As digital transformation continues to rewire the way we do business in the 21 st century, you’re likely working with more vendors than ever before. Partners, subcontractors, and suppliers are all business- critical relationships that can let you stay agile, enhance operations, and act quickly on new opportunities.
However, these same third-party relationships also carry a certain level of risk, including cybersecurity, regulatory, financial, and operational risk. When you consider the sheer number of vendors you use - 60% of organizations have more than 1,000 – these risks take on even greater weight, requiring attention from every level of leadership in your organization.
A superior third-party risk management (TPRM) program can help by providing tools for effectively assessing, monitoring, and reducing risk in vendor relationships. Yet, choosing the right tools to support your program is a challenge. Many solutions are unable to address risk holistically, or to provide the kind of continuous monitoring capabilities that are critical for monitoring risk in today’s marketplace.
This is where Bitsight excels. Our technologies offer a comprehensive approach to managing third-party risk in all its forms, with tools for automating tasks, continuously monitoring risk, and managing the entire vendor lifecycle in one place.
Managing every type of third-party risk
While data breaches originating in the supply chain are the most visible form of vendor-related threats,
third-party risk is actually a much broader concern. Your TPRM program must address risk in six
essential areas.
- Regulatory and compliance. A vendor’s failure to comply with regulations concerning cybersecurity, financial data, labor relations, or environmental law may cause your company to become noncompliant as well.
- Finances. The action of a third-party vendor can have a financial domino effect, particularly when a vendor’s failure leads to your inability to deliver results, sell products, or meet contractual obligations.
- Reputation. When a vendor’s business reputation takes a hit, your own company may experience blowback. A vendor’s labor unrest, legal violations, dissatisfied customers, or security incidents can all have a negative impact on your own reputation.
- Operations. When vendors are vital to maintaining smooth operations, any hiccup or breakdown in vendor performance can throw a wrench in your own business operations.
- Strategic concerns. When a supplier makes risky decisions that aren’t aligned with your own business strategy, there’s a risk that their actions may hinder your ability to achieve strategic objectives.
- Cybersecurity. While your own security program may be highly effective, it’s often hard to know how well your suppliers are maintaining a strong security posture. Attackers frequently penetrate well-protected organizations by targeting weak links in the supply chain.
The right third-party risk management and exposure management solution must help you identify,
monitor, and mitigate risk in each of these areas. At Bitsight, this is our wheelhouse.
Bitsight Third-Party Risk Management
Bitsight Third-Party Risk Management provides powerful tools to manage your vendor ecosystem from start to finish. With Bitsight, you can accelerate vendor assessments, continuously monitor your digital footprint, and address risk exposure swiftly and confidently.
Our solutions leverage market-leading cyber risk data that’s based on objective, universal standards. We deliver actionable insights that let you make smarter decisions about third-party risk and cyber exposure management.
Bitsight Third-Party Risk Management empowers your teams to:
- Streamline vendor risk management tasks. With Bitsight, vendor risk management becomes an enabler of business growth rather than a bottleneck to productivity. Our tools let you accelerate onboarding with automated assessments, efficiently manage hundreds of vendor relationships, and validate vendor responses with objective data and evidence.
- Continuously monitor vendor risk. Our continuous monitoring tools give you a comprehensive view of the activities and security posture of your third- and fourth-party vendors. With Bitsight, you can quickly detect and address ongoing third-party risk, remediate risk with supporting data and evidence, and automatically uncover fourth-party product usage.
- Detect and respond to third-party vulnerabilities at scale. When your TPRM program identifies a cybersecurity threat exposure or other types of risk in your vendor ecosystem, Bitsight lets you act swiftly and confidently. Our tools empower you to mitigate emerging zero-day vulnerabilities at scale, efficiently reach out to vendors, and communicate with stakeholders with real-time reporting.
Benefits of managing third-party risk with Bitsight
With Bitsight Third-Party Risk Management, you can:
- Consistently apply third-party risk management processes, policies and procedures.
- Understand the security posture of your third-party vendors in real time.
- Improve operational efficiency of your third-party risk management process.
- Align cross-functional teams around risk reduction.
- Ensure your vendors are adhering and complying with contractual commitments.
- Make more informed decisions about third-party relationships with real-time access to data.
- Champion third-party risk outcomes in the boardroom.
- Automate third-party risk management processes to increase efficiency, reduce error, and evaluate vendors with speed and confidence.
- Continuously monitor vendors for any shifts or changes in their security posture.
Why choose Bitsight?
Having invented the cyber ratings industry, we are now focused on empowering security leaders to protect their organizations by more effectively assessing, managing, and communicating risk.
We’re the only cyber risk management solution that can show you hidden risk across first, third, and fourth-party relationships so you can see what is truly putting your organization in jeopardy. Our technology combines a patented cybersecurity risk engine with AI and expert insights from the world’s best threat research teams. We monitor over 44 trillion events across 40 million actively monitor organizations to deliver insight that is truly game-changing.
What’s more, we deliver the tools to communicate risk in a language that everyone understands – from your C-suite and Board of Directors to the workers whose daily actions impact risk at every level of your business.
Along with solutions for third-party risk management, we offer highly effective tools for security risk management and attack surface management that can level up your cybersecurity program and strengthen your security posture.