What third-party cyber risk assessment means
Enterprises today are more extended than ever. Cloud-based technology, outsourcing and the rise of the remote workforce are creating greater challenges for organizations – especially when it comes to managing third-party cyber risk. And as data breaches in third-party vendors pose a significant threat to enterprise security, more organizations are seeking third-party cyber risk assessment solutions to manage risk more effectively.
As the world’s leading Security Rating Service, Bitsight offers third-party cyber risk assessment solutions that let you proactively mitigate third-party risk with automated tools to continually measure and monitor the security performance of your vendors. Bitsight for Third-Party Risk Management immediately exposes cyber risk within your supply chain, providing the intelligence and insight required to achieve measurable risk reduction.
The role of security ratings in risk assessment
Security ratings are a critically important part of third-party cyber risk assessment. Using a standard set of information security KPIs, security ratings offer a data-driven, objective, and dynamic measure of a vendor’s security performance.
Security ratings provide several critical benefits.
1. Maximize value
With the tools to measure the effectiveness of a potential vendor’s security program over time, you can extract more value from your investment in third-party risk cyber security management efforts.
2. Accelerate selection
Using the finding from security ratings, you can establish clearly defined policies concerning thresholds for acceptable levels of risk to prescreen proposed vendors. By eliminating third parties that don’t meet your guidelines from the start, you can focus your resources and time on evaluating vendors with more acceptable cyber security posture.
3. Streamline evaluation
Rather than solely engaging in long, complete assessments of every vendor, you can use security ratings to allocate resources toward those that require greater due diligence. Insight gathered from security ratings may enable you to shorten onboarding questionnaires to focus primarily on areas of known risk. With the ability to see how a certain vendor compares against others in the same industry, you can make faster, more data-driven evaluations.
Third-Party Cyber Risk Assessment With Bitsight
Bitsight is the most widely adopted security ratings solution, helping to change the way the world addresses cyber risk. With Bitsight for Third-Party Risk Management, you can have the confidence to make faster, more strategic cyber risk management decisions. Bitsight’s third-party cyber risk assessment tools let you quickly launch, grow, or optimize your risk management programs with the resources you have today.
Bitsight for Third-Party Risk Management relies on Bitsight Security Ratings, a data driven and dynamic measurement of an organization’s cybersecurity performance. Ratings are derived from objective, verifiable information with benchmarks in 20 major risk categories, including botnet infections, open ports, malware servers, spam propagation, patching cadence, and filesharing.
With Bitsight for Third-Party Risk Management, you can immediately identify cyber risk within your supply chain, allowing you to focus resources on achieving significant and measurable risk reduction. With data that correlates to potential security incidents, Bitsight provides insight into the most significant risks associated with your vendors.
Advantages of Bitsight for Third-Party Risk Management
Onboard vendors faster
Reduce the time and cost of onboarding vendors by identifying areas of known risk and quantifying cyber risk with risk factor breakdowns, smart tiering recommendations, and workflow integrations.
Enable vendor relationships more successfully
Bring on vendors – and benefit from the value they offer – in a timelier way while summarizing and communicating the risk associated with that relationship. Make outcomes-based, informed decisions by reviewing the technical details of potential security risks.
Reduce cyber risk
Prioritize resources to drive risk reduction across the organization and vendor relationships with a clear picture of cyber risk that’s aligned to your risk tolerance and a tiered approach to existing operational workflows.
Why Choose Bitsight?
Customers choose Bitsight for several key criteria.
Why choose Bitsight for third-party cyber risk assessment?
Bitsight third-party cyber risk assessment solutions are trusted by some of the world’s largest organizations for three key reasons.
Bitsight offers the broadest visibility into existing and emerging areas of risk. As the only Security Rating service provider with third-party validated correlation to breach, Bitsight offers a more complete and unique third-party cyber risk assessment of important areas of risk, including botnets, IoT systems, mobile apps, and more.
Bitsight offers smarter prioritization of cyber risk, allowing your organization to more efficiently allocate resources. Our third-party cyber risk assessment solutions incorporate only the most critical, high-quality risk factors into the Security Rating. Critical assets are ranked higher, thanks to a formula that calculates importance in a more diversified way.
Bitsight has the most robust community of cyber risk professionals interacting on the platform, providing the necessary context for customers to gain confidence in their interaction with third-party vendors. Over 2,100 Bitsight customers share Bitsight Security Ratings with more than 540,000 organizations, making it the most widely used security ratings platform across all industries.