight for Security Performance Management offers a risk-based, outcome-driven approach to managing the performance of cybersecurity programs. With BitSight, security leaders can easily quantify the impact and effectiveness of security investments and identify gaps in performance. With tools for broad measurement, continuous monitoring, and detailed planning and forecasting, BitSight enables organizations to:
BitSight for Security Performance Management offers all the capabilities security leaders need to monitor security programs and enhance cybersecurity protection.
BitSight is trusted by many of the world’s largest organizations to provide security ratings and solutions that improve cybersecurity and third-party cyber risk management. Founded in 2011, BitSight has become the world’s leading security rating service, helping organizations to transform the way they manage security and risk.
Cybersecurity protection is the practice of defending organizations and their computer networks, devices, and data from cyber threats. Superior cybersecurity protection is achieved with a multilayered approach that focuses on identifying risk across an organization’s digital ecosystem and putting the controls and programs in place to mitigate it.
Security performance management is a risk-based, outcome-driven approach to managing an organization’s cybersecurity efforts. Security performance management combines continuous monitoring with security ratings and cybersecurity analytics to provide organizations with a clear view of their digital footprint, the risks within it, and the steps they must take to protect it.