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Vendorly Partners With BitSight on Reducing Cybersecurity Risk

Mar 27, 2019
Vendorly has announced the launch of a third-party originator (TPO) oversight program for mortgage lenders to streamline the broker vetting process and create a central repository for due diligence documentation

Vendorly has announced an agreement with BitSight, making Vendorly an authorized reseller of BitSight Security Ratings, which can help provide Vendorly customers with the ability to scale their vendor risk management programs, regardless of their current security posture.
 
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 more than 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 of 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.”
 
Matt Cherian, Vice President of Strategic Partnerships for BitSight, said, “We are thrilled to work alongside Vendorly to help financial institutions address critical cyber risk challenges. 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.”


 
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Published
Mar 27, 2019
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