BOSTON, Nov. 16, 2022 /PRNewswire/ — BitSight,
the Standard in Security Ratings, today announced that it has enhanced
its Third-Party Risk Management (TPRM) platform to provide additional
insights to customers, helping them to more proactively detect and
mitigate vulnerabilities and exposure across their third-party vendor
ecosystem. BitSight also expanded its Fourth-Party Risk Management
solution to increase visibility into risk across an organization’s
extended supply chain and to help manage and prioritize mitigation
efforts more efficiently.

Third-Party Vulnerability Detection helps organizations to uncover,
attribute, and prioritize vulnerabilities and exposures. Risk managers
can use these real-time insights to respond to major security events,
and in their ongoing efforts to find and remediate threats within their
vendor portfolio. These enhancements allow users to save time by
prioritizing vendor outreach efforts, easily access critical
vulnerability data, and build stronger vendor relationships through
timely and evidence-based collaboration.

“When Zero Days and other major security events occur, organizations
struggle to quickly understand, remediate, and report on their
exposure,” said Vanessa Jankowski, Vice
President and General Manager of Third Party Risk Management, BitSight. “This new capability from BitSight enables organizations to uncover,
prioritize, and respond to vulnerabilities and other exposure across
their vendor ecosystem. With easy access to vulnerability data that
scales across an entire third-party portfolio, customers can now take
action on high-priority incidents quickly, while surfacing critical
information to board members and executive-level stakeholders.”

BitSight also announced that it has enhanced the fourth-party
capabilities within its platform by providing critical data and insights
to help customers gain better visibility into concentrated risk within
their extended supply chain, and more easily communicate risk emanating
from fourth-party service providers.

“Customers are trying to understand the state of cyber risk not only
in their third-party portfolio but in their extended digital footprint,”
continued Jankowski. “We’re seeing networks of fourth-party vendor
relationships that are indirect and increasingly complicated, making it
necessary to prioritize based on impact. BitSight’s enhanced
fourth-party risk management capability automatically discovers service
providers and products in use across the extended ecosystem, surfaces
areas of risk based on concentration and fourth-party security posture,
and provides visibility into fourth-party security incidents. Together,
customers can connect concentration risk and security risk, allowing
them to prioritize across an extended network that often goes
unmanaged.”

BitSight provides a complete Third-Party Risk Management offering
with solutions for continuously monitoring vendor security performance,
measuring security controls, mitigating supply chain risk, and
quantifying cyber risk for business leaders. In September, as part of
its acquisition of ThirdPartyTrust, BitSight launched its new Vendor
Risk Management product to help address the evolving needs of
third-party risk managers and provide customers with the tools they need
to successfully manage vendor risk in one place, from procurement all
the way through the lifecycle of the vendor relationship.

About BitSight

BitSight creates trust in the digital economy and 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
the largest ecosystem of users and information, BitSight is the Standard
in Security Ratings. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.

SOURCE: BitSight

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• Source: https://www.darkreading.com/risk/bitsight-enhances-its-third-party-risk-management-platform-to-help-organizations-respond-to-major-vulnerabilities