Vendorly Announces Agreement with BitSight
March 25, 2019
Financial institutions now have insight into cybersecurity risk exposure within their business ecosystem using BitSight
LUXEMBOURG, March 25, 2019 – Vendorly, an innovative vendor oversight platform for financial institutions, today announced an agreement with BitSight®, the standard in cybersecurity ratings. Vendorly is now an authorized reseller of BitSight Security Ratings, which can help provide Vendorly customers with the ability to scale their vendor risk management programs quickly and effectively, regardless of their current security posture.
Global organizations are increasingly facing significant cyber risk management challenges. To help proactively mitigate risk, organizations need automated tools to measure and monitor the security performance of vendors. The BitSight Security Rating Platform generates objective, quantitative measurements on a company’s security performance to produce daily security ratings ranging from 250 to 900. BitSight analyzes externally observable security incidents and practices, and applies sophisticated algorithms to produce a rating. With over 59,000 vendors actively managed on the Vendorly™ platform, the addition of BitSight showcases Vendorly’s commitment to raising the standards of third-party risk management, with a focus on strategic partnerships to help mitigate risk throughout the vendor lifecycle.
“For many organizations, cybersecurity and threat assessments continue to be an esoteric concept,” said Jim Vaca, Senior Vice President, Vendorly. “Organizations are often not capable of keeping up with the rapidly changing threat environment, let alone understanding the actual security performance of their critical vendors. BitSight has created objective metrics and tools that help identify cyber risk in a way that is understandable for organizations.”
“We are thrilled to work alongside Vendorly to help financial institutions address critical cyber risk challenges,” said Matt Cherian, Vice President of Strategic Partnerships, BitSight. “With companies increasingly outsourcing key business functions, managing vendor risk is critical to protecting a company’s most important assets. BitSight delivers the data and analytics necessary to make informed decisions.”
Vendorly is an innovative SaaS vendor oversight platform designed to help financial institutions manage their vendors and meet their evolving vendor oversight obligations. The Vendorly platform can help to streamline vendor due diligence, document maintenance, monitoring and audits. Vendorly is part of the Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) family of businesses. Additional information is available at vendorly.com.
BitSight is transforming how companies manage information security risk with trusted, time-tested 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, 25% of Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.