Securing the supply chain through vendor risk monitoring
Engaging third-party vendors is vital to organizations as they grow and scale operations. Vendor relationships enable companies to reduce costs, increase efficiency, and deliver better customer experiences. However, bringing vendors on board increases inherent risk, especially in cybersecurity. Some of the largest and most costly data breaches in history have resulted from vulnerabilities in a vendor’s software.
Traditional vendor risk management (VRM) solutions involve manual, time-intensive processes and can’t deliver visibility over a rapidly evolving third-party risk landscape. To securely grow the vendor base, organizations need modern solutions that can deliver continuous vendor risk monitoring.
That’s where Bitsight can help. Providing trusted data and insights that enable risk-based decision-making for the world’s leading companies, Bitsight provides a best-in-class vendor risk management solution for mitigating risk throughout the entire vendor lifecycle.
The challenges of vendor risk monitoring
Traditionally, vendor risk management programs have been limited by several obstacles.
Vendor risk monitoring for most companies involves manual, repetitive efforts that are highly time-and resource-intensive. Programs often rely on one-off spreadsheets, multiple follow-ups via email, and calendar reminders to trigger the next risk assessment. These manual processes are error-prone, limited in scope, and virtually impossible to scale.
While vendor risk levels and security postures may change at any time, most VRM programs are based on point-in-time questionnaires that simply can’t address risks that arise between assessments.
When self-reporting questionnaires are the primary sources of information, any errors, misunderstandings, or incomplete data from a vendor will prevent risk managers from accurately making data-driven decisions.
Inability to measure success
Traditional vendor risk monitoring programs don’t provide sufficient insight or analytics to measure performance, which makes it difficult to communicate their value to company leadership and the Board of Directors.
Lack of customization
Most vendor risk management programs are one-size-fits-all, offering no easy way to tier vendors or prioritize remediation. This prevents risk management teams from identifying the riskiest vendor relationships and requires vendors to comply with requirements that may be too stringent or too lenient.
Bitsight Vendor Risk Management
Bitsight transforms how organizations manage third-party risk and measure security performance. With a proven cybersecurity assessment tool that supports continuous monitoring, organizations can make faster, more strategic decisions about vendor risk and cybersecurity policy.
Bitsight Vendor Risk Management provides objective cyber risk analytics to help ensure that vendors are within your organization’s risk tolerance. Integrating seamlessly with existing third-party risk management processes, Bitsight’s vendor risk monitoring solution helps manage risk at every level – from procurement through the entire vendor relationship. With Bitsight’s technology, third-party risk management teams can adopt a customized approach to vendor due diligence and assessment that matches your organization’s risk tolerance and program maturity, combining workflow automation with objective data to meet cybersecurity requirements.
Vendor risk monitoring technology from Bitsight enables you to:
- Manage an expanding vendor ecosystem with greater confidence.
- Build productive vendor relationships based on trust.
- Concentrate time and resources on the most important parts of your vendor ecosystem.
- Easily scale your third-party ecosystem to meet the needs of your growing organization.
- Demonstrate the value of program performance for company stakeholders.
Benefits of vendor risk monitoring with Bitsight
Bitsight Vendor Risk Management delivers significant advantages over traditional manual processes that take a one-size-fits-all approach.
Conduct faster vendor assessments
In a cyber risk landscape that changes every day, it’s essential to have a vendor risk monitoring solution that empowers you to take a more strategic approach to risk assessments. Bitsight VRM automates the evaluation process to increase efficiency and prioritizes critical and high-risk vendor assessments with customized workflows. A network of 20,000+ vendor security profiles helps to accelerate insight, and vendor validation powered by Bitsight’s best-in-class security ratings inevitably results in better decision-making.
Manage vulnerabilities confidently
When a new risk or vulnerability is identified, Bitsight helps risk managers react confidently and respond in a scalable way across the entire supply chain. Bitsight VRM promotes effective collaboration with vendors impacted by vulnerabilities and supports custom questionnaire templates that enable tailored outreach and response.
Improve vendor risk decisions with a unified solution
Some organizations adopt multiple solutions for third-party risk management, vendor risk monitoring, and software supply chain security, making it difficult for risk professionals to prioritize efforts. Bitsight offers a comprehensive, fully integrated solution that spans all aspects of vendor risk management. Bitsight also provides objective evidence to support vendor response validation, allowing risk management teams to eliminate the guesswork and make more informed decisions faster.
Why customers trust Bitsight
Bitsight is trusted by some of the largest organizations in the world to help improve their security posture and achieve digital resilience. Since 2011, Bitsight has pioneered the security ratings market, dramatically transforming how organizations evaluate risk, perform cyber security analysis, and measure security performance. Only Bitsight’s security ratings have proven outside validation, as they have been demonstrated to correlate with data breach risk and business financial performance.
In addition to third-party risk management, Bitsight solutions enable organizations to improve fourth-party risk management, reputational risk management, security performance management, and financial quantification of risk.
Today, Bitsight is trusted by more than 3,000 customers, including 120 governments, all of the big 4 accounting firms, 4 of the top 5 investment banks, and 20% of Fortune 1000 companies.
FAQs: Vendor risk monitoring
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