CAMBRIDGE, MASS. -- November 1, 2018 -- BitSight, the Standard in Security Ratings, further advances the company’s leadership position as the most advanced security ratings platform in the market with the release of new innovative features designed to enable organizations to more rapidly assess, prioritize and manage third party cyber risk. These new capabilities -- Vendor Risk Matrix and Asset Risk Matrix -- leverage BitSight’s market-leading data collection and processing engine to provide AI-driven risk prioritization, delivering the most informed insights and helping customers address the most important risks within their third party ecosystem.
BitSight Vendor Risk Matrix allows users to perform critical risk analysis and remediation prioritization of their third party ecosystem. Risk Matrix leverages a customer’s own customizable tiering configurations to present a clear picture of the state of risk based on business criticality and cybersecurity performance, and it provides a way for customers to prioritize and streamline incident response and collaboration activities on that basis. Within this tool, BitSight can provide a clear Vendor Action Plan that reflects the state of risk and can be used to drive prioritization of third party risk resources and efforts.
BitSight Asset Risk Matrix is the market’s first AI-driven asset prioritization tool, enabled by BitSight’s advanced data collection and data science capabilities. This intelligent and configurable prioritization matrix leverages the company’s expansive view of Internet assets and factors various items such as measured system usage, user information submission, existence of specialized certificates, and other contributing factors that indicate asset criticality in order to arrive at a prioritization schema. Other solutions prioritize assets on more simplistic grounds, like password protection.
The Asset Risk Matrix enables rapid assessment of asset criticality and severity of issues affecting these assets, helping customers understand the most pressing issues facing their third parties and prioritize remediation efforts to mitigate cyber risk within an organization’s extended third party ecosystem. BitSight also provides rated organizations invited to the platform with contextual insights that can drive action, thereby closing the loop on effective remediation of issues they face.
These features rely on BitSight’s ratings platform, which is built upon the broadest and deepest data collection and analysis engine in the Security Ratings Service market:
“What drives BitSight’s product innovation is our ability to leverage the Security Ratings Service market’s most comprehensive set of data assets, most developed ratings platform, most engaged and productive network of contributing users, and most internal resources. As a result of this, we are able to uniquely identify, develop and deliver intelligent and informed features that solve the hard problems that our customers are looking to address,” states Nagarjuna Venna, Chief Product Officer and Co-Founder. “We believe that sufficiently addressing the critical cyber risks that companies face today demands this level of rigor and investment.”
BitSight is transforming how companies manage information security risk with trusted, time-tested and actionable security ratings. Founded in 2011, the company built its Security Ratings Platform to continuously analyze vast amounts of external data on security issues and behaviors in order to help organizations manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. Seven of the top 10 cyber insurers, 80 Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.