With the BitSight Security Ratings solution, credit unions can
continuously monitor and manage risk associated with their own network
and those of their vendors, strengthening their overall security
Traditional strategies and existing tools for measuring and mitigating third party vendor security risk are inadequate against the constant stream of new and emerging threats facing your credit union.
Many global financial institutions have experienced major third-party breaches, but credit unions are also a target for cyber hackers and the “vendor-related risk for credit unions is severe.”
According to the 2015 Verizon Data Breach Investigations Report, 70% of breaches stemmed from a third party.
Credit unions need a continuous solution that identifies, quantifies, and mitigates risk without being intrusive or resource-heavy – and that doesn’t require any information from the company being rated.
Get a quick overview of BitSight Security Ratings, which are similar in nature to credit scores by watching the following video, BitSight Security Ratings: A Data-Driven Approach to Vendor Risk Management (VRM)
"The company is well on its way to being as widely recognized as a Moody's or S&P ratings for the information security space... all vendor risk management teams can benefit from the service BitSight provides."
About BitSight TechnologiesBitSight Technologies is transforming how companies manage information security risk with objective, evidence-based security ratings. The company's Security Rating Platform continuously analyzes vast amounts of external data on security behaviors in order to help organizations manage third party risk, benchmark performance, and assess and negotiate cyber insurance premiums. Based in Cambridge, MA.
BitSight is backed by the National Science Foundation, Comcast Ventures, Commonwealth Capital Ventures, Flybridge Capital Partners, Globespan Capital Partners, and Menlo Ventures. For more information, please visit www.bitsighttech.com or follow us on Twitter (@BitSight).
With regulatory pressure and competition increasing, mitigating the cyber risk posed by third parties is essential for credit unions to successfully serve their member base. However, third party cyber risk management does not have to be a costly endeavor. During this session, Jake Olcott, VP of Business Development at BitSight, offers tips, techniques, and tools you can leverage to make it an efficient and cost-effective process for your credit union.
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Debbie UmbachDirector of Product Marketinghttp://www.bitsighttech.com