Two Critical Vendor Risk Ratings Now Available Through One Platform
Today, Privva, a leading risk management technology provider, announced a partnership with BitSight, the Standard in Security Ratings, to provide customers with a 360° view of third-party risk as part of Privva’s open platform initiative.
The Privva platform allows security professionals across industries to manage an efficient vendor risk management program, including automated assessments and ongoing remediation of risks. Privva’s platform allows clients the flexibility to bring an existing security assessment or utilize industry standard frameworks, such as the Share Assessments SIG or NIST-based questionnaires.
The BitSight Security Rating Platform generates objective, quantitative measurements on a company’s security performance to produce daily security ratings ranging from 250 to 900. BitSight analyzes externally observable security incidents and practices, and applies sophisticated algorithms to produce a rating between 250 to 900.
Joint customers can now access BitSight Security Ratings data to easily identify any changes in a vendor’s cybersecurity posture. Privva users may then access BitSight for more data and information, or can leverage Privva’s Remediation Management feature to communicate remediation requirements to vendors. Additionally, Privva users may utilize the BitSight Security Ratings and detailed security reports to ensure assignment of the appropriate security assessment questions to each vendor or vendor group.
“We believe that the combination of security questionnaires on the internal security profile of vendors with continuous security monitoring of external data, provides Privva’s clients with the right level of information to appropriately manage risk,” states Ishan Girdhar, Chief Executive Officer at Privva. “As part of our open platform initiative, we are excited to offer a more comprehensive solution for vendor risk management to Privva and BitSight customers.”
“We are thrilled to announce this partnership with Privva,” said Matt Cherian, VP of Strategic Partnerships of BitSight. The integration of BitSight Security Ratings with Privva’s flexible and adaptive third party risk management software is providing a scalable approach to the security assessment process and a more comprehensive view of vendors’ cybersecurity ratings on a centralized platform. BitSight customers will be able to leverage BitSight Security Ratings from within the Privva platform improving their processes to prioritize and manage risk.”
BitSight is transforming how companies manage information security risk with trusted, time-tested and actionable security ratings. Founded in 2011, the company built its Security Ratings Platform to continuously analyze vast amounts of external data on security issues and behaviors in order to help organizations manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. Seven of the top 10 cyber insurers, 20% of Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.
Privva is an award-winning, cloud-based vendor risk assessment platform delivering value for a diverse customer base across industries including legal, financial services (banks, hedge funds, private equity), technology, healthcare, education, and media. Privva’s solution streamlines the assessment process from authoring to automatic recurring delivery. The platforms scalable approach to vendor risk management has resulted in users reporting more than 60%-time savings as well as experience improvements in consistency of assessment scoring and analysis. Privva’s adaptable features enable a tailored approach to assessing risk with an intuitive user interface that drives a responsive experience throughout the process. For more information, please visit www.privva.com.
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