Bitsight Security Ratings Overview:

Bitsight Security Ratings, the standard in security ratings, is a daily measurement of an organization’s security performance generated through analysis of vast amounts of externally collected data. It transforms how companies manage information security risk with objective, verifiable, and actionable Security Ratings. Bitsight Security Ratings enable the rapid assessment of third-party risk during the lifecycle of a vendor, including during vendor selection and onboarding, as well as daily monitoring of your vendors’ cybersecurity risk. The Bitsight platform gives your organization insight into the riskiest issues impacting your vendors, backed by data that correlates to potential security incidents and context from the most engaged community of risk and security professionals; to achieve significant and measurable cyber risk reduction.

Bitsight for Vendor Risk Management App Features:

With the Bitsight for Vendor Risk Management application, you can now combine your ServiceNow offering with the power of the Bitsight Security Ratings data. The integration enables you to adjust your processes and vendor risk management program, creating tighter alignment with your overall enterprise risk management priorities and ultimately establishing an integrated view of risk.

The integration automatically pulls in Bitsight data that can be included in your instance of the ServiceNow Platform. Automatically trigger alerts based on changes in a vendor’s rating and kick off a powerful workflow to collaborate with your vendors and remediate issues. By linking back to the Bitsight platform, you can easily access and review the underlying risk data to add additional context around your communication and remediation plans. You can use your transferred data in the Bitsight platform, among other things, to reach out and provide your vendors with free access to the Bitsight platform to collaborate and support improved security posture for your vendors (and improve your third party risk overall).

In this updated version of the app, we introduce the Bitsight Assessment Accelerator. Bitsight Assessment Accelerator directly integrates Bitsight’s Security Ratings and Risk Vectors into third-party risk management platforms, such as ServiceNow’s Vendor Risk Management application, to improve the efficiency and effectiveness of third-party cyber risk assessments. Third-party risk managers are able to leverage objective security ratings and risk vector data to add context to inherent risk tiers for more targeted assessments. They can also map Bitsight data to standard assessment questionnaire formats for correlation and validation of cybersecurity risk posed by the vendor. Bitsight Assessment Accelerator’s on-demand consumption model provides cyber risk intelligence specifically targeted at improving third-party onboarding and reassessment.

Bitsight Assessment Accelerator pulls Bitsight Security Ratings, Rating Categories, Risk Vectors, and Questionnaire Mappings into ServiceNow’s Vendor Risk Management application to improve the efficiency and effectiveness of risk quantification in each of the following jobs during third-party onboarding and reassessment:

Prioritize risk assessment by tiering third parties - Bitsight Security Ratings and Rating Categories are used within TPRM platforms to prioritize third parties within tiers. In addition, Bitsight Security Ratings and Rating Categories can be used to add an objective layer of insight and context in conjunction with other factors, like inherent risk based on the business relationship, to better optimize third-party tiering.
Optimize the level of risk assessment required - Bitsight Security Ratings, Rating Categories, and Risk Vectors are used to create rule-based logic within TPRM platforms to automate the determination of the type of assessment and depth of the assessment the third-party will receive during onboarding and reassessment.
Improve validation of questionnaire responses - Bitsight Security Ratings, Rating Categories, Risk Vectors and Questionnaire Mappings are used by TPRM platforms to validate third-party questionnaire responses and flag discrepancies and problem areas.
Leverage up-to-date cyber risk data - Security Rating data is updated daily for selected vendors, while risk vector and questionnaire mapping data is pulled on demand