Security Ratings for Vendor Risk Management

Traditional strategies and existing tools for measuring and mitigating third party security risk are inadequate against the constant stream of new and emerging threats. You need a continuous solution that identifies, quantifies, and mitigates risk without being intrusive or resource-heavy.

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Download Guide: 5 Ways Vendor Risk Management Programs Leave You In The Dark

VIDEO: A DATA-DRIVEN APPROACH TO
VENDOR RISK MANAGEMENT

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THE CHALLENGE

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.

THE SOLUTION
Datasheet: Security Ratings for Vendor Risk Management

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 Security Ratings for Vendor Risk Management allow you to make data-driven risk decisions and efficiently focus resources on the areas of most significant risk. BitSight provides comprehensive insight into the aggregate cybersecurity risk of your entire vendor portfolio, and quickly generates context around emerging risks. Organizations can reference customized charts to categorize vendors by critical versus noncritical status, or view a breakdown of performance by industry. You can also create groups and establish thresholds based on business objectives

Protect-Assets-Security-RatingsBitSight Security Ratings allow your organization to conduct intelligent and credible conversations with third parties about protecting assets. You can export and share important details with vendors in order to mitigate security risks in the network, and enable your vendors to be more proactive about their own security posture. Additionally, ratings can be used to encourage broader discussions about risk transfer, such as cyber insurance, or the adoption of new controls.
Reduce-Risk-Security-Ratings

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.

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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.

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