Managing a growing list of vendors is becoming costly for third-party risk managers trying to properly assess and mitigate risk. BitSight for Third-Party Risk Management can help tailor your approach to third party management by guiding your security team through the vendor tiering process. Finding the best way to fit each third-party into established tiers will drive more efficient risk reduction across your cybersecurity landscape.
To begin the tiering portion of vendor lifecycle management, organize your third-parties into tiers with vendors of similar use-cases to your organization. Based on the type of data the third party will be handling, they will be placed in the tier that best reflects their level of criticality to your organization. It is important to include a vendor’s historical performance when deciding on their tier placement to make sure they receive the proper amount of monitoring. Tiering also includes setting the risk thresholds your organization is willing to incur. Higher tier placement requires vendors to maintain a higher cybersecurity rating to protect the organization where the biggest risks live.
Correctly tiering your vendors will help prioritize your resources to be more effective. The BitSight Risk Matrix directly points to the third-parties that fall either above or below the desired risk threshold so risk managers can clearly see threats as they arise. BitSight’s Action Plan feature provides the recommended action to take during the vendor lifecycle, helping decision makers with how to handle their third-parties more efficiently. When tailoring your TPRM program with the BitSight solution you will also have access to effective risk communication strategies to help successfully present your cybersecurity initiatives to the board. The BitSight TPRM tiering solution helps users make efficient decisions and reduce the risk their program incurs.