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BITSIGHT LAUNCHES ENHANCED VENDOR RISK MANAGEMENT SOLUTION

Vendor Risk Management


Written by Kaitlyn Graham September 13, 2022
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Digital transformation has forced an evolution in third-party risk management in
recent years as organizations have dealt with new challenges of scale and
complexity in their third- and fourth-party ecosystems.  According to the latest
Data Breach Investigation Report by Verizon, 62% of system intrusions came
through a third party, which includes vendors, suppliers, and contractors. In
2008, third parties were involved in just 39% of data breaches, but this figure
has only grown since organizations transitioned to the cloud and started adding
new vendors to their networks.

Conducting quality vendor assessments is critical, but many third-party risk
management teams fight resource constraints preventing the needed amount of
focus from being placed on vendor due diligence. CrowdStrike found that 63% of
organizations are losing trust in vendors due to frequent security incidents,
yet only 36% were capable of vetting all new and existing vendors in the last 12
months.

How can third-party risk professionals balance limited resources with the need
for extensive vendor risk management?


A SOLUTION THAT WORKS FOR ALL VENDOR RISK TEAMS

Bitsight has launched our Vendor Risk Management product to help address the
evolving needs of third-party risk managers, continuing to pave the way for
successful cybersecurity risk management and confident business performance.

As part of our acquisition of ThirdPartyTrust, we’ve integrated an additional
vendor risk management and assessment tool into our Bitsight Third Party Risk
Management (TPRM) offering to create Bitsight Vendor Risk Management, providing
customers with the tools they need to successfully manage vendor risk in one
place. 

Bitsight Vendor Risk Management provides:

 * Automated, customizable workflows to help organizations scale intelligently.
 * A network of more than 20,000 vendor profiles to provide actionable insights
   on Day 1.
 * Cyber risk data from Bitsight to drive a more objective decision-making
   process.
 * Intelligence from multiple data feeds spanning financial health, geopolitical
   risk, and more.
 * A flexible model that supports unlimited interactions with vendors.
 * A fully integrated solution to help you manage risk efficiently, end-to-end.

▸ 40 Questions You Should Have In your Vendor Assessment
With this ebook, we'll help you prioritize which vendors need the most attention
with an in-depth security assessment – such as those with low security ratings,
or critical vendors that maintain constant contact with your company’s systems.
Download eBook →
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1:53











WHAT SETS US APART

Vendor risk management is not a new concept for third party risk management
teams. When it comes to managing vendors, suppliers, contractors, and any third
and fourth party organizations connected to your company’s network, there’s no
shortage of risk management options. Emails, spreadsheets, industry frameworks,
collaboration tools, cloud-based software… The options for how your organization
manages third party vendors is expansive. 

Be confident in your vendor selection, assessment, and risk management strategy
with Bitsight Vendor Risk Management. Unlike other vendor risk management tools,
Bitsight VRM:


PROVIDES A MORE STRATEGIC, DATA-DRIVEN RESPONSE TO VENDOR RISK 

Bitsight VRM is powered by Bitsight Security Ratings and cybersecurity
analytics, so organizations can confidently prioritize risk decisions where it
will impact their program the most. For each of the jobs that a vendor risk
manager performs,  Bitsight data is there to enhance, automate, and facilitate
better decisions by providing objective data in a continuous manner. TPRM teams
will find that they are moving faster yet have even more confidence in automated
assessments and the enhanced assurance work they are performing.

▸ Get A Free Attack Surface Report
Request your free custom report and see how you can start reducing your cyber
risk exposure across your digital ecosystem: cloud assets across all geos &
subsidiaries; discover shadow IT; security risk findings; and more!
Get Your Report →


FACILITATES VENDOR COMMUNICATION 

Working with your vendors to evaluate their cybersecurity performance can be
tough. They might not use the same tools or have the same cybersecurity
protocols, and they might not respond to outreach as quickly as you need them to
if a breach occurs. With Bitsight VRM, your third party risk management team can
have continuous insight into vendor performance throughout the vendor lifecycle,
even outside of re-assessment periods. With an objective, automated view of your
vendor networks, confidently validate vendor assessments and make sure the
vendor risk profile matches your organization’s risk tolerance. 

Third-party risk managers and IT teams can also utilize Bitsight VRM when a
breach does occur, or if a concerning vulnerability is flagged in their vendor
network. By inviting vendors to access your view of their data within the VRM
platform, risk remediation can happen quicker and more effectively. 


SIMPLIFIES RISK MANAGEMENT AND DRIVES TRUSTED RESULTS 

With one, unified solution providing your team with all the tools needed for
vendor risk management, organizations can confidently scale their program to
meet business needs. Bitsight VRM provides procurement, implementation, and
operational support all from our industry-leading platform. Additionally, our
team of advisors is here to help drive program results, facilitate vendor
communication, and help represent vendor risk management outcomes with the right
reports and stakeholder communication. 


NEW TECHNOLOGY DOESN’T MEAN DISRUPTING YOUR PROCESS

The ultimate goal of Third Party Risk Management is to give your organization
the power to control risk in your supply chain. Bitsight VRM fits seamlessly
into your overall enterprise risk management strategy, facilitating vendor
vetting and providing findings that serve as a key input for making informed
decisions about outsourcing.

By streamlining risk assessments, vendor management, continuous monitoring, and
ongoing reassessments, Bitsight VRM provides an end-to-end solution to reduce
vendor risk and take action on any third party relationship that fails to meet
your security standards. With confident vendor risk management strategies in
place, organizations can focus attention where it’s needed throughout the entire
third-party risk management program, including breach response, endpoint
monitoring, assuring program stakeholders, meeting compliance requirements, and
more. 


DISCOVER THE TECHNOLOGY THAT WORKS FOR YOUR VENDOR RISK PROGRAM

Bitsight Vendor Risk Management is customizable, and ready to slot into your
organization’s unique third party risk management strategy. Integrate Bitsight
Security Ratings into your organization's cybersecurity program, trusted by over
2,700 organizations globally and independently verified to correlate with
ransomware risk to an organization (or vendor’s) network. 

Learn more about managing vendor risk with Bitsight by visiting our website, or
download our datasheet to dive deeper into the product.

▸ Get a free security rating
Request your free Security Rating Snapshot to find the gaps in your security
program and how you compare to others in your industry.
Get Your Rating →


LEARN HOW TO REVOLUTIONIZE THE REPORTING PROCESS AT EVERY LEVEL OF YOUR
ORGANIZATION.




LEARN HOW TO REVOLUTIONIZE THE REPORTING PROCESS AT EVERY LEVEL OF YOUR
ORGANIZATION.

With this ebook, we'll help you prioritize which vendors need the most attention
with an in-depth security assessment – such as those with low security ratings,
or critical vendors that maintain constant contact with your company’s systems. 

Download eBook



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