As the volume and sophistication of cyberattacks continue to grow, risk-based security reporting has become an indispensable tool for security and risk management professionals. Effective communication between all levels of an organization – from security teams and risk managers to the C-suite and the board – is essential to managing risk, refining security programs, and protecting the organization. A risk-based cybersecurity report enables stakeholders to assess performance based on actual exposure to cyber threats while providing context, highlighting the success of security efforts, and ensuring that resources and investments are aligned with goals.
BitSight Security Ratings provide concise data and meaningful context for risk-based reporting on security performance and third-party risk. Leveraging the objective, verifiable data provided by BitSight, organizations can produce cybersecurity reports that allow stakeholders at all levels of an organization to focus on the most significant issues and work together to mitigate risk and defend against threats.
Risk-based cybersecurity reporting is distinct from compliance-based, incident-based, or comprehensive reporting. Risk-based cyber security reports are the type of communication that is best-suited to reduce an organization’s actual exposure to cyber threats. A risk-based approach to reporting ensures that everyone from the board to practitioners on security teams can stay focused on the most significant issues and the highest priority actions required to reduce exposure to cyber threats.
Risk-based cybersecurity reports are guided by several best practices.
BitSight transforms how companies manage cyber risk. BitSight Security Ratings offer a data-driven, dynamic measurement of an organization’s cybersecurity performance. As a form of continuous cyber security monitoring, BitSight ratings provide immediate insight into an organization’s security performance and into the security posture of vendors. BitSight ratings also are proven to correlate to the risk of a data breach. Research has shown that companies with a BitSight Security Rating of 500 or lower are nearly 5 times more likely to have a breach those with a rating of 700 or above1.
BitSight enables risk managers to produce more effective cyber risk reports. BitSight’s reporting capabilities allow cybersecurity teams to adhere to all the best practices for risk-based reporting.
When a cybersecurity report delivers findings in context, readers can better understand how the numbers in the report relate to the overall risk landscape for the organization. Context may include everything from a review of past performance to the impact of cyber risk to the bottom line to cybersecurity frameworks within the industry. When receiving data in context, security professionals can make more informed, data-driven decisions about the allocation of resources and prioritization of tasks.
BitSight reporting capabilities enable risk managers to provide context that includes:
BitSight is the most widely adopted security rating solution in the world. BitSight is the choice of all of the Big 4 accounting firms, 4 of the top 5 investment banks, 20% of the world’s governments, and 25% of Fortune 500 companies.
BitSight offers extensive visibility into key areas of cyber risk that are correlated to breach. BitSight offers insight into 23 risk factors – twice as many as any other security ratings organization – including compromised systems, security diligence, user behavior, and data breaches.
The BitSight platform has the most robust community of cyber risk professionals. 2,100 BitSight customers share security ratings with more than 170,000 third-party organizations, providing the necessary context for customers to gain confidence in their interaction with third-party vendors.
BitSight incorporates only the highest quality and most critical risk factors into its security ratings and calculates importance in a highly diversified way to ensure the most critical assets are ranked higher.
A cybersecurity report presents critical information about cybersecurity threats, risks within a digital ecosystem, gaps in security controls, and the performance of security programs. Cybersecurity reports help to foster data-driven communication between boards, executives, security and risks leaders, and security practitioners to ensure that all parties are working together to enhance security programs and mitigate risk.
The content in a cybersecurity report is determined by the audience. Boards and executives require high level metrics that provide an overview of security performance and flag significant risk exposure. Security and risk leaders require more detailed reports that help to identify the largest areas of risk and prioritize investment and resources. Security practitioners require data that can help to remediate specific issues and identify the optimal course of action to improve cybersecurity posture.