BitSight, a startup that assesses the likelihood that an organization will breach, has received a $250 million investment from credit rating giant Moody’s, and acquired Israeli cyber risk assessment startup Visible Risk for an undisclosed amount. .
Boston-based BitSight says Moody’s investment, which has long warned there could be cyber risk impact credit rating, will enable it to build a cybersecurity risk platform, while the credit rating giant said it plans to use BitSight’s cyber risk data and research in its integrated risk assessment product offerings.
Bitsight’s investment value is $2.4 billion and makes Moody’s the company’s largest shareholder.
“Creating transparency and strengthening trust is at the core of Moody’s’ mission,” Moody’s President and CEO Rob Fauber said in a statement. “BitSite is a leader in cybersecurity ratings, and together we will help market participants across disciplines better understand, measure and manage their cyber risks and translate that into cyber harm risk.”
Meanwhile, Bitsight’s purchase of Visible Risk, a cyber risk rating joint venture created by Moody’s and Team8, brings in-depth cyber risk assessment capabilities to Bitsight’s platform, giving startups a better analysis of an organization’s financial exposure to cyber risk and Enables calculations. VisibleRisk, which has raised $25 million to date, says its so-called “cyber ratings” are based on cyber risk quantification, which allows companies to benchmark their cyber risk against their peers and better understand and better understand the impact of cybercrime. allows to manage. threat to their businesses.
After the acquisition, bitsite Will also create a Risk Solutions Division focused on delivering a suite of critical solutions and analytics serving stakeholders including Chief Risk Officers, C-Suite executives and the Board of Directors. The division will be led by Visible Risk co-founder and CEO Derek Wadala, who previously headed Moody’s Cyber Risk Group.
BitSight President and CEO Steve Harvey said the company’s partnership with Moody’s and the acquisition of Visible Risk will expand its reach to “help customers manage cyber risk in an increasingly digital world.”
BitSight was founded in 2011 and has raised a total of $155 million in external funding, most recently closing a $60 million Series D round led by Warburg Pincus. The startup lacks 500 employees and more than 2,300 global clients, including government agencies, insurance companies and asset managers.