riskmethods enhances supply chain risk management solution

Supply chain risk management company riskmethods has enhanced its product, The riskmethods Solution, by adding additional, specialised cybersecurity performance information from cybersecurity ratings company BitSight.

The partnership and product integration aims to make organisations better positioned to identify and address the growing number of cyber risks originating from suppliers and third parties.

BitSight continuously and non-intrusively collects critical cybersecurity risk factors affecting organisations, including botnet infections, malware servers, security incidents, patching cadence, internet exposure, and more. These insights are automatically populated into The riskmethods Solution, creating a single view of an organisation’s risk exposure, and helping customers manage cyber risk across a broad portfolio of suppliers.

“Cyber threats have become increasingly more pervasive in recent years, and now with COVID-19 forcing employees to work remotely, organisations are even more vulnerable,” said Heiko Schwarz, CRO and founder, riskmethods.

“Our data shows a 180 percent increase in cybersecurity warning signs during the first half of 2020 compared to 2019. Our partnership with BitSight enables supply chain and procurement professionals to reveal these cyber risks in real time, and move quickly to mitigate threats.”

The partnership focuses on quantifying cyber risk within both the physical and digital supply chain. The BitSight integration enables customers to evaluate the strength of suppliers’ cyber risk management, with instant visibility into their BitSight Security Rating, to make better sourcing decisions—proactively enhancing the resilience of supply networks against cyber threats.

“Every organisation faces cyber risk to their supply chain. The disruption and economic damage that malicious actors can cause through a supply chain attack can be severe,” said Dave Fachetti, executive vice president of strategy, BitSight.

“The riskmethods Solution with BitSight provides critical insights into third-party cybersecurity posture, protecting organisations from potential threats to their supply chain and enabling users to make faster and more informed risk mitigation decisions.”