The term business services (or professional services) often refers to accountants, law firms, and business consultancies. These companies, who serve as vendors themselves, deal with an extensive third and fourth party supply chain. Because of the size of that business ecosystem, time to identify an incident is extremely problematic.
One key thing about business services companies: not only do they have a lot of third parties, but they also act as a third party to many businesses as well. For these companies, it’s important to assess, continuously monitor, and compare the security posture of third and fourth parties with access to sensitive data (PII, IP). When it comes to their own security performance, these organizations need external validation of the cybersecurity measures and controls that they already have in place.
BitSight Security Ratings help shape and strengthen cyber risk management programs for hundreds of business services companies around the globe.
It’s critical that business services companies have an effective means to gain visibility into the security posture of their organization, as well as model different scenarios and paths of remediation to forecast future security performance. BitSight Security Ratings allow business services organizations to deliver a continuous, data-driven measure of security performance— giving them the ability to compare performance with industry peers and competitors, meet emerging global and regional cybersecurity regulations & standards, and report progress over time to executives and the Board.
Third parties play a critical role in supporting key business functions, but they can also introduce significant risk of data loss and business disruption. BitSight Security Ratings help business services organizations — both when acting as a critical third party and when monitoring their own third parties — by enabling them to accurately assess risk across their business ecosystem as well as supplement and validate the third-party assessment process. Security ratings also enable business services companies to improve the speed of assessments to ensure a more efficient third-party evaluation process and compare competing third parties & benchmark their security performance against each other to create a cybersecurity performance threshold for security audits.
Business services companies can invite third parties to the BitSight platform at no additional cost in order to investigate issues and quickly remediate risks found on their network. With visibility into the security posture of the thousands of third-party vendors in their ecosystem, business services companies can prioritize & tier the third parties that pose the biggest risk to their business and collaborate with those businesses to improve their security performance. Leveraging the BitSight Customer Success team, third parties can get all the insights and education they need, allowing for effective risk reduction.