With the recent explosion of digital transformation, the operations of your enterprise are increasingly interconnected with the operations of third-party service providers. That makes managing operational risk more challenging, as a vendor’s unexpected downtime can have a serious negative impact on your bottom line.
To improve operational risk management, organizations must closely monitor their third-party vendors’ security posture. But because these suppliers are highly interconnected with vendors of their own, organizations need robust fourth-party risk management solutions to better understand and mitigate risk within the networks of their business partners.
To simplify operational risk management, Bitsight provides supply chain security that quickly expose third-party cyber risk as well as risky fourth-party connections. With Bitsight, security teams easily identify areas of concentrated cyber risk and ensure that all relationships within your supply chain fit into your business and information security strategy.
When it comes to third-party risk and cyber security, reducing operational risk requires action at two different levels:
Choosing vendors and partners that represent a lower risk to your organization is an essential part of operational risk management. To accomplish this, your risk managers need a way to easily summarize and communicate the risk associated with any business relationship. Third-party due diligence must involve collecting a broad range of information on any potential vendor such as:
Once vendors have been selected and onboarded, enterprises can improve operational risk management by constantly monitoring the security posture of third-party vendors and fourth-party relationships. Traditionally, companies have measured third-party risk through vendor self-assessments conducted at scheduled times. However, these don’t provide a complete picture of operational risk in vendor relationships. Self-assessments are inherently subjective and may or may not accurately reflect risk within a vendor’s relationship with a fourth-party contractor. Additionally, because these cyber risk assessments are typically conducted yearly or sporadically, they can’t provide the near-real-time snapshot of risk that risk managers need to effectively mitigate cyber liability and operational risk.
With the world’s most widely adopted Security Ratings solution, Bitsight provides tools that can help organizations dramatically improve operational risk management. The Bitsight platform offers several intuitive, powerful solutions that help risk managers take charge of cybersecurity issues and relationships with third-party vendors.
Bitsight supports third-party risk management (TPRM) programs with tools to evaluate your vendors’ the security posture during the selection process as well as after they have been onboarded. Bitsight delivers insight into the riskiest issues impacting each vendor. With these details, third-party risk managers select vendors with greater confidence while accelerating the onboarding process. Once vendor relationships have been established, Bitsight enables risk managers to continuously monitor each vendor’s security posture daily, receiving alerts when incidents or behavior may suggest a change in a company’s security status.
To uncover risk in vendors’ relationships with their own contractors, Bitsight automatically pinpoints connections between vendors and potentially risky service providers and subcontractors. This enables security teams to stay ahead of operational risk that may result from supply chain connections with weak security programs. This Bitsight solution empowers risk managers to plan for disaster recovery, assess downstream impacts, and streamline breach response.
Bitsight Security Ratings provide the data that drives third-party and fourth-party risk management. Much like credit ratings, Bitsight Security Ratings are developed solely through analysis of externally observable data – no information is required from the rated company. Bitsight continuously measures the security performance of thousands of organizations and issues a daily rating that ranges from 250 to 900, with the current achievable range being 300-820. The higher the rating, the more effective the company is at implementing strong security practices.
Bitsight Security Ratings are calculated with a proprietary algorithm and are based on four categories of data: evidence of compromised systems, degree of security diligence, behavior of users, and publicly disclosed data breaches. Armed with daily ratings, risk managers proactively identify, quantify, and manage cybersecurity risk throughout their supply chain, helping to streamline and simplify operational risk management as well.
Bitsight provides centralized reporting capabilities to enable more effective communication about risk and security. Organizations leverage readily available cyber security risk assessment report samples and templates to simplify reporting, or create custom reports based on user-defined inputs that tailor reports to a specific risk tolerance and profile.
Bitsight is the world’s leading provider of cyber risk intelligence, transforming how security leaders manage and mitigate risk. Leveraging the most comprehensive external data and analytics, Bitsight empowers organizations to make confident, data-backed decisions and equips security and compliance teams from over 3,300 organizations across 70+ countries with the tools to proactively detect exposures and take immediate action to protect their enterprises and supply chains. Bitsight customers include 38% of Fortune 500 companies, 4 of the top 5 investment banks, and 180+ government agencies and quasi-governmental authorities, including U.S. and global financial regulators.
