Ensuring that vendors comply with security standards is an essential component of managing risk. As your third-party network grows, the risk posed by vendors increases as well. To avoid a data breach originating within a vendor’s IT environment, you must be vigilant about ensuring that vendors are contractually obligated to comply with specific cybersecurity frameworks – and to notify you when they experience a security incident.
Security compliance questionnaires are the standard tool for monitoring compliance. While the information in a questionnaire is valuable, the scope of questionnaires is limited. Questionnaires are inherently subjective, as they are completed by vendors themselves. Additionally, because questionnaires are completed only annually or periodically, they can’t provide assurance between each security risk assessment that vendors are in compliance.
BitSight Third-Party Risk Management provides continuous monitoring tools that let you track vendor compliance year-round. With BitSight, you can ensure that a vendor’s security posture conforms with the way they’ve reported it in their security compliance questionnaire – and take steps to remediate any discrepancies.
While security compliance questionnaires are a significant cyber security assessment tool, they are just one part of a comprehensive approach to managing third-party risk. Consider adding these six steps in addition to your vendor compliance checklist to improve the way you identify, monitor, and mitigate risk.
As the provider of the world’s leading security ratings platform, BitSight provides enables maintaining compliance with BitSight for Third-Party Risk Management. This solution immediately exposes risk in your supply chain – including noncompliance with security standards you’re monitoring – and enables you to better focus your resources on achieving measurable cyber risk reduction where you need to for maintaining compliance.
BitSight provides clear visibility into your vendors’ security posture and level of compliance. In addition to an overall security rating, BitSight provides data that correlates to potential security incidents and enables you to drill down into details of compliance and performance on specific risk vectors.
With BitSight, you can:
BitSight Security Ratings are the foundation on which BitSight for Third-Party Risk Management and other BitSight solutions are built. BitSight Security Ratings provide a quantitative measurement of the security performance of an organization and its vendors. Unlike periodic compliance questionnaires or cyber security vulnerability assessments that are conducted annually, BitSight Security Ratings are generated daily to provide a tool for continuously monitoring security performance and compliance.
BitSight Security Ratings are an outside-in measurement of security posture. That is, they are based on externally available data and don’t require information from the rated entity. Ratings are based on the ability of an organization to protect itself from cyber security threats and vulnerabilities in a wide variety of risk vectors. The higher the rating, the better the organization is at implementing good security practices.
BitSight ratings range from 250 to 900 and are based on four categories of security data: evidence of compromised systems, security diligence, user behavior, and publicly disclosed data breaches. BitSight is the only security rating service whose ratings have been independently verified to correlate to breach. For example, organizations with a BitSight rating of 500 or less are almost 5 times more likely to experience a breach than organizations with ratings of 700 or above.
BitSight is trusted by some of the world’s largest organizations to provide a clear picture of their security posture. Founded in 2011, BitSight has pioneered the security ratings industry and is the most widely adopted security rating platform in the world. BitSight’s 2,100 customers include 25% of the Fortune 500 companies, 20% of the world’s countries, 7 of the top 10 cyber insurers, and 4 of the top 5 investment banks.
BitSight’s success is based in part on the expansive visibility it offers into the security posture of organizations and their vendors. BitSight’s proprietary method of collecting data from 120+ sources provides customers with unprecedented visibility into key risk factors, many of which are completely unique to BitSight. BitSight owns the largest botnet sinkholing infrastructure, delivering greater visibility into compromised systems – a risk that has been highly correlated to data breaches. BitSight also offers the ability to view cyber security risk assessment reports with 12+ months of historical data, helping companies to identify trends and providing more insight into risks and vulnerabilities.
A security compliance questionnaire is a document that organizations use to determine whether its vendors are complying with certain security standards. Security compliance questionnaires are typically administered annually or periodically and are completed by vendors themselves. While security compliance questionnaires provide valuable data on the internal security controls of a vendor, they aren’t able to provide year-round monitoring of a vendor’s security posture, or alert security teams when changes happen within their network. Consequently, many organizations seek tools like BitSight Security Ratings that can offer continuous monitoring of vendors’ security performance and compliance, and provide automated alerts when risks are present.
Third-party risk management is the task of identifying risks to an organization from within its ecosystem of third-party vendors. Third-party risk managers are responsible for monitoring vendor organizations, identifying risks they may pose to the organization, and working with vendors to remediate that risk.
Security ratings are a data-driven, dynamic measurement of an organization’s cybersecurity performance. Ratings are based on objective and verifiable information and provide an independent assessment of an organization’s security posture. Typically issued daily, security ratings enable security leaders to track the cybersecurity performance of their organization and vendors on an ongoing basis.