Electric grid operability and reliability are the biggest challenges as cyber attacks continue to increase. In addition, the regulatory landscape is becoming increasingly strict in enforcing guidelines on cybersecurity practices. The North American Electric Reliability Corporation (NERC) has rolled out regulations where utility organizations are fined for third party breaches due to violation CIP cybersecurity standards. The Federal Energy Regulatory Commission (FERC) will soon follow.
Global utility organizations must understand their own security posture as well as their third parties in order to remediate security issues quickly and efficiently. The utility vendor landscape spans from vendors with access to sensitive employee data to vendors with critical impact to the electric grid.
BitSight Security Ratings can help shape and strengthen cyber risk management programs for utility organizations across the globe.
Utility companies need an effective means to gain visibility into the security posture of their business, as well as model different scenarios and paths of remediation to forecast future security performance. BitSight Security Ratings deliver a continuous, data-driven measure of security performance, giving utility companies the ability to compare performance with industry peers and competitors as well as 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 global utility companies continuously monitor their third parties’ security posture by enabling them to accurately assess risk across their business ecosystem.
Utility companies can invite third-party suppliers to the BitSight Platform at no additional cost in order to investigate issues and remediate risks found on their network. By leveraging the BitSight Customer Success team, third parties can get all the insights and education they need, leading to effective risk reduction.