Bitsight operates one of the largest risk datasets in the world. Leveraging over 10 years of experience collecting, attributing, and assessing risk across millions of entities, we combine the power of AI with the curation of technical researchers to unlock an unparalleled view of your organization. Bitsight offers more complete visibility into important risk areas such as botnets, mobile apps, IoT systems, and more. Our cyber data collection and scanning capabilities include:
Bitsight offers a full analytics suite that addresses the challenges of peer comparison, digital risk exposure, and future performance.
Bitsight is the only rating solution with third-party validation of correlation to breach from AIR Worldwide and IHS Markit.
Bitsight drives proven ROI with significant operational efficiency and risk reduction outcomes.
Bitsight incorporates the criticality of risk vectors in to calculation of Security Ratings, highlighting risk in a more diversified way to ensure the most critical assets and vulnerabilities are ranked higher.
Implementing cyber risk best practices is the key to improving security performance. From regular patching and off-site backups to security training and incident response plans, adhering to cyber risk best practices can help you reduce the risk of breach and mitigate third-party cyber risk.
Most risk and security teams, however, are juggling multiple priorities and strategic initiatives, making it difficult to constantly comply with every best practice. For example, implementing patches can be quite time-consuming, and other security priorities may cause delays in patching cadence. To better prioritize resources and maintain the strongest security posture, many organizations turn to continuous monitoring.
Continuous monitoring provides a near-real-time view of your IT environment and your progress toward implementing cyber risk best practices. Continuous monitoring of vendors can help to expose risk in the supply chain that manual assessments might overlook, improving third-party and operational risk management. Most importantly, continuous monitoring identifies areas of concentrated risk, allowing your security teams to prioritize remediation and maximize the effectiveness of available resources.
The Bitsight Security Ratings platform provides a highly effective solution for continuously monitoring progress on implementing and adhering to cyber risk best practices. With Bitsight, you can easily measure the performance of your cybersecurity programs and align investments and actions for the highest measurable impact over time.
There are five essential pieces involved in continuously monitoring adherence to cyber risk best practices.
1) Identify what needs to be protected
With limited cybersecurity budgets, it’s critical to determine to full reach of your network, and identify the data and infrastructure that should be prioritized for digital risk protection. This allows you to allocate staff time and resources toward the areas of greatest risk and cyber liability.
2) Patch vulnerabilities regularly
Vulnerabilities are constantly evolving. It’s essential to stay on top of potential vulnerabilities in your network configurations and software applications and to implement patches as soon as they are available.
3) Continuously monitor all endpoints
Many attackers target desktops, laptops, servers, and other endpoints as they seek to gain illicit access to data. Through continuous monitoring, you can more quickly identify when an employee clicks on a spear-phishing link, for example, or when malware is deployed to your system, enabling you to address it faster than if you relied on monthly or yearly assessments.
4) Identify changes in standard user behavior
Continuous monitoring can help to uncover potential insider threats. By establishing a baseline for normal user behavior and monitoring user actions, you can quickly identify suspicious changes in behavior that could indicate a potential security threat.
5) Continuously monitor third parties
Working with third-party vendors comes with significant risks, especially when these parties are given access to your sensitive data and networks. By continuously monitoring the security posture of companies in your supply chain, you can get alerts when vendors experience a security incident or when there’s a significant change in their security posture, allowing you to work with vendors on remediation.
Bitsight offers a Security Ratings solution that makes it easy to continuously monitor third-party risk and cyber security performance. Bitsight’s Security Ratings provide an objective, easily understandable measurement of an organization’s security posture. Based on externally observable data drawn from 120+ sources, Bitsight issues ratings daily for hundreds of thousands of organizations, providing a near-real-time solution for continuously monitoring security performance against cyber risk best practices.
