Opus, the leading provider of global compliance and risk management solutions, today announced the integration of cyber-risk security ratings from BitSight, the Standard in Security Ratings, with its award-winning Hiperos 3PM Information Security Platform. The combination equips enterprises to thoroughly and objectively identify, assess and monitor the information security risk of all third parties (such as contractors, vendors and suppliers) while efficiently scaling their vendor risk management programs.
Third and fourth parties pose some of the most significant information security risks facing global enterprises today. According to a recent study by Opus and the Ponemon Institute, 56% of companies have experienced a third-party data breach in the past year — and just 17% feel their organizations are highly effective at mitigating third party risks. When it comes to fourth parties, the picture’s even worse: just 12% say they’re effective at mitigating these risks.
The integration of BitSight’s Security Rating Platform into Hiperos 3PM’s workflow and automation platform prepares enterprises to assess and mitigate third- and fourth-party information security threats with an approach that’s easy to implement and manage. BitSight Security Ratings can be used as part of both the third-party onboarding and monitoring process and supporting evidence when conducting due diligence on a third/fourth party and assessing the effectiveness of its information security controls.
BitSight produces daily Security Ratings to help manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. When used for third party and vendor management, BitSight Security ratings deliver timely, data-driven insights into any vendor’s security performance by continuously analyzing and monitoring companies’ cybersecurity, all from the outside. Security ratings are generated daily, giving organizations continuous visibility into the security of key business partners.
“Opus is extremely pleased to announce our partnership with BitSight. The relationship provides our clients with best-in-class security intelligence to better assess and address their third-party information security risks,” said Lee Kirschbaum, Senior Vice President and Head of Product, Marketing and Alliances for Opus. “With the integration of BitSight, we can provide clients with the right combination of data, technology and best practices to significantly guard companies against data breaches. We’re excited to partner with BitSight to help our customers proactively protect their businesses.”
Rick Hedeman, Director of Strategic Partnerships at BitSight, said, “This partnership gives customers the quantitative data needed to effectively identify, prioritize and act on threats facing their third-party ecosystem. Through this integration, customers can weave BitSight Security Ratings data into a comprehensive and holistic program to address pressing third-party risks and minimize risk to their organizations.“