Comprehensive third-party risk management solution to automate the vendor risk management process by enabling enterprises and third-party vendors to seamlessly connect, conduct, and share assessments
BOSTON – Aug. 1, 2022 – Bitsight, the Standard in Security Ratings, announced today its intent to acquire ThirdPartyTrust, a comprehensive Third-Party Risk Management (TPRM) platform which automates the processes of vendor assessment and onboarding. By integrating ThirdPartyTrust into its existing TPRM solutions, Bitsight provides an end-to-end third-party risk management solution that delivers real-time insights to drive strategic decision-making throughout the entire vendor lifecycle.
In today’s ever-evolving global threat landscape, risk management teams must assess cyber risk quickly across their entire third-party ecosystem – but most businesses still deploy slow, manual assessment processes. ThirdPartyTrust from Bitsight combines the intuitive intelligence of an automated vendor validation tool with Bitsight’s market-leading continuous monitoring solution. With Bitsight, third-party risk managers can work smarter and more efficiently by discovering and mitigating unforeseen cybersecurity risks in real-time, allowing them to make well-informed decisions quickly.
“By providing our customers with ThirdPartyTrust from Bitsight, an automated tool for assessing cyber risk across all phases of the vendor lifecycle, Bitsight continues to evolve and innovate its approach to third-party cyber risk management,” said Bitsight CEO, Stephen Harvey. “In today’s digital economy, organizations are more reliant on their extended supply chain than ever and need to keep it as secure as possible. By integrating ThirdPartyTrust into our existing TPRM offering, we are providing them an integrated tool to better collaborate and share important cyber risk information across an ever-growing community of stakeholders involved in the management of cyber risk.”
With ThirdPartyTrust from Bitsight, third-party risk managers will be able to:
- Manage their vendor risk assessment workflows and right-size their efforts based on risk;
- Quickly assess and validate third-party vendors using custom and standard security questionnaires strengthened with objective cyber security evidence;
- Collaborate and communicate with third-party vendors across their entire digital supply chain; and
- Increase their organization’s capacity to manage and respond to third-party security risks across the entire vendor lifecycle, including during major security events
“We started ThirdPartyTrust to help organizations increase their capacity to assess cyber risk during the vendor selection process. As our business grew, we built a strategic partnership with Bitsight to deliver an end-to-end third-party risk management solution that provided a holistic view of the life cycle of risk assessments,” said ThirdPartyTrust CEO, Anders Noremo. “That partnership received tremendous positive feedback from our mutual customers. I’m extremely excited to join Bitsight as we integrate these two great products to deliver an outstanding and comprehensive third-party risk management platform.”
“More than a decade ago, Bitsight pioneered cybersecurity ratings backed by the most reliable, expansive, and objective data available. Today, we are the industry leader in managing cyber risk for third- and fourth-party vendors,” said Bitsight Vice President and General Manager, Third-Party Risk Management, Vanessa Jankowski. “Our customers trust Bitsight and look to us to continue to innovate and deliver new solutions and capabilities that help them manage a risk that is becoming more complicated, more far-reaching, and more urgent every day. I’m very excited to bring ThirdPartyTrust into the Bitsight family as we continue to expand our customers’ ability to manage cyber risk across their entire third-party lifecycle and extended supply chain.”
Bitsight creates trust in the digital economy and transforms how organizations manage cyber risk. The Bitsight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help organizations manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct financial diligence; and assess aggregate risk. With the largest ecosystem of users and information, Bitsight is the Standard in Security Ratings. For more information, please visit www.bitsight.com, read our blog or follow @Bitsight on Twitter.
ThirdPartyTrust is a third party risk management platform for companies and vendors to perform assessments, automate risk and compliance workflows, and share security documents. ThirdPartyTrust gets programs out of email and spreadsheets and accelerates risk assessments through automation and centralized communication. Customers can get a holistic view of their vendors’ security, quantify their impact, and gain insight into fourth parties, ultimately fostering more secure digital supply chains. Vendors can build a single, centralized security profile comprising all their questionnaires, certifications, and attestations so they can answer them once, and easily share them. For more information, visit www.thirdpartytrust.com