Bitsight ratings range from 250 to 900, with the current achievable range being 300-820, with higher numbers representing stronger security performance. In addition to this overall measurement, Bitsight delivers granular details about security performance in 25 risk vectors. Evidence of compromised system includes metrics on botnet infections, spam propagation, malware servers, and potentially exploited machines. Security diligence metrics reveal open ports, problems with TLS/SSL certificates and configuration, patching cadence, insecure systems, and compliance with frameworks like SPF and DKIM. User behavior data reveals risky filesharing practices and exposed credentials, and publicly disclosed breaches reveal a historical perspective on security performance.
The Bitsight platform offers a suite of solutions based on security ratings that offer significant benefits for implementing and monitoring cyber risk best practices.
Bitsight for Security Performance Management enables security and risk leaders to measure the performance of their cybersecurity programs and efficiently allocate limited resources to the most critical areas of cyber risk within their organization.
Bitsight for Third-Party Risk Management exposes cyber risk within the supply chain, helping risk managers proactively mitigate the risk of a breach through a vendor access point by continuously measuring and monitoring the security performance of vendors.
Bitsight Attack Surface Analytics reveals the risk hidden across the digital assets in the cloud, geographies, subsidiaries, and a remote workforce. By continuously monitoring digital assets, uncovering shadow IT, and identifying concentrated risk, security teams can remediate risk and adhere to cyber risk best practices.
Bitsight Security Ratings for Benchmarking helps security teams measure the effectiveness of security controls and the implementation of cyber risk best practices over time, comparing performance to industry peers.
Bitsight Executive Reports provides easy-to-use reporting tools that make security performance details understandable and accessible for the Board and C-suite, no matter what stage of executive reporting your team is currently at. Security teams can quickly pull metrics to create custom presentations, or leverage readily available pre-configured reports, including cyber security risk assessment report samples and templates.
Bitsight is the world’s leading provider of cyber risk intelligence, transforming how security leaders manage and mitigate risk. Leveraging the most comprehensive external data and analytics, Bitsight empowers organizations to make confident, data-backed decisions and equips security and compliance teams from over 3,300 organizations across 70+ countries with the tools to proactively detect exposures and take immediate action to protect their enterprises and supply chains. Bitsight customers include 38% of Fortune 500 companies, 4 of the top 5 investment banks, and 180+ government agencies and quasi-governmental authorities, including U.S. and global financial regulators.
Bitsight operates one of the largest risk datasets in the world. Leveraging over 10 years of experience collecting, attributing, and assessing risk across millions of entities, we combine the power of AI with the curation of technical researchers to unlock an unparalleled view of your organization. Bitsight offers more complete visibility into important risk areas such as botnets, mobile apps, IoT systems, and more. Our cyber data collection and scanning capabilities include:
Bitsight offers a full analytics suite that addresses the challenges of peer comparison, digital risk exposure, and future performance.
Bitsight is the only rating solution with third-party validation of correlation to breach from AIR Worldwide and IHS Markit.
Bitsight drives proven ROI with significant operational efficiency and risk reduction outcomes.
Bitsight incorporates the criticality of risk vectors in to calculation of Security Ratings, highlighting risk in a more diversified way to ensure the most critical assets and vulnerabilities are ranked higher.
Get a personalized demo to find out how Bitsight can help you solve your most pressing security and risk challenges.
A cyber risk assessment is an evaluation of the information assets within an IT environment that might be affected by a cyberattack. These may include data, intellectual property, devices, systems, and hardware. The assessment also analyzes the risk associated with each asset.
By conducting regular cyber risk assessments, security teams can better understand and prioritize the assets that need to be protected based on the severity of risk associated with each. This enables teams to direct optimal resources toward the most severe risks, improving the organization’s security performance and posture.
As data breaches continue to wreak havoc and grab headlines, organizations are looking for more effective ways to identify and mitigate cyber risk and cyber liability. Traditional cyber risk assessments are time-consuming and limited in the information they provide, providing only a point-in-time snapshot of security performance. To keep pace with the rapid evolution of cybersecurity threats, organizations must be able to assess their security posture on a continuous basis, identifying and detecting unknown risk hiding in their digital ecosystems.
Digital ecosystems today are constantly expanding, creating new obstacles for security teams as they conduct cyber risk assessments and work to maintain a strong security posture.
