BitSight Expands Visibility into Fourth-Party Ecosystem to Help Organizations More Effectively Manage Downstream Risk
As organizations' vendor and fourth-party ecosystems continue to expand, so does their risk surface; however, lack of visibility into that ecosystem and the cyber risk within it makes it difficult for them to understand and effectively manage that risk. In spite of new regulatory requirements, security and risk leaders are challenged to provide measurable updates and confidence to executives and board members about their fourth-party risk management and operational resiliency plans. In fact, according to a recent EY survey, 74% of organizations say that fourth-party concentration risk would be extremely challenging to report on or that they could not report on it at all.
"Outages, disruptions and compromises affecting fourth-party service providers are becoming an increasing threat, while regulatory pressure on organizations to get a better handle on fourth-party risk continues to mount," said
With
Improve visibility across their extended business ecosystem:
- Identify connections across their extended ecosystem;
- Continuously monitor and be alerted to newly uncovered and ended relationships;
- Validate vendor assessment and questionnaire responses; and
- Receive alerts when new relationships are developed that could pose risk.
Pinpoint concentration risk and achieve a higher level of business resilience:
- Quickly identify and highlight risky business connections;
- Explore and understand service provider dependencies for disaster recovery planning;
- Know which products (e.g. Office 365) and vendors (e.g. Salesforce) have the greatest potential for impacting an organization's level of risk;
- Gain insights for disaster recovery planning, including downstream impact assessments, and streamline their breach response; and
- Understand location risk by pinpointing services in the supply chain of specific regions.
Communicate effectively to internal and external stakeholders:
- Generate dynamic reports to communicate oversight and governance to executives, board members, regulators, auditors and insurers; and
- Leverage an intuitive, user-friendly dashboard with reports that instantly depict relationships between third- and fourth parties.
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