If you operate in the Vendor Risk Management space, you've likely come across Bitsight at some point in your journey; Bitsight promises to transform the complexity of cyber security risk exposure tracking into a single quantified security rating, a scoring system that's akin to credit scores. By consolidating complex third-party risk factors into a single, easy-to-understand security ratings, Bitsight helps all levels of management readily understand the company's overall cyber risk exposure and potential of suffering a security incident.

Bitsight Pricing

Bitsight does not offer transparent pricing information on its website, which forces prospects to engage with sales staff to determine if the product aligns with their budget. However, users have reported Bitsight's pricing starting at around $2000-$2500 per vendor per year.

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Bitsight Features

Bitsight’s security ratings are used by security and cybersecurity risk professionals to conduct due diligence research for vendor risk management programs, private equity, M&A activities, and more.

Additionally, these security ratings are used for attack surface analytics, industry benchmarking, and the assessment of fourth-party risk.

Bitsight Use Cases

The main use cases for Bitsight include:

• Cybersecurity Regulations: Staying on top of cybersecurity compliance requirements best practices, and deployment models, across SEC, DORA, NIS 2, and other global cybersecurity risk regulations. 

• Continuous Monitoring: Leveraging automation to continuously monitor the security posture of an organization and its vendors, allowing security teams to focus their remediation efforts in the right areas.

• Executive Reporting: Using financial quantification to simulate an organization’s financial exposure across cyber events, such as ransomware, denial of service, compliance issues, supply chain attacks, and more.

• Supply Chain Visibility: Leveraging security ratings to quickly evaluate and onboard new vendors, and continuously monitoring an organization’s vendor portfolio to identify and mitigate emerging cyber threats. 

• Mergers & Acquisitions: Gaining insight into the cyber risk of potential acquisitions and current investments by leveraging continuous monitoring to ensure due diligence is covered.

• Investment Management: Understanding an issuer’s likelihood of a breach through continuous monitoring to help drive stock selection and risk management decisions. 

• National Cybersecurity: Understanding the cyber threat landscape facing governments, national law enforcement organizations, and CERTS to help identify, mitigate, and manage cyber risk and protect critical infrastructure. 

Bitsight Demo / Free Trial

Bitsight offers a free demo to show how the platform's security ratings and analytics can help reduce an organization’s cyber risk. Potential customers can request a personalized demo on Bitsight’s website.

Bitsight API

Bitsight offers the ability for customers to extend security ratings through a Developer API. The Bitsight API allows customers to automate several processes for monitoring and managing security performance. Examples of these processes include:

• Consolidating security security ratings with internal metrics to supplement risk assessments
• Integrating Bitsight data into third-party risk management platforms
• Incorporating Bitsight data into reporting tools to increase visibility and decision-making regarding security posture

Bitsight Reviews

The general sentiment of Bitsight users based on multiple review sources is summarized below:

Key Pros:

1. Risk Information

• Bitsight provides detailed insights into vendor security postures, helping risk management teams benchmark against industry peers.
• The platform offers real-time vendor security rating tracking, instantly notifying users when risk ratings drop. Such an alert system supports agile remediation planning.

 2. Ease of Use

• Many users appreciate the user-friendly design of the product's interface, which simplifies vendor risk assessment processes.
• Bitsight is reported to have a clear onboarding process, offering a positive user experience from the start

3. Integrations with Other Tools

• Users have reported positive integration capabilities with other vendor relationship manager tools.
• Because the platform can consider vendor relationship manager tool insights in its processes, the tool supports quick remediation decisiion-making.

Key Cons:

1. Delays in Updates

• Users have reported delayed updates between remediation tasks and risk reports, with some changes taking several days to be reflected. Such frustrating delays have a significantly negative impact on Vendor Risk Management process efficiency, limiting the scalability of the product.

2. Historical Data

• Users have complained about the historical and, therefore, unuseful nature of some of the platform's breach reports, with some events occurring over a month prior. Such delays are very disruptive to critical risk monitoring requirements. 

3. Pricing

• Some users feel that Bitsight's pricing is too high, suggesting that the tools may not deliver the value it promises.

4. Limited Customization

• Users have complained about the platform's inability to accept custom domains associated with an organization's digital footprint

5. Complexity in certain features

• Though Bitsight's overall user experience is positive, some users have complained about the complexity of advanced features, such as breach alerts and remediation tracking.

6. Certification indicator limitations

• Some user reviews have suggested difficulty in tracking the security certifications of each monitored vendor, such as SOC 2, PCI DSS, or ISO 27001.

7. Cumbersome security rating dispute workflow

• Bitsight users have reported frustrations with the platform's process of disputing inaccuracies in their security ratings.

8. Limited vulnerability details

• A few users have reported limitations in the details of detected vulnerability information, especially regarding public IP addresses, an oversight that could impact the effectiveness of mitigation efforts.