SureCloud, the provider of cloud-based, integrated risk management solutions, has announced its collaboration with cyber security ratings company BitSight. The new partnership will provide organisations with a one stop shop for end-to-end vendor onboarding and simplifying the entire vendor risk management process.
BitSight provides independently validated information to rate the security posture of suppliers. These cyber security ratings, according to Gartner, will become just as important as credit ratings when assessing the risk of business suppliers by 2022.
Data privacy management solution
The joint offering enables “hands-off” vendor onboarding when assessing potential third party vendors by preselecting risk assessment questions based on their BitSight ratings. SureCloud vendor assessments combined with BitSight security ratings information will be consolidated into one single interface, as will the capability to organise and categorise vendors and their potential, current and ongoing risk impact to business processes, regulations, policies and more.
With BitSight’s cyber security ratings integrated into SureCloud’s integrated risk, compliance and data privacy management solution, the impact of vendors can also be realised in these other broader company programs as well. Additionally, organisations will benefit from SureCloud’s powerful, real time risk dashboarding and reporting tools as well as a central portal to track assessment responses and remediation activities with the vendor – giving management greater visibility and control.
Continuous risk management evaluation
Businesses can manage end-to-end vendor onboarding and risk management evaluation in one place"
Kathleen Randall, EVP North America at SureCloud said: “Businesses can now manage end-to-end vendor onboarding, initial and continuous risk management evaluation and issues tracking in one place. This will save a significant amount of time when, quite often, they don’t have the resources to evaluate multiple vendors. Now, they can optimise the speed at which they can assure potential partners while understanding real-time how their vendor portfolio is affecting business risk exposure.”
The partnership promises to help business users initiate third party requests and manage vendor profiles, contacts, and risk scores more effectively. Vendor security teams will also benefit, as they will no longer have to manage the tedious steps of running hundreds or even thousands of vendor security assessments, leaving them to focus on strategic vendors that require more hands-on scrutiny.
IT vendor risk challenges
“Every organisation is challenged to monitor and manage their third-parties’ risk regularly – and quickly address related threats and incidents when they arise from vendors,” said Vineet Seth, Vice President of Product at BitSight. “By using the best of BitSight’s rating data together with SureCloud’s market leading assessment capabilities customers are able to not only take advantage of hands-off vendor onboarding but also benefit from the operational efficiency and insights they need to address IT vendor risk challenges.”