October 16, 2017: MetricStream, the independent market leader in Governance, Risk, and Compliance (GRC) apps and solutions, announced today its partnership with BitSight, the Standard in Security Ratings, to deliver critical cybersecurity risk intelligence that will bolster third-party risk management. This partnership reflects the commitment of both companies to provide a holistic solution to manage myriad third and fourth party risks.

BitSight has proven market expertise and delivers daily, data-driven insights on third-party security performance by continuously analyzing and monitoring companies’ cybersecurity risks. This intelligence will enable customers to use MetricStream’s industry-leading Third Party Management App to rank and prioritize vendors and other third parties based on their cybersecurity risk exposure. Combined with additional intelligence gathered through the MetricStream app, the Bitsight rating helps customers to focus due diligence and ongoing monitoring on the highest risk vendors and third parties.  

Organizations around the world are increasingly aware that third parties can often be the weakest link in their cybersecurity chain. A recent MetricStream Research report on third-party risk management found that for the majority of respondents (67%), data protection/privacy was the most important risk parameter used to evaluate third parties, followed closely by IT security (57%). As third- and fourth-party ecosystems grow more complex, the challenges involved in assessing and managing third-party security risks will only increase. To stay ahead and make more informed decisions, organizations will need comprehensive risk intelligence at their fingertips.

“Organizations now know that their security posture is directly dependent on the security practices of their third- and fourth-parties,” said Jacob Olcott, Vice President of Strategic Partnerships at BitSight. He continued, “The combination of BitSight and MetricStream will provide actionable insights that organizations need to more effectively identify and manage risk across their business ecosystem.”

“Some of the most recent and devastating data and security breaches are a result of vulnerable cybersecurity processes and systems at a third-party organization,” said French Caldwell, Chief Evangelist at MetricStream. He continued, “As the frequency, impact, and severity of these incidents increases, organizations around the world must ensure tighter processes and programs to onboard and monitor their third parties. BitSight’s cybersecurity insights along with MetricStream’s M7 Third Party Management App will equip our customers with the intelligence and tools they need to make better business decisions that protects their organization from evolving cyber threats.”

About BitSight

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, 80 Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsighttech.com, read our blog or follow @BitSight on Twitter.

About MetricStream

MetricStream is the independent market leader in enterprise cloud applications for governance, risk, compliance (GRC), and quality management. MetricStream apps and software solutions improve business performance by strengthening risk management, corporate governance, regulatory compliance, audit management, vendor governance, and quality management for organizations across industries, including banking and financial services, health care, life sciences, energy and utilities, consumer brands, government, technology, and manufacturing. MetricStream is headquartered in Palo Alto, California, with an operations and GRC innovation center in Bengaluru, India, and sales and operations support in 12 other cities globally.(www.metricstream.com).

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