CyberGRX has embedded BitSight’s proprietary security rating capabilities within the CyberGRX Exchange, a marketplace for sharing third-party cyber-risk security information.
The combination of BitSight’s Security Ratings, generated through externally observable data, with CyberGRX’s validated third-party cyber-risk assessments allows customers to make more informed decisions and scale their third-party risk programs, the company explained.
“BitSight is a leader of the security ratings market, and its ability to continuously rate the security performance of third parties from an outside-in perspective will strengthen the CyberGRX Exchange,” said Fred Kneip, CEO, CyberGRX. “Combining its proven non-intrusive approach to evaluating risk and security performance with the inside-out view our platform provides is a powerful proposition for customers: a comprehensive, continuous, 360-degree view of third-party cyber-risk exposure.”
As digital ecosystems continue to expand, the number of vendors, partners, contractors and customers with access to a large enterprise’s network can easily run into the tens of thousands. According to research from Gartner, by 2020, 75 percent of Fortune Global 500 companies will treat vendor risk management as a board-level initiative to mitigate brand and reputation risk.
“Enterprises today require access to accurate, continuous and actionable information about third-party cyber risk,” said Jacob Olcott, vice president of Strategic Partnerships at BitSight. “CyberGRX helps to solve that problem for companies across the world, and our security ratings provide the unique, objective data that organizations need to scale their third-party risk programs and make more informed business decisions.”
