We’re happy to announce today that ThirdPartyTrust is joining the BitSight family.
Many of you are already familiar with BitSight, a leader in cyber risk analytics, with their own security ratings platform that pays specific attention to third party risk management. Likewise, our customers will already know that BitSight has been a trusted ThirdPartyTrust partner for many years.
With BitSight announcing their intent to acquire ThirdPartyTrust today, we can now offer an unequaled end-to-end TPRM solution that will strengthen vendor risk management and security teams across the globe. TPRM and Beacon, our ThirdPartyRisk products, have never been more powerful, and our capabilities will only grow with this announcement.
BitSight CEO Stephen Harvey adds: “By integrating ThirdPartyTrust into our existing TPRM offering, we are providing [customers] an integrated tool to better collaborate and share important cyber risk information across an ever-growing community of stakeholders involved in the management of cyber risk.”
Together, ThirdPartyTrust and BitSight offer a best in class TPRM offering that is unprecedented and unrivaled, essentially creating a new class of insights and protection.
ThirdPartyTrust began in Chicago seven years ago with some very modest goals: to automate and simplify the tedious processes of risk management, to help companies scale their cybersecurity efforts as they worked with more third party vendors, and to increase the visibility that companies have over their security and ability to solicit new business.
Since starting, we’ve worked with hundreds of companies, grown a network of 18,000+ assessed vendors, employed experts in the U.S. and Argentina, and integrated with partners around the world.
As we’ve grown, so too has the need for businesses of all sizes to keep pace with their cybersecurity needs. What was once solely an IT issue has now become a business differentiator, with Gartner predicting that within the next few years, 60% of businesses will use third party cyber risk as a key business determination for new partnerships. Meanwhile, Forrester estimates that 69% of businesses still rely on manual processes to perform the necessary assessments to address third party risk.
In other words, as the need for TPRM grows, so too does the need to scale it.
With ThirdPartyTrust’s plan to join BitSight’s already robust TPRM offerings, current and new customers can enjoy the most holistic approach possible to their ongoing and future business needs.
Anders Norremo has scaled our company carefully and confidently. From hand-coding our first risk dashboard to hiring global leaders to keep us at the cutting edge of innovation, Anders has always taken smart, measured steps to ensure that our products, services, employees, and clients are always in the best hands possible.
As he leads us into this next phase, we are all excited–and equally confident–that the same trust will be on constant display as ThirdPartyTrust becomes BitSight, and ThirdPartyTrust clients become global leaders in their respective fields.
Even in the midst of this personal change for our company, one thing remains: TPRM is only growing in importance. We’re thrilled to announce this intent for acquisition today because we’re certain that our ability to provide the best TPRM offering is also growing. And while we take a moment today to celebrate, we’re confident that today is an equally big win for all of the companies we already, and will soon, work with.
For more information, or to see our solutions in practice, please contact us.
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