As organizations grow and scale their operations, outsourcing and engaging with more third-party vendors is a logical step to increase efficiency, deliver better customer experiences, and reduce costs. But the tools and processes in place to assess and reduce the inherent risks of those vendors often don’t scale as fast.
Vendor risk management (VRM) has traditionally been limited to conducting point-in-time risk assessments to decide whether or not to engage with a vendor, by means of emails and spreadsheets with dozens or hundreds of questions. These programs are manual, time-consuming, and resource intensive; most importantly, they fail to address and mitigate risk with an ongoing approach, offering poor visibility over the evolving third-party risk landscape.
Bitsight is a cyber risk management leader transforming how companies manage exposure, performance, and risk for themselves and their third parties. Companies rely on Bitsight to prioritize their cybersecurity investments, build greater trust within their ecosystem, and reduce their chances of financial loss. Built on over a decade of technological innovation, its integrated solutions deliver value across enterprise security performance, digital supply chains, cyber insurance, and data analysis.