BitSight, a security rating platform, is set to acquire ThirdPartyTrust, a company that has developed a third-party risk management tool.
According to Coverager, ThirdPartyTrust is a third-party risk management platform for firms and vendors to perform assesments, automate TPRM workflows and share security documents.
The publication noted that the addition of ThirdPartyTrust expands the BitSight TPRM offering to deliver an end-to-end third-party risk management solution for global vendor risk management teams.
The addition of ThirdPartyTrust expands the BitSight TPRM offering to deliver an end-to-end third-party risk management solution for global vendor risk management teams.
BitSight CEO Stephen Harvey said, “In today’s digital economy, organizations are more reliant on their extended supply chain than ever and need to keep it as secure as possible. By integrating ThirdPartyTrust into our existing TPRM offering, we are providing them an integrated tool to better collaborate and share important cyber risk information across an ever-growing community of stakeholders involved in the management of cyber risk.”
“ThirdPartyTrust and BitSight TPRM combine the intuitive intelligence of an automated vendor assessment tool with BitSight’s first-to-market continuous monitoring solution, allowing third-party and vendor risk teams to manage risk throughout the entire vendor lifecycle efficiently and at scale.
“This solution helps you automate and right-size your vendor risk management effort based on risk, use objective evidence to validate questionnaire responses, and benefit from increased productivity and efficiency to scale risk management across your entire third-party lifecycle. These capabilities mean security teams get complete oversight of the risks involved in their third-party vendor ecosystem so that they can efficiently scale their processes as their business and supply chain grow.”
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