Vendorly boosts cybersecurity insight for financial institutions

Vendor oversight platform Vendorly has announced an agreement with cybersecurity ratings platform BitSight.

With cybersecurity among one of the largest concerns of financial institutions, the agreement will help automate their oversight of the security performance of their vendors.

Vendorly, part of the Altisource family, is now an authorized reseller of BitSight Security Ratings which will enable vendors to scale their vendor risk management programs quickly and effectively, regardless of their current security posture.

“For many organizations, cybersecurity and threat assessments continue to be an esoteric concept,” said Jim Vaca, Senior Vice President, 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.”

BitSight analyzes externally observable security incidents and practices and applies sophisticated algorithms to produce a rating and its addition showcases Vendorly’s commitment to raising the standards of third-party risk management.

“We are thrilled to work alongside Vendorly to help financial institutions address critical cyber risk challenges,” said Matt Cherian, Vice President of Strategic Partnerships, BitSight. “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.”