BitSight has integrated Vendor Risk Matrix and Asset Risk Matrix capabilities into its Security Ratings Platform. The new capabilities leverage BitSight's data collection and processing engine to provide artificial intelligence-driven risk prioritization, according to a prepared statement.
The Vendor Risk Matrix allows BitSight users to perform risk analysis and remediation prioritization of their third-party ecosystem, the company said. It also provides a Vendor Action Plan to help users address third-party risks.
Comparatively, the Asset Risk Matrix helps BitSight users analyze their Internet assets, the company said. BitSight users then can prioritize remediation efforts to mitigate cyber risk within an organization's third-party ecosystem.
A Closer Look at the BitSight Security Ratings Platform
The BitSight Security Ratings Platform generates objective, quantitative measurements on a company's security performance. It next analyzes security incidents and practices and applies algorithms to produce daily security ratings.
BitSight security ratings are based on externally observable, non-intrusive data and methods, the company said. They range from 250 to 900 and help organizations benchmark their security, vendor risk management and cyber insurance underwriting.
What Is BitSight?
BitSight provides objective and verifiable security ratings to help organizations manage information security risk. The company offers a variety of security solutions, including:
- Cyber insurance.
- Enterprise vendor discovery.
- Executive reporting.
- Mergers & acquisitions.
- National cybersecurity.
- Vendor risk management.
BitSight today supports over 1,200 customers that monitor 130,000 vendors in their supply chains. It also closed a $60 million Series D funding round in June, and to date, has raised $155 million in total financing.
SecurityScorecard, UpGuard Offer Cybersecurity Ratings Platforms
Cybersecurity ratings "will become as important as credit ratings when assessing the risk of business relationships," technology research firm Gartner has predicted. Meanwhile, BitSight and information security companies SecurityScorecard and UpGuard look poised to capitalize on the rising demand for cybersecurity ratings platforms in the years to come.
SecurityScorecard uses data from an organization's web traffic and other publicly accessible information to build security ratings. It also offers Malware Grader, a free tool designed to help organizations continuously monitor their infrastructure and ward off malware infections.
UpGuard offers BreachSight, a security ratings platform that uses data visualization technology and risk analysis algorithms to help organizations identify and analyze cloud and data center threats. BreachSight continuously tracks an organization's data to protect this information against breaches.