70% Reduction in Vendor Onboarding Time, 40% Efficiency Gains in Security Reporting and Monitoring the External Attack Surface, and Decreasing Probability of Breach From Third-Party by 75% Drove a Payback Period of Less Than 6 Months
BOSTON – October 15, 2024 – Bitsight, the global leader in cyber risk management, today announced the results of the new Total Economic Impact™ of Bitsight, a commissioned study conducted by Forrester Consulting analyzing the cost, benefit, flexibility and factors affecting an investment decision. The research found that Bitsight’s comprehensive External Attack Surface Management and Third Party Risk Management offerings reduced cyber risk, while delivering an investment return of 297% over three years. Additionally, the solution paid for itself in less than 6 months. The findings come on the heels of the The Forrester Wave™: Cybersecurity Risk Ratings Platforms, Q2 2024 report, which named Bitsight as a Leader, receiving the highest score in the strategy category.
“The challenges facing risk and security leaders today are truly unprecedented,” said Steve Harvey, CEO at Bitsight. “They are not only charged with protecting their organizations against a continuously evolving threat – both for their own organization and their third-parties — they need to do it in the face of rising costs and a pressure to prove value. We believe the results speak for themselves. We are innovating and partnering with these leaders to deliver real results. Results that matter.”
The Total Economic Impact™ of Bitsight is based on real-world interviews with risk and security leaders from existing Bitsight customers leveraging third-party risk management and external attack surface management solutions. The study creates a financial cost-benefit analysis for a composite organization based on the findings. Companies can calculate their own results through the Forrester custom calculator here.
Key findings from the study include:
- Reduced risk of first- and third-party breaches
- 75% reduction in cyber breach risk across third-parties
- 45% reduction in cyber breach risk across first and third–parties
- Efficiency gains for vendor risk management
- 70% reduction in time onboarding vendors
- 30% reduction in time managing and monitoring third-parties
- Productivity improvements for managing first-party cyber risk
- 20% reduction monitoring the external attack surface
- Faster reporting through automation
- 40% reduction in time compliance reporting
Companies interviewed also noted that Bitsight delivered improved executive by-in for security initiatives, cybersecurity insurance cost savings and improved scalability:
- “If you want a flexible solution for identifying, remediating, and managing risk that also reduces your internal resourcing needs and has demonstrable risk reduction benefits, then pick Bitsight.” – Manager of Third-Party Risk, Medical Devices
- “I can say for sure that seeing the external attack surface management tool in action instills confidence in my team and puts our mind right at ease.” - Head of Information Security, Consulting
- “There is a whole gamut of risk items that we can now do on a daily basis as opposed to worrying about tracking down a vendor who has not responded to our questionnaire.” – Manager of Information Security, Industrial Services
Bitsight offers a unified platform for managing first-party and supply chain risk. Its External Attack Surface Management identifies and manages digital exposure, while Third-Party Risk Management streamlines the entire cyber risk lifecycle, from onboarding to continuous monitoring.
A more dynamic Forrester ROI calculator enables decision-makers to further refine the assumptions in the financial model to customize a business case that is unique to their organization. To review the complete findings, see the full economic study here or register for the upcoming webinar.
About Bitsight
Bitsight is a global cyber risk management leader transforming how organizations manage exposure, performance, and risk for themselves and their third parties. Companies rely on Bitsight to prioritize their cybersecurity investments, build greater trust within their ecosystem, and reduce their chances of financial loss. Built on over a decade of market-leading innovation, Bitsight’s integrated solutions deliver value across enterprise security performance, digital supply chains, cyber insurance and data analysis. For more information, visit bitsight.com or connect with us on LinkedIn.