Cyber risk manager Bitsight and Moody’s have launched a new cyber risk solution that will cover over 300 million organisations worldwide.
The Implied Cyber Threat (ICT) is an offering built on Bitsight’s cyber risk analytics engine and Moody’s Orbis company database.
It was designed to provide cyber risk insights and valuable market context for more than 325 million organisations – the highest coverage in the market by a factor of over 25x according to Bitsight.
This new offering looks to facilitate a unified, comparable assessment of the risks – like losses from cyber events – businesses face in a digitised world.
“Cyberattacks and ransomware cost companies billions in losses every year, jeopardising global business stability and making cyber risk management a top priority for business leaders,” said Matt McDonald, Managing Director, Moody’s.
Adding: “The ICT will help our customers assess their third-party cyber risks. The scale of the ICT is a major advancement that will help provide actionable cyber risk insight into extended business ecosystems.”
The ICT quantifies the inherent cyber risk for an organisation based on Moody’s firmographic indicators including company size, sector and geography, plus a unique subset of Bitsight’s risk vectors including botnet infections and open ports.
This results in a highly actionable inherent risk indicator, with a significant correlation to breach and ransomware, the firms explain.
Entities with very high risk are nearly 11x more likely to experience a security incident compared to very low risk entities. To address this, the ICT can act as a powerful standalone indicator of relative cyber risk as well as a contextual complement to Bitsight’s performance analytics.
Derek Vadala, Chief Risk Officer, Bitsight: “Our partnership with Moody’s is rooted in helping global institutions better understand, quantify and respond to cyber risk. By bringing together Bitsight cyber analytics with Moody’s leading company information, the market now has a powerful mechanism for assessing cyber risk at scale.
“Today’s launch of the ICT is a critical step forward in ensuring cyber risk assessment capabilities are highly accessible and understandable to all business audiences.”
The ICT is now available to customers of Moody’s Orbis and Catalyst offerings.
