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According to the Information Security Forum (ISF), its member organizations have approximately 2,030 external supplier relationships. As organizations continue to outsource, form partnerships and share data with third parties, they become vulnerable to security events that lie beyond their internal networks. High profile breaches in the past year have highlighted such challenges, with network vulnerabilities of seemingly low risk vendors leading to large breaches at major corporations. Current methods for measuring third party risks can be time and resource intensive and only provide a static view of security performance. In order to stay ahead of emerging risks within the information supply chain, organizations need tools to continuously monitor their third party partners, vendors, and suppliers.
BitSight Security Ratings for Vendor Risk Management provide organizations with continuous, data-driven measurements of security performance on third parties. These ratings enable organizations to measure the effectiveness of security controls within the networks of their third party vendors or suppliers.
Security Ratings are an effective tool for mitigating third party cyber risks, from the onboarding process through continued assessments [case study]. Companies have successfully utilized Security Ratings as a tool to screen new vendors and negotiate minimum standards of cyber security performance into contractual agreements. Once onboarded, these ratings can also prioritize actions for further assessments, allowing businesses to focus resources on the highest risk third parties.
BitSight requires no installation of hardware or software. This web-based platform allows users to login and quickly begin monitoring their vendors’ security performance with ease. The BitSight platform also makes it easy to integrate security ratings into your existing tools and processes through CSV downloads, polished PDF reports, and an API.
Organizations can easily onboard vendors to the Security Ratings solution with easy-to-use templates and materials provided by BitSight. By actively screening new vendors and communicating the importance of continuous monitoring within your vendor risk management program, you can better communicate concerns to vendors and suppliers. In addition, customers can provide temporary platform access to their vendors, enabling them to effectively mitigate threats within your information supply chain.
We’d love to show you how you can simplify your risk management and take charge of your cyber security with these intuitive and powerful solutions.Request Demo