The BitSight and Moody's Partnership: A New Era For Cybersecurity

Steve Harvey | September 13, 2021 | tag: Security Risk Management

Cybersecurity is one of the biggest threats to global commerce in the 21st century.

By providing data-driven insights into cybersecurity, we can empower the marketplace to make better, risk-informed decisions and create a more secure global ecosystem.

Today BitSight and Moody’s announced a landmark partnership that will transform the way that the global marketplace measures and manages cyber risk.

 

  • Moody’s will invest $250 million in BitSight, further enhancing BitSight’s offerings and capabilities. We are thrilled to partner with Moody’s, a global brand known for more than a century as the world’s leading platform for credit analysis, risk data, and ratings.
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  • Moody’s and BitSight will partner to create an integrated cybersecurity risk platform. Moody’s will leverage BitSight’s extensive cyber risk data and research across its growing suite of integrated risk assessment product offerings.
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  • BitSight is acquiring VisibleRisk, an innovative cyber risk quantification firm backed by Moody’s and Team8, along with a team of exceptional executive and Tel Aviv-based technical talent.

This partnership firmly cements BitSight as the world’s leading provider of cybersecurity ratings and analytics, places BitSight at the center of an evolution in the way the global marketplace of investors, companies, governments, and insurers measure cybersecurity and manage cyber risk, and creates the conditions for BitSight to enter a new hyper growth stage.

The Landmark Deal Between BitSight and Moody’s

 

Steve Harvey, BitSight President & CEO with Rob Fauber, Moody's President & CEOThese are challenging times in cybersecurity. Critical infrastructure is under attack. Ransomware attacks have increased 486% over the past two years. Cybercrime is now estimated to cost the world economy more than $1 trillion. Businesses, investors, and governments are struggling to assess and quantify cyber risk.

Moody’s and BitSight share a common goal of helping leaders make better risk decisions with data. BitSight’s partnership with Moody's enables us to accelerate the development of our solutions and expand the delivery of Security Ratings and data-driven insights across the global marketplace and to new executive audiences. Together, we’ll integrate security, risk and financial data sets to empower the marketplace to make better, risk-informed decisions.

We’re honored that Moody’s selected BitSight as their cybersecurity data and analytics partner for the future. Moody’s has been a leader in cybersecurity for years, having written extensive research on the intersection between cybersecurity and credit, and invested in cybersecurity companies. We believe Moody’s decision to partner with BitSight is clear validation of our ratings and data, our successful business model, and our trustworthiness as a business partner. The $2.4 billion valuation of our business reflects BitSight’s leadership in a rapidly growing data insights and analytics market -- a position that will grow larger as BitSight data becomes more deeply integrated in financial, credit, and pricing decisions.

As security data becomes more deeply integrated in commercial transactions, cybersecurity changes from an “IT issue” to a critical business risk that will be measured and managed like other major risks. As CISOs continue to navigate the C-suite and boardroom, they will be asked to make critical strategic decisions regarding risk, quantify their organization’s financial exposure, prioritize security initiatives, justify budget allocation and resources, and effectively report on their program effectiveness to internal and external stakeholders. BitSight is excited to support security and risk professionals during these transformational times.

VisibleRisk Brings Innovative Cyber Risk Quantification Product and a World-Class Team to BitSight

 

We are thrilled to acquire VisibleRisk, an innovative cyber risk quantification firm, advancing our ability to analyze and calculate an organization’s financial exposure to cyber risk.

VisibleRisk’s modern approach to cyber risk quantification enables BitSight to expand our highly successful, industry-leading Financial Quantification solution and deliver a robust, efficient, and easily repeatable means to analyze and calculate an organization's financial exposure to cyber risk. BitSight now provides a comprehensive suite of security performance solutions and analytics that support risk analysis, financial quantification of cyber risk, measuring cyber value at risk, security program prioritization, budget allocation, and other critical decision making for a variety of stakeholders ranging from CISOs to executives.

VisibleRisk’s data collection capabilities -- including its proprietary, automated technical collection tools that gather internal data -- complement and enhance BitSight’s external observations to deliver an enhanced view of organizational security performance.

I’m excited to welcome the entire VisibleRisk team to BitSight. Founded in 2019 by Derek Vadala, former CISO of Moody’s, VisibleRisk is composed of exceptional executives, technical teams, and subject matter experts with experience in cyber risk quantification, financial quantification, cyber insurance, credit ratings, and penetration testing. VisibleRisk’s Tel Aviv based research and development team is a critical asset for BitSight, and BitSight is committed to further investing in this team.

BitSight will create a new Risk Solutions Division focused on delivering a suite of solutions and analytics that support financial quantification of cyber risk, measuring cyber value at risk, and other critical analytics that serve a variety of stakeholders ranging from CISOs to executives. Derek will lead this new division at BitSight.

A New Era for Cybersecurity

 

We’re entering a new era for cybersecurity.

Cybersecurity was once an “IT problem.” No more. The market now recognizes the urgency of cybersecurity. It is a risk that cannot be ignored and must be evaluated and priced into every market transaction.

BitSight data and analytics are at the heart of this major market transformation. Our partnership with Moody’s and acquisition of VisibleRisk expands our reach to help customers manage cyber risk in an increasingly digital world.

Though BitSight celebrated its 10 year anniversary this year, in many ways we’re only at the beginning of our journey. Please join us, and together we can help the market manage this most important challenge.

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