When it comes to cyber attacks, financial services companies and their supply chains are the most targeted organizations. On top of a heightened threat landscape, global regulations are pushing Finance companies to establish ongoing monitoring of third parties who interact with sensitive data.
BitSight Security Ratings help shape and strengthen third-party cyber risk management programs for hundreds of Finance companies around the globe.
Third parties play a crucial role in supporting key business functions, but they can also introduce significant risk of data loss and business disruption. BitSight Security Ratings continuously monitor and quantify the cyber risk of third parties, enabling Financial Institutions to accurately assess the risk of their third parties at scale.
Customers can invite third parties to the BitSight platform to investigate issues and remediate risks found on their network, free of charge. Leveraging the BitSight Customer Success team, third parties can get all the insights and education they need, allowing for efficient risk reduction. One customer witnessed over 50% of third parties improve their BitSight Security Ratings within six months of sending invitations to the platform.
With businesses relying on an increasing number of digital services, understanding risk from service providers and fourth parties has become a growing initiative for security risk management programs. BitSight helps Financial Institutions identify common service providers and fourth parties in their ecosystem to better inform risk assessments and monitoring.
While many corporate functions have embraced benchmarking, risk and security teams often lack a way to quantify security performance. BitSight Security Ratings deliver a continuous, data-driven measure of security performance, giving businesses the ability to compare performance with industry peers and competitors and report progress over time to senior leadership.
Hear how Jarret Ross uses BitSight to monitor the security posture of vendors at Boston Private Bank