New product leverages security performance data and cyber risk modeling to inform organizational cybersecurity investments, risk management decisions, M&A analysis, and more
BOSTON – April 6, 2021 — BitSight, the Standard in Security Ratings, and Kovrr, a leader in data-driven cyber risk modeling, are furthering their partnership and today announced Financial Quantification for Enterprise Cyber Risk—a product that provides CISOs and Chief Risk Officers an easier, more efficient and repeatable means to financially quantify their cyber risk and report to senior executives and board members.
Developed using Kovrr’s multiple underlying cyber risk models that analyze different categories of loss scenarios, the BitSight Financial Quantification for Enterprise Cyber Risk product calculates an organization's financial exposure to cyber risk. The turnkey solution enables on-demand analysis and complements the cybersecurity performance measurements provided by BitSight, without any additional headcount or resources to manage.
It is a critical time for business leaders to understand the financial impact of their organization’s cyber risk. A December 2020 report from the Center for Strategic and International Studies and McAfee estimates that cybercrime now costs the world economy more than $1 trillion. Ransomware has become a critical challenge; according to Aon’s 2020 Cyber Insurance Snapshot, ransomware attacks have increased 486% over the past two years, resulting in significant financial losses for global organizations.
BitSight and Kovrr’s approach to quantifying cyber risk’s financial impact provides an opportunity to change the conversation about cybersecurity at an organizational level. Through the BitSight Financial Quantification analysis, an organization’s board, CEO, CFO, non-technical stakeholders, and the Chief Risk Officer can speak the same language and better understand and evaluate cybersecurity programs and cyber risk in financial terms.
"BitSight Financial Quantification enables our largest global clients to seamlessly and continuously financially quantify their cyber risk exposure with confidence. Its financial analysis provides the insights CISOs and Board executives need to prioritize and manage their cybersecurity initiatives to reduce their cyber risk exposure,” said customer Takeshi Doi, Chief of Cyber Risk, MS&AD InterRisk Research & Consulting, Inc.
Organizations use BitSight’s Financial Quantification to address the following business needs:
- Annual Cybersecurity Budgeting
- Organizational Risk Management
- Business Planning (CISO)
- M&A Analysis
“Executives want to understand cyber risk in financial terms,” said BitSight CEO Steve Harvey. “BitSight is introducing an innovative approach to financial quantification that helps CISOs and Chief Risk Officers quickly measure their financial exposure using the same models available to the cyber insurance industry. Armed with this information, organizations can make smarter security decisions and prioritize investments to mitigate catastrophic financial loss. We are very excited to be expanding our partnership with Kovrr and bringing these robust capabilities to the enterprise customer.”
"We’re pleased to announce this further deepening of Kovrr's commercial partnership with BitSight," said Kovrr CEO Yakir Golan. “With the launch of Financial Quantification for Enterprise Cyber Risk we're delivering enterprise risk professionals a pioneering way to consistently financially quantify their cyber risk exposure and support them to make data driven risk management decisions."
For information about the BitSight Financial Quantification for Enterprise Cyber Risk solution please visit https://www.bitsight.com/financial-quantification-for-enterprise-cyber-risk.
Jake Olcott -- Vice President, Communications and Government Affairs, [email protected]
Naomi Weisz -- Head of Marketing, Kovrr, [email protected]
Monica Couvillion -- Edelman, Corporate & Public Affairs, [email protected]
BitSight transforms how organizations manage cyber risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help organizations manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct financial diligence; and assess aggregate risk. With over 2,100 global customers and the largest ecosystem of users and information, BitSight is the Standard in Security Ratings. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.
Kovrr’s cyber risk modeling platform delivers global (re)insurers and enterprises transparent data-driven insights into their cyber risk exposures.The Kovrr platform is designed to help chief risk officers, underwriters, exposure managers, risk professionals and catastrophe modelers understand, financially quantify and manage cyber risk by utilizing AI-powered risk models. For more information, please visit www.kovrr.com or follow us on Twitter or LinkedIn.