Bitsight, a company specializing in cyber risk, has introduced two new features to its third-party risk management portfolio. The new solutions, Vendor Discovery and Portfolio Risk Analytics, are available as part of Bitsight's Continuous Monitoring product suite. The company has not disclosed the pricing details of the services.

Vendor Discovery allows businesses to automatically identify third-party relationships within their organization, which includes known and unknown vendors. It provides immediate access to vendor relationships, reveals unknown vendor usage, and continuously updates newly discovered vendors. Portfolio Risk Analytics, on the other hand, provides a comprehensive view of third-party risk within the vendor ecosystem. It allows users to monitor vendor portfolio risk, track programs and policies impact, report program performance, and identify high-risk vendors and those susceptible to ransomware attacks.

According to Bitsight, these new enhancements to their offerings will reduce the time and effort organizations spend on identifying vendor relationships, making it easier for them to detect and respond to threats rapidly. Moreover, it can help businesses uncover hidden risks and monitor their vendor ecosystem's health more effectively, leading to better risk management decisions.