For the last five years, BitSight Security Ratings have been helping companies gain insight into the efficacy of their security programs, as well as the security performance of third and fourth party vendors. Today, the BitSight Security Rating platform provides a year’s worth of data on all companies to paint a comprehensive picture of a company’s security posture over time.
As adoption of Security Rating Services has rapidly increased, many customers have tied their BitSight Security Rating to broader business goals and initiatives. With senior leadership more involved in security and risk programs than ever before, companies began to dig into their ratings and identify areas for improvement. Customers frequently wondered what their rating would be if they took specific actions within a certain time frame, and which would be the most optimal path to pursue.
BitSight Forecasting: Our First Analytics Offering
BitSight Forecasting, the company’s first analytics offering, aims to solve this problem. BitSight Forecasting gives customers the ability to model different scenarios and paths of remediation to project future security performance. With Forecasting, businesses can answer difficult yet critical questions about where to spend security budgets, and what sets of activities will help reduce risk most quickly, and whether or not technology implementations should be changed.
Forecasting provides 2 years of data: 1 year of historical data and 1 year that shows a projection of the upcoming year’s level of security performance. Forecasts are not just based on your company’s performance alone: the Forecasting model is built on the security performance data of hundreds of thousands of companies, providing a more robust, comprehensive, and realistic projection.
How It Was Built
The development of BitSight Forecasting was a true company-wide initiative with involvement from our Data Science, Product, Marketing, Customer Success, and Sales teams. Moreover, these teams extensively engaged with customers throughout the whole development cycle.