SECAUCUS, NJ--(Marketwired - December 01, 2016) - Rsam, a leader in Governance, Risk, and Compliance (GRC) solutions, and BitSight, The Standard in Security Ratings, today announced a partnership that will streamline and strengthen how organizations manage their vendor risk programs. The Application Program Interface (API) between Rsam's GRC platform and BitSight's security ratings gives customers a complete view into their vendor risk posture.
Shared risks between organizations and their vendors are rising as more business operations are outsourced and more data is transmitted. This places greater demands on risk and compliance teams to stay on top of their suppliers, which could number in the hundreds or tens of thousands. A recent Ponemon Institute survey titled, Data Risk in the Third-Party Ecosystem, showed that 73 percent of respondents see the number of cybersecurity incidents involving vendors increasing. Sixty-five percent of respondents also said it is difficult to manage cybersecurity incidents involving vendors. With so much at stake, organizations need a way to view risks holistically, not in silos.
"The unprecedented rate of change within and across the supply chain is increasingly challenging to manage," says Neil Hooper, Senior Vice President of Sales and Business Development at Rsam. "Rsam's ability to automate the entire vendor risk management lifecycle combined with BitSight's Security Ratings, keeps organizations a step ahead of every phase -- from onboarding and assessments to remediation and continuous monitoring."
"We've seen numerous, very significant loss events stemming from compromised vendors or third parties," said Jake Olcott, Vice President of Business Development at BitSight. "Bad actors know that sometimes the best way into an organization is through a partner in the supply chain; this is often the weakest link. BitSight Security Ratings provide Rsam customers with more insight and the ability to continuously monitor their vendor's security posture, which can be woven into vendor risk management programs."
Rsam and BitSight customers will be able to gain more control over third-party risk. They will get deeper visibility into Security Ratings across their vendor population, enabling them to take immediate action to mitigate third party cyber risks.
Rsam is the fastest time-to-value and most flexible GRC, Vendor Risk Management and Security Operations, Analytics & Reporting (SOAR) platform provider. Our enterprise software platform uses a relational architecture and captures data in a single, centralized repository. Unlike other systems, we don't hard-wire dependencies based on requirements that may be outdated before implementation even begins. Instead, the Rsam platform is built to adapt and put the user in control. Gone are the days of endlessly retrofitting a solution or failing to get it off the ground. With Rsam, you can have a baseline up and running in 30 days and iterate from there. Learn more at www.Rsam.com.
BitSight is transforming how companies manage information security risk with objective, verifiable 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, 60 Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsighttech.com, read our blog or follow @BitSight on Twitter.