In 2011, Bitsight invented the security ratings industry. As the market leader, we are still the standard in how organizations quantify, manage, and monitor cyber risk. Today, that universal metric is used by entities from national governments to global enterprises to Fortune 500 companies to interpret cyber risk. And now, we’re disrupting the industry once again.
Waves of change are constantly disrupting companies of all sizes around the world, particularly when it comes to cybersecurity. It’s no surprise that CISOs and risk leaders are evolving. And so is our vision.
Today, we are unveiling our expansion into a broader category of integrated cyber risk management. One that gives organizations the tools to manage risk and drive alignment across the board.
Why change now?
The roles of CISOs and risk leaders have become more challenging in recent years with digital transformation, growing supply chain risk, and expanded attack surfaces. Massive digital footprints are continuing to expand, cyber attacks are increasing, and insurance premiums are on the rise. And there’s a lot more focus being put on this by capital markets, insurers, and regulators.
Now that stakeholders finally agree that cyber risk is business risk, the challenge has become gaining alignment on how to quantify, manage, and invest in it. That means CISOs need actionable insights to assess performance, qualify vendors, prioritize investments, and minimize financial loss. And they have to do all this at scale.
Boards are asking hard questions around risk and exposure. Around quantifying the expected impact of that exposure. Around whether the company is prioritizing the right things, comparing to the right peers, and taking on the right amount of risk.
Answering these new questions isn’t easy: most CISOs agree companies are adopting technology faster than they are growing their security budgets. CISOs are working against a relentless and growing problem of cyber risk uncertainty, and need strategic direction to steward their company and enable growth. They need to protect against risk and lead across the business.
Meanwhile, the market keeps pumping more investment into cybersecurity, topping $173 billion in 2022. But, companies still see increasing financial loss—compromised emails alone account for $3.8 billion cybercrime losses. Almost half of companies suffer reputational damage after an incident. And companies lose 20 days every year in lost business time.
Not only is a holistic approach to cyber risk management the key to staying ahead, it is also essential to good corporate governance. This was reaffirmed by the recently released White House national cyber strategy, pending SEC regulations on cybersecurity disclosure, and cybersecurity requirements emerging throughout Europe and Asia.
The shift to integrated cyber risk management
As the category creator and global leader in the cybersecurity ratings industry, we’re continuing to lead—innovating and growing to meet and solve today’s challenges. We will continue to stay true to our heritage of stewarding the most extensive, trusted, and objective data in the market, we’ve built—and are building—upon an already robust offering backed by 49 patents.
Our expansion towards an integrated cyber risk management solution is bolstered by large scale distribution of risk data and insights through Moody’s/BVD’s Orbis partnerships, a new Third-Party Vulnerability Detection & Response solution to build on our promise of improving exposure management, and a thoroughly researched update to our Ratings Algorithm to ensure more predictive cyber risk ratings that help mitigate cyber risk and make CISOs and risk professionals’ jobs easier. This is in addition to the recently announced enriched data service, acquisition of ThirdPartyTrust, and expanded vulnerability library.
We have also taken this opportunity to refresh our brand identity to better reflect our forward-looking vision. Our new identity is centered around our customers – and their risk leaders – and how Bitsight can be the partner and perspective they need in the market. We’re delivering a new, optimistic, dynamic, and vibrant visual identity that speaks to how we empower our customers to grow—with the clarity only Bitsight can provide.
As the cyber threat landscape worsens and the global regulatory landscape demands more nimble and thorough risk management, Bitsight is evolving to meet our customers’ growing needs. Business leaders, risk leaders, and boards are turning to us as an integrated solution to manage risk and build trust across their ecosystem. We are set to help stabilize cyber risk uncertainty and enable control, ownership, and confidence for CISOs.
Over 3,000 global enterprises trust Bitsight’s data, tools, and integrated applications to drive critical workflows across exposure, performance, and risk. As attacks on organizations intensify and business leaders demand greater strategic support to address risk, Bitsight’s mission to build trust in the digital economy has extended well beyond cyber risk ratings. We are committed to supporting our current and future customers with a broad and unified cyber risk management solution that helps them navigate with greater confidence.
Steve
Discover more about these exciting changes in our FAQ.