CAMBRIDGE and CONCORD, Mass., August 2, 2017 – BitSight, the Standard in Security Ratings, and ProcessUnity, a leading provider of cloud-based solutions for risk management, today announced a technology partnership to embed BitSight’s proprietary security rating capabilities within ProcessUnity’s cloud-based third-party risk management solution.
Integrating BitSight ratings into ProcessUnity’s vendor risk automation system provides customers with additional actionable insights into the cyber risk of third and fourth parties.
“Organizations of all sizes need additional visibility into the potential risks posed by third parties,” said Todd Boehler, Vice President of Product Strategy at ProcessUnity. “With access to BitSight Security Ratings, ProcessUnity customers gain continuous monitoring capabilities that ensure third parties are following through on their security obligations every day — not just during an annual assessment.”
Gartner estimates that by 2020, 75% of Fortune Global 500 companies will treat vendor risk management as a board-level initiative to mitigate brand and reputation risk. ProcessUnity Vendor Cloud is a Software-as-a-Service (SaaS) application that identifies and remediates risks posed by third-party service providers. The cloud-based solution automates key phases of the vendor risk management lifecycle from initial onboarding and due diligence, through ongoing assessments, service-level agreements (SLAs) and contract management.
“To proactively mitigate risk, organizations need automated tools that continuously measure and monitor the security performance of vendors,” said Jacob Olcott, Vice President of Strategic Partnerships, BitSight. “ProcessUnity customers using BitSight’s ratings data can protect their brand integrity and revenue by continuously validating the security risk profile of their third-party business partners.”
For more information on ProcessUnity’s cloud-based risk management solutions, visit www.processunity.com. For more information on BitSight Security Ratings for Vendor Risk Management, visit https://www.bitsighttech.com/security-ratings-vendor-risk-management.
About BitSight Technologies
BitSight is transforming how companies manage information security risk with objective, verifiable 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.
ProcessUnity is a leading provider of cloud-based applications for risk management and service delivery management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. For public companies and regulated industries, ProcessUnity Risk Suite delivers effective governance and control, vendor risk mitigation, and regulatory compliance. For benefit plan administrators and other financial service firms, ProcessUnity Offer Management controls complex product offerings and strengthens client service experience. ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. The company is headquartered outside Boston, Massachusetts. For more information, visit www.processunity.com.