It’s harder than ever today to get a clear view of risk. Cloud infrastructure, mergers and acquisitions, and geographically dispersed business units make the corporate digital footprint more complex and dynamic. Not to mention an onslaught of connectivity from work from home devices combined with increasing reliance on third parties to perform necessary business operations complicating your network even more. It’s difficult for many organizations to simply create an inventory of critical assets, let alone assess the risks that are associated with them.
To maximize the impact of available resources and get the greatest return on investment (ROI) for security initiatives, organizations must allocate resources based on the severity of risk associated with each asset. Without the right tools, however, security teams rarely have the context they need to identify the most critical risks or potentially severe security events. As a result, prioritizing remediation efforts relies on guesswork more than data-driven decisions.
Disparate systems and teams within an organization typically lack a common language for discussing cybersecurity, KPIs, vulnerabilities, and issues. Without a standard set of KPIs, organizations find it difficult to implement cyber risk best practices, measure performance, track improvement, and determine whether resources are being used effectively.
To overcome these challenges, organizations need continuous visibility into assets and the risk they may be hiding. That’s where Bitsight can help. Bitsight can help. As the world’s leading Security Ratings platform, Bitsight delivers much-needed visibility into an organization’s overall security posture as well as liabilities and risk in its attack surface. With Bitsight tools for cyber risk assessment, security teams and risk managers can make faster, more strategic decisions about remediation and how to focus resources for optimal impact.
Bitsight Attack Surface Analytics, part of the Bitsight Security Performance Management suite of solutions, helps security teams to validate a digital footprint, conduct a cyber risk assessment, and identify how to quickly remediate vulnerabilities. By providing additional context around the organization’s security rating, this Bitsight solution makes it easier to pinpoint specific risks decide where to focus cybersecurity efforts.
Bitsight Attack Surface Analytics provides unprecedented insight into digital assets across all ecosystem endpoints. Bitsight automatically discovers assets, identifying location and prioritizing associated risks for quick remediation.
Bitsight Attack Surface Analytics helps security teams discover unknown assets known as shadow IT – technology solutions that are procured or spun up by functional teams and individuals without IT’s knowledge or standard vetting. Bitsight helps identify any associated cyber risks and enforces appropriate security policies to bring shadow IT in line.
Bitsight Attack Surface Analytics gives security teams continuous, broad visibility and context into the attack surface in the cloud across all hosting providers. By shining a spotlight on the security of cloud-hosted assets, Bitsight helps reveal unknown vulnerabilities, infections, and misconfiguration that could lead to a breach.
Bitsight is the world’s leading provider of cyber risk intelligence, transforming how security leaders manage and mitigate risk. Leveraging the most comprehensive external data and analytics, Bitsight empowers organizations to make confident, data-backed decisions and equips security and compliance teams from over 3,300 organizations across 70+ countries with the tools to proactively detect exposures and take immediate action to protect their enterprises and supply chains.
Bitsight customers include 38% of Fortune 500 companies, 4 of the top 5 investment banks, and 180+ government agencies and quasi-governmental authorities, including U.S. and global financial regulators.
Bitsight operates one of the largest risk datasets in the world. Leveraging over 10 years of experience collecting, attributing, and assessing risk across millions of entities, we combine the power of AI with the curation of technical researchers to unlock an unparalleled view of your organization. Bitsight offers more complete visibility into important risk areas such as botnets, mobile apps, IoT systems, and more. Our cyber data collection and scanning capabilities include:
Bitsight offers a full analytics suite that addresses the challenges of peer comparison, digital risk exposure, and future performance.
Bitsight is the only rating solution with third-party validation of correlation to breach from AIR Worldwide and IHS Markit.
Bitsight drives proven ROI with significant operational efficiency and risk reduction outcomes.
Bitsight incorporates the criticality of risk vectors in to calculation of Security Ratings, highlighting risk in a more diversified way to ensure the most critical assets and vulnerabilities are ranked higher.
For professionals in security and risk management, third-party networks can be a challenge. Businesses want to quickly bring on vendors that can help to solve problems, reduce costs, and increase competitiveness. Yet each vendor represents a certain level of risk, especially as vendors increasingly have greater access to a company’s network and data.
