Bitsight announces acquisition of ThirdPartyTrust

Written by Vanessa Jankowski

SVP & GM, Third Party Risk Management

Today is an exciting day for Bitsight as we announced our acquisition of ThirdPartyTrust, developers of a comprehensive Third-Party Risk Management (TPRM) tool. The addition of ThirdPartyTrust expands the Bitsight TPRM offering to deliver an end-to-end third-party risk management solution for global vendor risk management teams.

Individually, Bitsight and ThirdPartyTrust deliver amazing third-party risk management functionality. Combining the two unlocks capabilities that allow you to work smarter, not harder. And who doesn’t want to work smarter?

ThirdPartyTrust and Bitsight TPRM combine the intuitive intelligence of an automated vendor assessment tool with Bitsight’s first-to-market continuous monitoring solution, allowing third-party and vendor risk teams to manage risk throughout the entire vendor lifecycle efficiently and at scale. This solution helps you automate and right-size your vendor risk management effort based on risk, use objective evidence to validate risk assessment questionnaire responses, and benefit from increased productivity and efficiency to scale risk management across your entire third-party lifecycle.

These capabilities mean security teams get complete oversight of the risks involved in their third-party vendor ecosystem so that they can efficiently scale their processes as their business and supply chain grow.

Contact us today to learn more about the Bitsight TPRM offering and our acquisition of ThirdPartyTrust.

So why does this matter?

You've seen the news—third-party supply chain risk is the dominant issue in cybersecurity today. More organizations than ever recognize the importance of a robust third-party risk management program.

But if you are like most organizations, the process of assessing cyber risk across your extended supply chain is time-consuming and inefficient. Let’s face it; you probably struggle to assess all of your vendors. And your team, like most others, may not have the headcount to help you get in front of this.

Market and staffing pressures aside, you need to ensure new vendors are within your organization’s risk tolerance. And, you need to do it quickly and with confidence.

To help you overcome some of the critical challenges you face during the vendor risk assessment process, the addition of the ThirdPartyTrust TPRM tool helps you:

Get more done without adding headcount

You’ve got a monumental task—ensuring your vendors fall within your organization’s risk appetite. But assessing new vendors takes time. According to Forrester, 69% of businesses rely on manual processes for their third-party risk management program. These manual processes limit your team’s productivity and impact the quality of your work, potentially exposing your organization to increased cyber risk.

The ThirdPartyTrust TPRM tool provides a complete end-to-end network for fully automated vendor risk assessment and onboarding. This lets your vendor risk management team easily manage security risk assessments with higher quality and without increasing headcount.

Drive results you can trust with customized workflows

Most vendor assessment efforts are one-size-fits-all, meaning the most critical vendors get the same treatment as the non-critical vendors. But with the ThirdPartyTrust TPRM tool, your vendor risk management team can customize this turnkey product to automate processes, store documents, and manage risk assessment workflows to deliver trusted results that match the unique requirements of your organization.

Build your complete program with objective intelligence

With the ThirdPartyTrust TPRM tool, you can quickly discover and mitigate unforeseen cyber security risk across your extended vendor landscape. With Bitsight’s first-to-market continuous monitoring solution, ThirdPartyTrust offers you real-time insights to drive strategic actions throughout the entire vendor lifecycle. And, because Bitsight data backs the whole process, you can confidently assess, onboard, and monitor your vendors to ensure they fall within your organization’s risk appetite.

Build trust with meaningful metrics that scale

ThirdPartyTrust and Bitsight enable you to confidently validate your vendor’s subjective responses to questionnaires and quickly identify any red flags with objective data. Because Bitsight security ratings are highly correlated with critical business outcomes, including breaches and ransomware, and are trusted by industry and government leaders across the globe, this expansive data drives increased confidence in your assessment of your vendor’s security controls. With increased confidence comes increased trust.

A better way to manage cyber risk

Bitsight CEO Stephen Harvey said it best. “In today’s digital economy, organizations are more reliant on their extended supply chain than ever and need to keep it as secure as possible. By integrating ThirdPartyTrust into our existing TPRM offering, we are providing them an integrated tool to better collaborate and share important cyber risk information across an ever-growing community of stakeholders involved in the management of cyber risk.”