New BitSight Innovations Help Organizations Achieve a Higher Standard for Third-Party Risk Management

PR Newswire

BOSTON, June 1, 2020 /PRNewswire/ -- BitSight, the Standard in Security Ratings, today announced several new, innovative capabilities within its BitSight for Third-Party Risk Management solution that provide intelligent recommendations, operational guidance, and risk prioritization to enable more effective third-party cyber risk management. The enhanced platform helps organizations achieve greater operational efficiency and measurably reduce risk across their extended business ecosystem.

"Third-party ecosystems are expanding rapidly and organizations of all shapes and sizes struggle to create effective risk management programs," said Dave Fachetti, executive vice president of Strategy. "These enhancements will help our customers clearly understand and prioritize their portfolio of third-party risk and seamlessly integrate BitSight into their programs, resulting in reduced risk and improved operational efficiency."

BitSight surfaces actionable insights from the industry's broadest and deepest collection of security performance data and provides intelligent recommendations and guidance based on the largest customer base and most engaged network of users. The new BitSight for Third-Party Risk Management enhancements include the following:

Portfolio Dashboard: Surfaces the most important information from across the BitSight platform onto a dynamic, customizable dashboard, enabling users to quickly visualize, identify, and prioritize urgent third-party risk issues from non-urgent ones.
Life Cycle Stages: Provides customers specific engagement guidance during various stages of the vendor lifecycle -- from onboarding to ongoing monitoring to reassessment -- based on the nature of a third-party vendor's relationship with the customer, the stage of the relationship, and measured security performance.
Risk Summary: Gives business context to technical findings, enabling customers to quickly identify and understand the most critical areas of concern related to third-party cyber risks, and accept or reject risk.
Tier Recommender: Aids with setting the significance of a vendor relationship by leveraging tiering best practices observed across BitSight's customer base and providing intelligent recommendations.
Assessment Reporting: Maps BitSight data to cybersecurity questions in a vendor assessment questionnaire, validating qualitative data collection, producing consumable reports, and reducing the number of questions needed in a vendor assessment.
Company Relationship: Makes it easy for customers to apply the proper level of due diligence based on the relationship they have with that company (e.g., vendor, competitor, fourth-party).
Portfolio Risk Matrix: Gives an organization a clearer picture of the state of its third-party portfolio's risk aligned to its organizational policy, with the ability to adjust vendor tiering and risk thresholds.

BitSight is hosting two virtual "Third-Party Risk Xperience" events introducing the new capabilities and featuring interactive discussions led by industry experts on how organizations can reduce risk and operate their third-party risk management programs more efficiently. Customers are invited to attend an exclusive customer-only event on June 2, 2020. Everyone is invited to attend an event on June 23, 2020, and can sign up by visiting: https://bitsig.ht/2TN8HAj.

About BitSight
BitSight transforms how organizations manage cyber risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help organizations manage their own security performance; mitigate third-party risk; underwrite cyber insurance policies; conduct financial diligence; and assess aggregate risk. With over 2,100 global customers and the largest ecosystem of users and information, BitSight is the Standard in Security Ratings and was recently recognized by Gartner as a "2020 Customers' Choice for IT Vendor Risk Management." For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.