Venminder Announces On-Demand Security Ratings for New Vendor Onboarding Seamlessly Embedded in Its Third-Party Risk Platform
Venminder, an industry recognized leader in third-party risk management solutions, announced the release of a new integration to the BitSight Security Ratings Platform. The new connection, BitSight Indicator, will enable customers that use the Vendor Onboarding module within Venminder’s leading SaaS platform to order BitSight security ratings on demand during new vendor selection, onboarding and assessment activities.
The Venminder SaaS platform is a complete solution for organizations seeking to build a comprehensive, end-to-end lifecycle view of the risks their vendors may pose, enabling them to seamlessly track, automate, assess and report on all vendor activity in a centralized information repository. With BitSight Indicator, customers can seamlessly integrate BitSight Security Ratings and Risk Vectors into the Vendor Onboarding module within Venminder’s SaaS platform to improve the effectiveness and efficiency of third-party cybersecurity risk assessments.
“We are excited that our customers can now order on-demand BitSight cyber risk data to reference with other data points gathered in Venminder,” said James Hyde, CEO of Venminder. “Performing a vendor risk assessment is a valuable time investment and necessary component of a third-party risk management program. Given the avalanche of breaches consistently in the news and the need for new vendors requiring more due diligence, reviews and monitoring than ever before, BitSight security ratings have proved valuable to third-party risk professionals as a data point when measuring and managing cybersecurity performance.”
For a complete view, the Venminder platform also integrates with BitSight to provide continuous ongoing monitoring. Customers can view key BitSight risk vectors on their Vendor Dashboard within Venminder’s SaaS platform to stay in the know of any pertinent threats and then can take appropriate action immediately within the Venminder platform, improving communication and team alignment around cybersecurity risk.
“Accelerated digital transformation means that cybersecurity has never been more critical to integrated third-party risk management,” said Vanessa Jankowski, Vice President and General Manager of Third Party Risk Management at BitSight. “We’re proud to partner with Venminder as our integration helps customers quickly validate and assess vendor cyber risk during onboarding and throughout the vendor lifecycle.”