Today, Bitsight and Diligent launched an extension of our partnership focused on correlated, independent, and comparable cyber ratings from Bitsight within Diligent’s Board Reporting for IT Risk. Streamlined data collection and standardized dashboards enable CISOs to deliver clear and consistent insights to the board leveraging Bitsight and Diligent solutions.
Through Bitsight’s integration with Diligent, public and private companies will be able to access market-leading cyber risk data and insights within their Diligent solutions, giving them a more holistic view of their cyber risk profile,” said Steve Harvey, CEO at Bitsight.
Bitsight ratings provide directors with a view of cyber risk performance that can be tied to financial loss resulting from key threats such as ransomware and data breaches.
Cybersecurity risk has become a top priority for corporate directors and board members. Bitsight is proud to announce a strategic partnership with Diligent, a leading GRC SaaS company, providing solutions in governance, risk, compliance, audit and ESG to more than 750,000 board members and executives around the world. This partnership will help corporate directors measure, benchmark, and oversee cyber risk more effectively within their organizations.
The implications of cyber events for a company are many and growing: instantly damaged reputations that erode years of credibility and trust with customers and investors; impaired profitability from customer attrition and increased operating costs; lost intellectual property; fines and/or litigation; and harm to a company’s people and culture. For example, publicly traded companies suffered an average drop of 7.5 percent in their stock values and a mean market cap loss of $5.4 billion per company. Marsh McLennan has also stated that cyber insurance premiums increased by 79 percent in Q2 of 2022 alone, driven by losses sustained by cyber incidents.
New proposed cybersecurity regulations from the U.S. Securities and Exchange Commission (SEC) will require board members to participate more closely in cybersecurity oversight. It is crucial for directors to enhance their knowledge of cybersecurity to effectively govern significant enterprise-wide risks and have meaningful conversations with functional leaders.
As boards increase their focus on cybersecurity, directors can protect themselves and their companies by measuring their cybersecurity program using quantitative, independent, objective data. Engaging with trusted third-party partners like Bitsight helps boards benchmark against comparable companies and best-in-class measures. Boards can use these metrics to regularly evaluate the risk of the business and the adequacy and effectiveness of existing security controls to limit and mitigate cybersecurity risks.
Bitsight’s partnership with Diligent will enable directors of public and private companies to access market-leading risk data and insights within their Diligent solutions, giving them a more holistic view of their cyber risk profile. Under this partnership, Bitsight data appears in the Diligent Showcase, a central hub for Diligent customers to find the right partners, integrations, and content to help customers move faster tackling the complexities of governance, risk, compliance, audit and ESG.
To find out more about the Bitsight–Diligent partnership and Board Reporting for IT Risk, visit our partnership landing page.