To better manage third-party networks, security and risk management professionals are turning to continuous monitoring technology. Cybersecurity professionals have long used continuous monitoring to stay on top of cyber threats and to measure the effectiveness of an organization’s defenses. Today, security leaders charged with managing third-party risk are using continuous monitoring to gain greater visibility into the security posture of their vendors.
Bitsight for Third-Party Risk Management is a security ratings solution that includes continuous monitoring capabilities that can more easily identify risk in third-party networks. With Bitsight, risk managers get complete visibility into their risk portfolio, enabling organizations to achieve significant and measurable third-party risk reduction.
Continuous monitoring provides security and risk management professionals with a solution that can keep pace with the rapid growth of cyber threats. Traditional methods of third-party cyber risk management rely on yearly assessments conducted through questionnaires that are completed by the vendors themselves. This point-in-time assessment provides only a once-per-year snapshot of the vendor’s security posture. It also lacks objectivity, as the assessments are often based on a vendor’s own assertions about their security efforts.
Continuous monitoring transforms third-party security and risk management by constantly evaluating vendor security performance and alerting the organization when a vulnerability is detected. Risk managers can take immediate action to work with vendors to mitigate the risk, enhancing security for both the vendor and the organization.
With continuous monitoring technology, security and risk management leaders can:
The continuous monitoring technology in Bitsight for Third-Party Risk Management lets risk managers enjoy a complete view of their risk portfolio. Bitsight provides daily Security Ratings that give risk managers unprecedented insight into the security posture of each vendor. With a clear understanding of which third parties represent the greatest risk, third-party risk management teams can work with vendors to address their security and risk management issues and reduce risk across the portfolio.
Developed with an outside-in approach, Bitsight Security Ratings are based on externally verifiable data that can reveal with great accuracy certain risks within a vendor’s IT environment. Bitsight ratings range from 250 to 900, with the current achievable range being 300-820 – the higher the rating, the more effective the company is at managing risk with good security practices. Ratings are derived with a proprietary algorithm and analysis of four classes of data – compromised systems, security diligence, user behavior, and publicly disclosed data breaches.
With Bitsight Security Ratings, security and risk management teams can scale monitoring of third, fourth, and nth parties to ensure acceptable levels of risk and that vendors are complying with cyber security regulations.
In a study of 27,000+ companies over a two-year period, Bitsight demonstrated that its security ratings can indicate the risk of a publicly disclosed breach. Specifically, companies with a rating of 500 or lower were 5X more likely to experience a publicly disclosed data breach than organizations with ratings of 700 or more.
Armed with this knowledge, Bitsight customers can:
Bitsight is the world’s leading provider of cyber risk intelligence, transforming how security leaders manage and mitigate risk. Leveraging the most comprehensive external data and analytics, Bitsight empowers organizations to make confident, data-backed decisions and equips security and compliance teams from over 3,300 organizations across 70+ countries with the tools to proactively detect exposures and take immediate action to protect their enterprises and supply chains.
Bitsight customers include 38% of Fortune 500 companies, 4 of the top 5 investment banks, and 180+ government agencies and quasi-governmental authorities, including U.S. and global financial regulators.
Bitsight operates one of the largest risk datasets in the world. Leveraging over 10 years of experience collecting, attributing, and assessing risk across millions of entities, we combine the power of AI with the curation of technical researchers to unlock an unparalleled view of your organization. Bitsight offers more complete visibility into important risk areas such as botnets, mobile apps, IoT systems, and more. Our cyber data collection and scanning capabilities include:
Bitsight offers a full analytics suite that addresses the challenges of peer comparison, digital risk exposure, and future performance.
Bitsight is the only rating solution with third-party validation of correlation to breach from AIR Worldwide and IHS Markit.
Bitsight drives proven ROI with significant operational efficiency and risk reduction outcomes.
Bitsight incorporates the criticality of risk vectors in to calculation of Security Ratings, highlighting risk in a more diversified way to ensure the most critical assets and vulnerabilities are ranked higher.
