Moody’s Corporation [NYSE: MCO] has joined hands with BitSight to create an inclusive, unified, industry-leading cybersecurity risk platform. The substantial investment of Moody’s in BitSight will further improve the services and also increase the capabilities of BitSight. BitSight has garnered attention for its ways to revolutionize the process to tackle global marketplace cyber risk with cybersecurity ratings and analytics.
It has been witnessed in the past 18 months that more and more organizations are experiencing cyber-attacks. The increasing cyber-attacks cost businesses hundreds of billions of dollars. These increasing attacks jeopardized the solidity and status of businesses across the world. Hence, these attacks forced businesses to assess the cyber risks.
Furthermore, a Moody’s Investors Service review of cyber vulnerability and impact disclosed that 13 sectors with high or medium-high risk with total rated debt more than $20 trillion. BitSight assists global market businesses in getting know-how of cyber risk through ratings, analytics, and performance management tools. It offers unique understandings for more than 2,300 global clients, including many Fortune 500 firms, government agencies, insurers, and asset managers.
As per the new collaboration, Moody’s will invest $250 million in BitSight. In addition to this, BitSight will buy VisibleRisk, a cyber risk ratings joint venture founded by Moody’s and Team8, a global venture group. The decision to buy VisibleRisk will add a unique in-depth cyber risk review capability and enhance its ability to assess and compute an exposure of a firm to cyber risk.
The main mission of Moody’s is to promote transparency and establish trust. It is striving to offer solutions to the firms which help them in making the needed decision regarding cyber risks. To pursue its mission the firm has to establish this partnership because BitSight has gained recognition as a leader in the cybersecurity rating space, and together with BitSight it will assist market participants across disciplines better comprehend, assess, and cope with their cyber risks.