As the threat landscape of cybersecurity quickly changes, staying vigilant and proactive is crucial. That’s where security rating services come into play. In this article, we will delve into the world of security rating services, providing you with a deep understanding of what they are, how they work, and why they are vital in today’s digital age.
When it comes to security ratings, it’s important to remember that they aren’t just a random number; they are your organization’s digital shield status bar, a first line of defense against the relentless onslaught of cyber threats. We’ll explore the intricacies of security ratings, including what the highest security rating means, how a good cybersecurity rating is determined, and the methodologies used by prominent agencies like BitSight to calculate their scores.
Let’s begin by understanding the core concept of a security rating and the rating scales that underpin them.
The security level rating is a metric presented on a scale that can be produced as numerical values (like a credit score) or alphabetic grades, with higher scores or grades indicating better cybersecurity practices and therefore lower cyber risk. The purpose of the security rating services is to provide a rating within a scale is to provide a clear, objective, and consistent way to evaluate an organization’s enterprise risk, or vendor cyber risk, and compare the cybersecurity health of different entities where you can monitor their ratings trend over time- and compare to industry benchmarks.
Security rating services calculations initially focus on the external security posture of an organization based on passive assessment and data collection about the company’s assets and internet presence, in addition to active assessments. A security rating is used for an ‘at-a-glance’ analysis of the cyber risk that an enterprise or vendor has over a period of time.
A security rating can also consider internal, cloud and third-party risks and vulnerabilities to arrive at an overall security rating. This helps security leaders to understand the progress of their security program and the effectiveness of controls in place which helps them manage the program.
Many security rating services start with assessments of the external security posture for an organization that provides an ‘outside’ or ‘attacker’s view’ of the organization. Clients working with a security rating provider can incorporate the internal, cloud and third-party risks to get a more comprehensive and contextualized security rating
The highest security rating, often symbolized as 100 on a numeric rating scale or an ‘A’ on an alphabetic rating scale, represents an organization’s exemplary cybersecurity posture. Achieving this rating signifies that an organization has successfully implemented a robust set of security controls, is proactive in addressing vulnerabilities, and has a minimal history of security incidents. It’s the digital equivalent of a fortress, and it’s what every organization should aspire to achieve.
While achieving the highest security rating is a significant goal, a good cybersecurity rating depends on various factors. It’s not solely about reaching a specific number; it’s about understanding how your organization identifies and responds to cyber risks along with how your rating compares to industry standards and peers.
Different security rating services providers have distinct security rating scales and methodologies. A security rating scale is a standardized metric used by cybersecurity rating providers to assess and communicate an organization’s cybersecurity risk posture. The scale typically ranges from numerical values (like a credit score) or alphabetic grades, with higher scores or grades indicating better cybersecurity practices and lower risk. The purpose of these scales is to provide a clear, objective, and consistent way to evaluate and compare the cybersecurity health of different entities where you can monitor their ratings trend over time- and compare to industry benchmarks.
“Good” security ratings generally want to be at the top of the range for the respective scales. That could be 650-900 for credit score style, 90-100 or 900-1,000 for numeric scales and A or B in the letter scales. Each security rating provider may have a different scale or provide both, but they all have the same intent- the higher the security rating, the less risk in an organization’s security posture.
BitSight, a security rating services provider, uses a unique approach to calculate its security ratings. BitSight gathers data from a wide array of sources, including publicly available information and externally observable data points such as network sensor or sinkhole monitoring and relationships with ISP providers. Their approach claims to help create a holistic view of an organization’s security. Their scoring model considers factors like the organization’s compromised systems, user behavior, and diligence in addressing security issues.
BitSight’s scoring methodology is designed to provide a holistic view of an organization’s security posture, helping organizations understand their vulnerabilities and address them effectively.
Also, internal security practices and controls that are not publicly disclosed may not be fully captured, potentially leading to an inaccurate representation of risk. How BitSight ratings work heavily relies on the quality of the underlying data sources. Inaccurate or outdated data can lead to skewed assessments, misrepresenting an organization’s true security posture. This underscores the importance of ensuring the accuracy and reliability of data inputs.
A good BitSight score depends on your industry and peer comparisons. BitSight cyber security rating scale typically range from 250 to 900, with higher scores indicating better security postures. A good BitSight score reflects that your organization is in a strong position compared to industry standards and your peers.
Remember, a BitSight score on their cyber security rating scale is not just a number; it’s a reflection of your dedication to cybersecurity and your ability to protect your digital assets effectively.
A security rating scale shows the measurement of an organization’s cybersecurity risk posture.
Security rating scales can vary in the type and range based on which scale a security rating vendor provides. The goal of a security rating is to provide a quantifiable metric that communicates an organization’s or third-party’s cyber vulnerability to cyber threats and effectiveness of security controls or cyber risk posture over time. Security ratings calculations initially focus on the external security posture of an organization based on passive assessment and data collection about the company’s assets and internet presence, in addition to active assessments.
The security rating scale can be produced as numerical values (like a credit score) or alphabetic grades, with higher scores or grades indicating better cybersecurity practices and therefore lower cyber risk. The purpose of these scales is to provide a clear, objective, and consistent way to evaluate an organization’s enterprise risk, or vendor cyber risk, and compare the cybersecurity health of different entities where you can monitor their ratings trend over time- and compare to industry benchmarks.
