Optiv Security Improves Third-Party Risk Intelligence for Risk Monitoring
DENVER – May 23, 2017 – Optiv Security, a market-leading provider of end-to-end cyber security solutions, today announced it has enhanced the intelligence capabilities within its award-winning third-party risk management platform, Optiv Evantix, to address organizations’ challenges with continuous cyber security risk monitoring provided by BitSight. The Optiv Evantix platform now integrates with BitSight’s Security Ratings product, which provides objective insight into the security performance of an organization’s third-party partners, vendors and suppliers. By combining these two technologies with Optiv’s third-party risk management services, Optiv now offers companies a comprehensive vendor risk management solution that helps enhance visibility, validation, actionability and scalability of third-party risk assessments.
“With more companies turning to outside entities to manage aspects of their business, we are seeing a dramatic increase in the number of third parties with which an organization interacts and shares information. However, this opens up the enterprise to a much greater level of risk exposure. As such, it is critical for organizations to have visibility into the state of security for each engaged third party so they can take any necessary actions to reduce their overall risk,” said Angela Gelnaw, senior research analyst IDC, which recently published a report on this topic.
Optiv Evantix, which recently was honored with a 2017 IT World Award®, is a software-as-a-service platform that expertly identiﬁes and measures an organization’s third-party risk by assessing relationship risk, business proﬁle risk and control risk. Through powerful assessment tools, a logical workﬂow, industry-speciﬁc standards and a relevant business strategy, Optiv Evantix assists clients with operationalizing their third-party risk management program, while also complying with legal requirements and regulations. The BitSight Security Ratings platform uses evidence of security outcomes from networks around the world and applies sophisticated algorithms to produce daily security ratings, giving visibility into a company's security posture over time. Through this integration, Optiv Evantix clients can leverage BitSight’s Security Ratings Report to enhance continuous risk monitoring within the Optiv Evantix platform.
“Managing third-party risk programs is a daunting and costly task, and one that most organizations do not have the resources or expertise to handle,” said James Christiansen, vice president of information risk management, Optiv. “Optiv has extensive capabilities that help companies manage, assess and mitigate their overall third-party risk as it relates to financial risk, regulatory risk, internal controls, and now cyber security risk through the integration of Optiv Evantix and BitSight. We are pleased to extend this enhanced third-party risk intelligence functionality to clients looking to gain increased visibility into their third-party risk program.”
The integration of Optiv’s and BitSight’s third-party risk management platforms provide Optiv Evantix clients with:
- Consolidated View of Risk: Optiv Evantix allows for a single view of internal and external controls and risk factors. BitSight provides a continuous, objective, independent measurement of cyber security risk that helps organizations address the key questions of which vendors to focus on, what questions to ask, and when to engage, providing greater insight and visibility to Optiv Evantix users.
- Actionable Intelligence: Enables validation and issue management for BitSight reports through Optiv Evantix’s automated workflows in order to support remediation plans and action.
- Standardized Decision Making: The combined solution of Optiv Evantix and BitSight allows organizations to operationalize third-party risk management. Providing rich risk intelligence data in an aggregate view allows for the standardization of risk scoring and enables clients to make data-driven decisions.
“To fully address the increasing third-party risk, organizations will need to leverage multiple solutions in a seamless way that scale and cover continuous threats such as emerging vulnerabilities and their use in exploits and ransomware, while meeting these needs economically. The integration of Optiv Evantix and BitSight is a great example of this,” said Dave Fachetti, senior vice president of partnerships, BitSight. “The combination of the value that both Optiv Evantix and BitSight deliver makes this joint offering such a powerful piece of what is needed for organizations to address this increasingly strategic risk.”
Optiv’s suite of third-party risk management services, enabled by Optiv Evantix, help organizations effectively plan, develop and manage third-party risk programs. Optiv’s comprehensive solution enables organizations to operationalize their third-party risk approach no matter the maturity of their program and regardless of where the responsibility falls within the organization. These capabilities also help manage to the regulatory requirements and compliance standards relevant to the client’s industry.