Moody’s Corporation has announced that it plans to establish a global standard for evaluating and assessing cyber risk in partnership with cybersecurity think tank and company creation platform Team8.
The joint venture aims to combine Moody’s experience in developing methodologies and global standards to measure risk with Team8’s expertise in cybersecurity technologies, access to talent, and knowledge of the global cyber threat landscape.
Together, Moody’s and Team8 will focus on the development of new methods and technologies to measure and analyse the cyber risks facing global corporations.
The cyber risk service will also assess the cyber preparedness of acquired companies in M&A transactions and serve as a key measure when purchasing cyber insurance policies.
Derek Vadala, currently Managing Director, Global Head of Cyber Risk at Moody’s, has been appointed to lead the joint venture as Chief Executive Officer (CEO).
He has more than 20 years’ experience in information security and technology management and previously served as Chief Information Security Officer (CISO).
The venture’s Board of Directors will consist of: Nadav Zafrir, Co-Founder and CEO of Team8; Jim Rosenthal, Co-Founder and CEO of BlueVoyant and the Chief Operating Officer of Morgan Stanley until 2017; and Simon Hastilow, Managing Director, Global Head of Commercial at Moody’s Investors Service.
“The combination of Team8’s industry-leading knowledge and experience in cybersecurity and Moody’s expertise in analyzing and quantifying financial risk allows for the creation of a unique capability to serve as a standard for cyber risk assessment,” said Vadala.
“There is a real necessity in the marketplace for an efficient, objective and independent assessment mechanism to assess the cyber posture of companies around the world,” Zafrir added.
“We are excited to embark on this journey with Moody’s and are confident that together we can establish a first-of-its-kind global standard for evaluating the complex cyber risk facing enterprises.”
The collaboration builds on Moody’s 2018 strategic investment in Team8, which provided access to cybersecurity research and innovation as well as connections to cyber experts.