As cyber threats continue to proliferate, business leaders need tools to better understand the financial impact of their organization’s cyber risk. Because cyber risk is complex, it’s typically discussed in technical terms that make it more difficult for senior executives and board members to determine how cyber risk may affect their bottom line. To bridge the gap between cybersecurity and the business – and to elevate cyber risk to business risk and financial standing – you need a cyber security risk modeling framework that can financially quantify your exposure to risk and its business impact.
Bitsight can help. Leveraging the cyber security risk modeling prowess of Kovrr, Bitsight Financial Quantification for Enterprise Cyber Risk provides CISOs and Chief Risk Officers with a powerful and efficient way to financially quantify cyber risk in reports to senior executives and board members.
According to recent reports, cybercrime now costs the world economy more than $1 trillion each year1. The average cost of a data breach in the US is nearly $8.6 million2. Ransomware continues to cause significant financial losses for global organizations, with ransomware attacks increasing 486% over the past two years.3
In this environment, it’s more important than ever for executives and board members to understand risk in financial terms. Leadership must understand how investments in a cyber security risk management process can advantageously impact the bottom line. With an effective tool for cyber security risk modeling, CISOs and chief risk officers can justify their requests for annual cybersecurity budgeting. They can show the impact of investments in organizational risk management, demonstrate the financial risks associated with specific pieces of their network, and financially quantify risks for M&A analysis.
The challenge for CISOs and Chief Risk Officers is to find the right tools to financially quantify their cyber risk and support data-driven decisions to prioritize investments. That’s where Bitsight comes in.
1December 2020 report from the Center for Strategic and International Studies and McAfee2IBM Cost of a Data Breach Report 20203Aon’s 2020 Cyber Insurance Snapshot
Bitsight Financial Quantification for Enterprise Cyber Risk is a cyber security risk modeling solution that uses the tools available to the cyber insurance industry to financially quantify cyber risk. By measuring their financial exposure based on a variety of risk models, organizations can better prioritize and manage their cybersecurity initiatives and adopt cybersecurity best practices to reduce cyber risk exposure that would result in detrimental financial loss.
Bitsight cyber security risk modeling technology analyzes potential financial exposure across multiple types of cyber events and impact scenarios at any time, without requiring outside consultants or long data collection processes. Bitsight enables you to develop these insights with the resources you have today. With Bitsight, you can make faster, better decisions on how to prioritize new investments based on risk reduction and leverage your limited budget to achieve the greatest impact on security performance.
With cyber security risk modeling capabilities from Bitsight, you can:
Bitsight is the world’s leading provider of cyber risk intelligence, transforming how security leaders manage and mitigate risk. Leveraging the most comprehensive external data and analytics, Bitsight empowers organizations to make confident, data-backed decisions and equips security and compliance teams from over 3,300 organizations across 70+ countries with the tools to proactively detect exposures and take immediate action to protect their enterprises and supply chains.
Bitsight customers include 38% of Fortune 500 companies, 4 of the top 5 investment banks, and 180+ government agencies and quasi-governmental authorities, including U.S. and global financial regulators.
Bitsight operates one of the largest risk datasets in the world. Leveraging over 10 years of experience collecting, attributing, and assessing risk across millions of entities, we combine the power of AI with the curation of technical researchers to unlock an unparalleled view of your organization. Bitsight offers more complete visibility into important risk areas such as botnets, mobile apps, IoT systems, and more. Our cyber data collection and scanning capabilities include:
Bitsight offers a full analytics suite that addresses the challenges of peer comparison, digital risk exposure, and future performance.
Bitsight is the only rating solution with third-party validation of correlation to breach from AIR Worldwide and IHS Markit.
Bitsight drives proven ROI with significant operational efficiency and risk reduction outcomes.
Bitsight incorporates the criticality of risk vectors in to calculation of Security Ratings, highlighting risk in a more diversified way to ensure the most critical assets and vulnerabilities are ranked higher.
A cyber security risk assessment checklist is an outline of information that organizations require when performing due diligence during the vendor procurement process. A risk assessment checklist will typically include a list of data points that must be collected from the vendors themselves as well as from external sources.