“Good” security ratings want to be at the top of the range for the respective scales. That could be 650-900 for credit score style, 90-100 or 900-1,000 for numeric scales and A or B in the letter scales. Each security rating provider may have a different scale or provide both, but they all have the same intent- the higher the security rating, the less risk in an organization’s security posture.
We have this resource if you still have questions about what is a security rating?
FortifyData’s standard security rating scale is similar to a credit score. The security rating scale we employ ranges from 350 –900 with explanations below.
FortifyData enables clients to reflect the context of their business and cyber risk in the security rating. Clients can classify identified assets by operational criticality (also allowing for identification of data types on devices) and respond to risks identified by recording the compensating control(s) in place to reduce the likelihood of threats occurring. This produces the most accurate security rating risk representation by the published security rating score.
FortifyData enables clients to create additional, configurable security rating risk models, to produce security ratings unique to their cyber risk appetite and threat profile. The weightings of the factors can be adjusted to help further tune the risk representation of a company as ‘one-size-fits-all’ rarely works effectively.
Very Low Risk: 751-900
Indicates the unlikely presence of critical cyber risks present within the company’s external facing resources through proven, consistent maintenance of various security processes. Identified low-risk vulnerabilities may not pose immediate threats but may eventually lead to significant breaches if they are not addressed within a reasonable time. Continuous monitoring of your threat landscape is important to identify changes that may impact the score.
Low Risk: 676-750
Indicates a reduced amount of significant cyber risks present within the company’s external facing resources. This demonstrates the presence of security measures in place. Identified low risks may not pose immediate threats but may eventually lead to significant risks if they are not addressed within a reasonable time. Continuous monitoring of threat landscape is important to identify changes that may impact the score.
Moderate Risk: 601-675
Indicates an elevated presence of cyber risks present within the company’s resources. The business has been identified to have major system and/or application vulnerabilities that may potentially lead to a data breach or unauthorized access to information systems. Continuous monitoring of the company’s threat landscape is important to identify changes that may have an impact on your company’s risk score. The potential impact on the business may include long term loss of public confidence, embarrassment, monetary loss and legal actions against the organization.
High Risk: 526-600
Indicates significant amounts of cyber risks have been identified within the company’s resources and/or compromised assets. The business has been identified to have critical system vulnerabilities that may potentially lead to a data breach or unauthorized access to information systems. Continuous monitoring of the company’s threat landscape is important to identify any changes that may impact its cyber risk score. The business may also be recovering from recent data/system breach, resulting in long term loss of public confidence, embarrassment, monetary loss and legal actions against the organization.
Critical Risk: 350-525
This level indicates vast amounts of cybersecurity risks currently present within the company’s resources and/or compromised assets. The business may have experienced a data breach or unauthorized access to information systems by either intentional or accidental acts. The business may also experience current and/or long-term loss of public confidence, embarrassment, monetary loss and legal actions against the organization.
A security risk rating is a holistic assessment of an organization’s cybersecurity posture, taking into account various factors like vulnerabilities, historical breaches, and the effectiveness of security controls. These ratings and where your company security rating is measured on the security rating services security rating scale are critical for organizations aiming to understand and mitigate potential risks effectively.
Multiple organizations provide security risk ratings (a cyber security rating services list is below), each with its own methodology. It’s crucial for organizations to consider the most suitable cyber security rating service provider on the list that aligns with their specific security needs.
The following are the agencies and organizations providing security ratings that you should consider:
Gartner, Forrester and other independent analysts cover the security rating services category. These analyst firms are known for their comprehensive analysis, and each offers valuable insights into various security rating providers. They assess these providers based on their capabilities and provide a comprehensive view of the strengths and weaknesses of each.
Gartner has identified security ratings services as a component of third-party risk management according to Top 10 Security Projects for 2019. Largely the result of more interdependent relationships among companies, security ratings services can be an informative tool to help understand the external risk – absent any vendor provided information about internal security controls and effectiveness – to help inform supplier relationship decisions.
Forrester continues to evaluate security ratings services in a research cadence of every few years. According to Forrester’s publicly available evaluative research calendar, they are preparing to publish an update on Cybersecurity Ratings Services to their originally published Forrester New Wave: Cybersecurity Risk Ratings Platforms Q1 2021.
Understanding the intricacies of security ratings is vital in a world where cyber threats are ever-advancing. So, keep your security rating in check, and ensure your organization’s digital defenses remain impenetrable.
After reading this article, consider taking action to assess your security rating (or to obtain a security rating from one of the other providers) and explore how to enhance your cybersecurity measures further. It’s a proactive step toward safeguarding your digital assets in an increasingly interconnected world.
FortifyData provides a trusted and accurate security rating based on weekly external attack surface assessments of your confirmed IT asset inventory. We take into account asset classification, likelihood adjustments and compensating controls and enrich the findings with dark web discoveries and cyber threat intelligence to give you a contextualized security rating.
FortifyData is an industry-leading automated cybersecurity risk management platform that enables the enterprise to manage cyber risk across the organization. By combining automated attack surface assessments with asset classification, risk-based vulnerability management, security ratings and third-party risk management, you get an all-in-one cyber risk management platform.
