BitSight Announces Intent to Acquire ThirdPartyTrust to Simplify and Modernize Third Party Risk Management Across the Vendor Lifecycle – Yahoo Finance | Region & Cash

Comprehensive 3rd party risk management solution to automate the vendor risk management process by allowing businesses and third parties to seamlessly connect, conduct and share assessments

BOSTON, August 4, 2022 /PRNewswire/ — BitSight, the standard for security assessments, today announced its intention to acquire ThirdPartyTrust, a comprehensive third-party risk management (TPRM) platform that automates the processes of vendor assessment and onboarding. By integrating ThirdPartyTrust with its existing TPRM solutions, BitSight offers an end-to-end third-party risk management solution that delivers real-time insights to drive strategic decision-making throughout the vendor lifecycle.

In today’s ever-evolving global threat landscape, risk management teams need to quickly assess cyber risk across their entire third-party ecosystem—but most organizations still employ slow, manual assessment processes. BitSight’s ThirdPartyTrust combines the intuitive intelligence of an automated vendor validation tool with BitSight’s market-leading continuous monitoring solution. BitSight enables third-party risk managers to work smarter and more efficiently by identifying and mitigating unanticipated cybersecurity risks in real-time, enabling them to make informed decisions quickly.

“By providing our customers with BitSight’s ThirdPartyTrust, an automated tool for assessing cyber risk at all stages of the vendor lifecycle, BitSight is evolving and renewing its approach to third-party cyber risk management,” said BitSight CEO, Stephen Harvey. “In today’s digital economy, businesses depend more than ever on their extended supply chain and need to keep it as secure as possible. By integrating ThirdPartyTrust into our existing TPRM offering, we are providing them with an integrated tool to better collaborate and share critical cyber risk information among an ever-growing community of stakeholders involved in managing cyber risk.”

With BitSight’s ThirdPartyTrust, third-party risk managers can:

  • Manage their vendor risk assessment workflows and adjust their efforts based on risk;

  • Rapid third-party assessment and validation using custom and standard security questionnaires backed by objective cyber security evidence;

  • Collaborate and communicate with third parties across their digital supply chain; and

  • Increase your organization’s capacity to manage and respond to third-party security risks throughout the vendor lifecycle, including during major security events

“We founded ThirdPartyTrust to help organizations increase their capacity to assess cyber risk during the vendor selection process. As our business grew, we formed a strategic partnership with BitSight to provide an end-to-end, third-party risk management solution that provides a holistic view of the risk assessment lifecycle,” said the CEO of ThirdPartyTrust, Anders Noremo. “This partnership has received tremendous positive feedback from our mutual customers. I am very excited to join BitSight in integrating these two great products to provide an excellent and comprehensive third-party risk management platform.”

“More than a decade ago, BitSight pioneered cybersecurity assessments based on the most reliable, comprehensive, and objective data available General Manager, Third-Party Risk Management, Vanessa Jankowski. “Our customers trust BitSight and expect us to continue to innovate and deliver new solutions and capabilities to help them manage a risk that is becoming more complicated, far-reaching and urgent every day. I am very excited to offer ThirdPartyTrust to the BitSight family as we continue to expand our customers’ ability to manage cyber risk across their entire third-party lifecycle and extended supply chain.”

About BitSight
BitSight inspires confidence in the digital economy and transforms the way organizations manage cyber risk. The BitSight Security Ratings Platform applies sophisticated algorithms and produces daily security ratings ranging from 250 to 900 to help organizations manage their own security performance. third party risk mitigation; take out cyber insurance policies; exercise financial diligence; and assess overall risk. With the largest ecosystem of users and information, BitSight is the standard for security assessments. For more information, please visit www.bitsight.comread ours to blog or follow @BitSight on twitter.

About ThirdPartyTrust
ThirdPartyTrust is a third-party risk management platform for businesses and vendors to conduct assessments, automate risk and compliance workflows, and share security documents. ThirdPartyTrust pulls programs out of email and spreadsheets and accelerates risk assessments through automation and centralized communications. Customers can get a holistic view of their vendors’ security, quantify its impact and gain insights into fourth-party vendors, ultimately driving more secure digital supply chains. Vendors can create a single, centralized security profile that includes all of their questionnaires, certifications, and attestations so they can answer once and share easily. For more information visit www.thirdpartytrust.com

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SOURCE BitSight

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