While there are no universal standards for a cyber security risk assessment checklist, there are certain data points that should be included in all risk assessment questionnaires to efficiently evaluate security risk. Every security risk assessment should be customized to the industry or size of your organization, but there are some best practices we can recommend to be included across the board when measuring overall risk.
Essential information on a cyber security risk assessment checklist should include:
While it’s important to measure total risk of a new vendor or network integration, cybersecurity risk mitigation and assessment is critical to protecting your own organization’s cybersecurity status. Bitsight’s technology provides manageable tools to complement and improve your cyber security risk assessments.
A cyber security risk assessment checklist is an important tool for due diligence in the vendor procurement process. Checklists typically outline the information that should be collected from a prospective vendor to assess the risk it may pose to the organization. Because data breaches that originate with third parties are becoming increasingly common, cyber security risk assessment checklists must focus heavily on understanding the security posture of third-party vendors.
While assessment checklists play a valuable role in managing third-party ecosystems, they must be augmented with tools for continuous monitoring risk in vendor networks. Most of the data collected through checklists offers only a point-in-time snapshot of a company’s security posture, and relies on the accuracy of the vendor’s self-reporting. To manage risk more effectively, organizations need solutions that can provide immediate alerts when a vendor’s security posture changes or security performance degrades, as well as verifies the information the organization receives from a vendor.
For security and risk leaders who want to learn how to mitigate third party risk more effectively, Bitsight Third-Party Risk Management offers automated tools that continuously measure and monitor the security performance of vendors.
Bitsight for Third-Party Risk Management provides the tools for continuous monitoring that can augment the information collected through cyber security risk assessment checklists. Using Bitsight’s industry-leading Security Ratings, this Bitsight solution monitors each vendor’s security posture and immediately exposes cyber risk within a vendor’s digital ecosystem when it arises.
By providing unprecedented visibility into third-party risk, this Bitsight solution enables you to:
Like all Bitsight solutions, Bitsight for Third-Party Risk Management is built on the data and capabilities in Bitsight’s leading security ratings platform. Bitsight Security Ratings are a quantitative measurement of the security performance of an organization. In contrast to tools that measure security performance based on an internal understanding of security controls and programs, Bitsight Security Ratings are generated through the analysis of externally observable data.
Bitsight uses a proprietary algorithm to analyze verifiable information about an organization’s compromised systems, secure diligence, user behavior, and data breaches. By collecting data from 120+ sources that cover 25 risk factors, Bitsight can generate daily Security Ratings that range from 250 to 900. The higher the rating, the better the company is it implementing strong security practices and the least likely they are to experience a data breach. By continuously monitoring a vendor’s Security Ratings over time, organizations can better identify, assess, and mitigate third-party risk with individual vendors and in their vendor portfolio as a whole.
Bitsight is the world’s leading provider of cyber risk intelligence, transforming how security leaders manage and mitigate risk. Leveraging the most comprehensive external data and analytics, Bitsight empowers organizations to make confident, data-backed decisions and equips security and compliance teams from over 3,300 organizations across 70+ countries with the tools to proactively detect exposures and take immediate action to protect their enterprises and supply chains. Bitsight customers include 38% of Fortune 500 companies, 4 of the top 5 investment banks, and 180+ government agencies and quasi-governmental authorities, including U.S. and global financial regulators.
Bitsight operates one of the largest risk datasets in the world. Leveraging over 10 years of experience collecting, attributing, and assessing risk across millions of entities, we combine the power of AI with the curation of technical researchers to unlock an unparalleled view of your organization. Bitsight offers more complete visibility into important risk areas such as botnets, mobile apps, IoT systems, and more. Our cyber data collection and scanning capabilities include:
Bitsight offers a full analytics suite that addresses the challenges of peer comparison, digital risk exposure, and future performance.
Bitsight is the only rating solution with third-party validation of correlation to breach from AIR Worldwide and IHS Markit.
Bitsight drives proven ROI with significant operational efficiency and risk reduction outcomes.
Bitsight incorporates the criticality of risk vectors in to calculation of Security Ratings, highlighting risk in a more diversified way to ensure the most critical assets and vulnerabilities are ranked higher.
