NAFCU Services has selected BitSight Technologies, the standard in Security Ratings, as a Preferred Partner. Under the agreement, NAFCU’s member credit unions will have access to BitSight Security Ratings for monitoring their own cybersecurity risks as well as those posed by their third-party vendors.
“Cybersecurity is viewed as a top priority for many credit unions and, as a result, we are thrilled to partner with BitSight,” said Randy Salser, President of NAFCU Services Corporation. “Similar to the way many in our industry use credit scores to make loan underwriting decisions, BitSight takes the guesswork out of assessing risk by providing objective, evidence-based measures of security performance.”
The BitSight platform uses publicly accessible data to rate the security performance of an organization on a daily basis. Observed security events and configurations, such as communication with a botnet, malware distribution, and email server configuration, are assessed for severity, frequency and duration and used to generate objective Security Ratings. BitSight Security Ratings range from 250 to 900, with higher ratings equating to higher security performance.
“In the ‘breach-a-day’ world we live in, global, regional and community financial services institutions are all looking to protect themselves and ensure that vendors in the supply chain don’t pose substantial risk,” said Tom Turner, executive vice president of sales and marketing for BitSight. “A credit union using BitSight Security Ratings will now have access to continuous data that identifies, quantifies, and mitigates risk for both itself and the myriad of third-party vendors with whom it works.”
The partnership was approved following a rigorous RFP process and voting by three panels of leading credit union CEOs. BitSight is one of only 29 NAFCU Preferred Partners and the only partner for security ratings.
About NAFCU Services Corporation
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). For 40 years, NAFCU Services has partnered with the industry’s leading providers to offer superior solutions to the credit union industry. The NAFCU Services Preferred Partner Seal designates only those suppliers who are truly committed to credit unions, and who have undergone a rigorous evaluation process. For more information, visit www.nafcu.org/nafcuservices.
BitSight Technologies is transforming how companies manage information security risk with objective, evidence-based security ratings. The company's Security Rating Platform continuously analyzes vast amounts of external data on security behaviors in order to help organizations manage third-party risk, benchmark performance, and assess and negotiate cyber insurance premiums. Based in Cambridge, MA, BitSight is backed by the National Science Foundation, Comcast Ventures, Commonwealth Capital Ventures, Flybridge Capital Partners, Globespan Capital Partners, and Menlo Ventures. For more information, please visit www.bitsighttech.com or follow @BitSight on Twitter.