Most Experienced and Trusted Security Ratings Provider Announces 410 Customers, Record Sales and Rapid Global Expansion
BitSight Technologies, the standard in Security Ratings, concluded the first half of 2016 with exceptional revenue growth, customer momentum and product innovation. As the creator and leader of the security ratings market, BitSight’s continued success represents a need for an outside-in, data-driven approach to effective risk management and cyber insurance underwriting.
Leading the Security Ratings Market
- Worldwide customer count surpassed 410, growing over 60 percent in the first half of 2016.
- Sales grew nearly three times over the first half of 2015, already reaching 90 percent of 2015 sales.
- Expanded global reach with new team in Singapore, 40 percent increase in APAC customers, 90 percent increase in APAC sales and 25 percent of customers outside of North America.
- Workforce expanded more than 25 percent and a new office opened in Raleigh, North Carolina to accommodate high demand and corporate growth.
- Appointed professor of management at MIT, Michael Cusumano, as risk industry’s first Security Ratings Ombudsman.
- Grew customer-curated vendor database to 52,000, a 30 percent increase over 2015
Customer Growth and Partnership Development
- Launched BitSight Connect, an online customer community exclusively designed for customers to share best practices and success stories, network with like-minded individuals, and learn about product developments.
- Fostered ongoing initiatives for BitSight’s customer advisory board, which includes members from Worldpay, US Bank and AIG.
- Enhanced global channel partner program with appointment of Carla Morss as Director of Worldwide Channel Partner Alliances and expanded reach to 64 partners, nearly doubling channel size in the first half of 2016 over all of 2015.
- Partnered with Markit, a global provider of financial information services, to provide Security Ratings to Markit KY3P customers to monitor the security performance of vendors.
- Selected by Bank of England to participate in the first central bank fintech accelerator program to develop innovations across the financial services industry.
- Continued to provide guidance on vendor risk management, presenting alongside Drew Osborne, SVP and CISO for Bank of the West, at the FS-ISAC Annual Summit 2016.
Product Innovation and Research
- Strengthened enterprise capabilities to facilitate risk management for dozens of large enterprise and insurance customers, each managing thousands of third parties. Capabilities include enterprise level access control features, segmentation of monitored companies to reflect the company’s organizational structure, and global configurations such as alerts that reflect a company’s risk management policy.
- Customers and their vendors or insureds can now use the BitSight platform to rapidly remediate issues identified by exchanging information through the platform.
- Launched BitSight Discover for Enterprises to enhance vendor management by identifying fourth party connections and concentration risk in an organization’s supply chain.
- Launched BitSight Discover for Risk Aggregation to help insurance companies identify and manage areas of risk where disruption of widely used services could impact a large number of organizations in their books of business.
- Developed industry’s first no-touch patching cadence capability, which evaluates infected systems within an organization’s network infrastructure and determines timeline for resolution of any issue.
- Met five-year milestone of capturing and processing global data; historical data is essential for driving solid business decisions.
- Published research that highlights the need for BitSight Security Ratings across the vendor ecosystem, complementing the actionability of our prior research correlating ratings to breaches:
“Our corporate momentum is accelerating as demonstrated by the tremendous surge of customers adopting our service. We have seen a 64 percent increase in customers in just six months, and we now have 410 paying customers, including 56 enterprises in the Fortune 500,” said Shaun McConnon, CEO of BitSight Technologies. “Our customers are voting with their wallets, tripling BitSight’s impressive 2015 first half sales. With 80 percent of our June 2015 fundraising still in the bank we are evaluating our options for rapid expansion, technology investments and acquisitions. As the standard in security ratings for vendor risk management, we intend to increase and solidify that position over the next 18 months with additional funding and investment.”
To learn more about BitSight and its solutions, visit: http://www.bitsight.com/solutions/
About BitSight Technologies
BitSight Technologies is transforming how companies manage information security risk with objective, verifiable and actionable Security Ratings. Founded in 2011, the company built its Security Rating Platform to continuously analyze vast amounts of external data on security issues and behaviors in order to help organizations manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. Seven of the top 10 cyber insurers, 56 Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.