End-to-end vendor risk
SureCloud, the provider of Gartner recognised GRC solutions, announces partnership with BitSight, the cybersecurity ratings company. The collaboration offers businesses a ‘one-stop-shop’ for end-to-end third party onboarding simplifying the full third-party risk management process.
Who are BitSight?
BitSight supplies independently validated information to rate the security posture of suppliers. The cybersecurity ratings, according to Gartner, will become just as important as credit ratings when assessing the risk of business suppliers by 2022.
What are the benefits of the collaboration?
Single source of truth
SureCloud’s vendor assessments combined with BitSight security rating information will be consolidated into one single interface. So will the capability to categorise, prioritise and organise third-parties and their potential, current and ongoing risk impact on business processes, regulations, policies and more.
The joint offering enables “hands-off” vendor onboarding when assessing potential third party vendors by preselecting risk assessment questions based on their BitSight ratings.
With BitSight’s cybersecurity 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 programmes as well.
Holistic view and greater control
On top of this, organisations can use SureCloud’s real-time, configurable risk reporting and dashboarding tools as well as a central portal to track assessment responses and remediation activities with the vendor. Meaning users can benefit from giving management greater visibility and control.
Putting your focus where it matters
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.
What does BitSight think of the partnership?
“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.”
Alex Brown, VP of Product 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.”
This announcement follows after SureCloud was recognised on Gartner’s IT Vendor Risk Magic Quadrant back in December 2019 and 2020 as a Challenger.
“The team at SureCloud have been very helpful and responsive in helping us deliver our Third Party Assurance tool. The Third Party Module meets most of our business requirements, SureCloud provided support and development to deliver seamless customisation adapting the existing modules to meet our requirements. ” – Third Party Governance Manager in the Finance Industry
Read our other vendor-risk Gartner peer reviews here.
SureCloud is a provider of cloud-based, Integrated Risk Management (IRM) products, Cybersecurity and Risk Advisory services, which reinvent the way you manage risk. SureCloud connects the dots with IRM solutions enabling you to make better decisions and achieve your desired business outcomes. SureCloud is underpinned by a highly configurable technology platform, which is simple, intuitive and flexible. Unlike other GRC Platform providers, SureCloud is adaptable enough to fit your current business processes without forcing you to make concessions during implementation; meaning you get immediate and sustained value from the outset.
Founded in 2011, BitSight transforms how organisations manage cyber risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct M&A due diligence and assess aggregate risk. With over 1,800 global customers and the largest ecosystem of users and information, BitSight is the most widely used Security Ratings Service. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.