Bitsight, a cybersecurity ratings company has announced its expansion into a broader category of integrated cyber risk management bolstered by an expanded partnership with Moody’s Corporation and improvement to proprietary ratings algorithm.
Bitsight’s enhanced strategy will deliver new capabilities to empower security professionals and business leaders to more effectively and holistically manage cyber risk, the company stated.
The announcement includes large-scale distribution of risk data and insights through Moody’s/BVD’s Orbis, a new Third-Party Vulnerability Detection & Response solution, and more predictive cyber risk ratings that help mitigate cyber risk and make CISOs and risk professionals’ jobs easier.
Bitsight’s integrated solutions address the needs of CISOs and risk leaders, whose roles have become more challenging in recent years with digital transformation, supply chain risk, and expanded attack surfaces.
Steve Harvey, Bitsight CEO, said: “As the cyber threat landscape worsens and the global regulatory landscape demands more nimble and thorough risk management, Bitsight has evolved to stay ahead of our customers’ needs. Business leaders, risk leaders and boards are turning to us as an integrated solution to manage risk and build trust across their ecosystem.”
He added: “Our strategic shift to become an integrated cyber risk management leader means we’re able to provide customers and governments with the industry’s most impactful data, services and tools to confidently navigate the uncertain cyber landscape.”
Newly-added integrations with Moody’s will deliver expanded insights for enterprises and assist with holistic cyber risk management, Bitsight highlighted.
In October 2021, Moody’s Corporation invested $250 million in Bitsight. They announced a landmark partnership agreement, which made Bitsight the primary cyber risk analytics provider across Moody’s suite of integrated risk assessment offerings.
Bitsight data is now accessible by nearly 2,000 global credit analysts within Moody’s Investors Service. These analysts are leveraging Bitsight to better understand the relative cyber risk of issuers, engage issuers on cybersecurity risk, and publish research on the intersection of cyber risk and credit risk.
Additionally, Bitsight ratings data is now also integrated within Moody’s Analytics’ BVD Orbis platform, enabling non-technical risk managers to easily consider cyber risk factors in counterparty risk analysis.
To further its cyber risk management capabilities, Bitsight has also enhanced its Third-Party Vulnerability Detection tool to include a Response workflow; and launched a new ratings algorithm, with several key enhancements.
These enhancements include modifying the weights of several risk vectors based on independent research and insight into how those risk vectors correlate to real life cyber events.
As cyber attacks on organisations intensify and there is greeted demand for strategic support to address risk, Bitsight’s mission to build trust in the digital economy has extended well beyond cyber risk ratings, the company stated.
Harvey added: “Risk leaders globally spend every day working against a relentless and growing problem of cyber risk uncertainty. And as waves of digital transformation continue to disrupt cybersecurity stability, we are committed to supporting our current and future customers with a broad and unified cyber risk management solution that helps them navigate with greater confidence.”
