Today, BitSight is excited to announce that we have raised $23 million in Series B funding. The additional funding will allow BitSight to keep hiring exceptional talent, as well as extend sales and marketing initiatives in Europe and in the Asia-Pacific region. The funding will also allow us to accelerate the development of new data analytic products and add to our extensive data resources to ensure the most accurate ratings possible. BitSight is thriled to have Comcast Ventures join as a new investor. We’re also thrilled that all of our current investors participated in this new round!
Ultimately, this funding helps further our mission of transforming how organizations evaluate risk and security performance. While massive data breaches continue to dominate news headlines, it is becoming clear that this transformation is needed to create a safer cyber ecosystem and economy.
Venky Ganesan, Managing Director of Menlo Ventures, recently wrote that many companies are still “building fortifications against the threat that was, and not the threat that is and will be”. In light of this, Ganesan outlined five ways that companies can better protect against cyber threats:
- Pay Attention to Botnets: companies with BitSight botnet grades of ‘B’ or below were found to be 2.2 times more likely to experience a significant breach. The finding highlights the importance of identifying and remediating botnet infections as quickly as possible in order to avoid data loss.
- Monitor Third Parties: many of the most widely-known breaches originated from a vulnerability in a third party network. In the most recent Verizon DBIR, 70% of incidents observed involved a secondary victim where the victims were targeted and infected through an unknowing third party, like a vendor or supplier. If vendor risk management is new and daunting for you, we have a guide to help get you started.
- Know Your Rating: just as credit bureaus use rating scales to measure risk, cyber insurance providers are using security ratings to help mitigate risk and losses. Even if you’re not looking to purchase cyber coverage, knowing your rating each day will provide valuable insight into the effectiveness of your company’s security program.
- Focus on Detection and Remediation: new cyber threats are emerging constantly, meaning that even the most prepared organizations are vulnerable on any given day. In order to mitigate risk, detection and remediation time is key. Typically, companies with higher ratings respond quickly to incidents on their networks and have less events.
- Benchmark Security Performance: knowing how your security program is performing relative to industry peers provides great value. If an organization is performing well below their competitors, they may need to adjust their IT budget, headcount, and initiatives accordingly.
Venky Ganesan is just one of many beginning to endorse the use of BitSight Security Ratings. This series B funding shows that BitSight has come a long way, yet there is still much more to accomplish!