Moody’s Corporation has invested $250 in the American cybersecurity company BitSight. The funds will be used as part of BitSight’s acquisition of the Israeli startup VisibleRisk, a cyber risk ratings joint venture created by Moody’s and venture group Team8. The purchase price has not yet been disclosed.
The news comes just a few months after Visible Risk, which helps companies to asses their risks for cyber-attacks and more, completed a $25 million round of investment.
Founded in 2019, VisibleRisk is a joint venture between Moody’s Corporation, a global leader in risk assessment, and Team8, a cybersecurity-focused company creation platform, that is focused on creating a standard benchmark for communicating cyber risk to Boards of Directors and senior business executives in order to improve the global dialog about this important issue.
There is a reason why cybersecurity startups are so valuable today. Hackers are not only motivated by money or politics. They often just like being malicious. So even small companies need to be on their guard and be sure to properly protect their systems.
But this is something different. VisibleRisk helps its clients understand how and why they are vulnerable and how their risks compare to those of other companies.
VisibleRisk’s Cyber Ratings are based on cyber-risk quantification, which allows companies to benchmark their cyber risks against those of their peers, and to better understand and manage the impact of cyber threats to their businesses. Combining economic, cybersecurity, and industry data, the Cyber Rating incorporates a holistic, validated set of internal and external factors affecting a firm’s security posture and quantifies those risks in economic terms.
Today, we are thrilled to announce that @BitSight and @MoodysCorp have entered a landmark partnership to enable the global marketplace to better assess and confidently manage cyber risk. Learn more here. https://t.co/L9lPepoHOw #cybersecurity pic.twitter.com/QyjfFwWsvb
— BitSight (@BitSight) September 13, 2021
“Cybersecurity is one of the biggest threats to global commerce in the 21st century,” said Steve Harvey, President and Chief Executive Officer of BitSight. “Our partnership with Moody’s and acquisition of VisibleRisk expands our reach to help customers manage cyber risk in an increasingly digital world.”
“As organizations invest in cyber defense and resilience, another critical need has emerged: the ability to accurately measure and quantify cyber risk and exposure,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “Creating transparency and enabling trust is at the core of Moody’s mission – to help organizations assess complex, interconnected risks and make more informed decisions. BitSight is the leader in the cybersecurity ratings space, and together we will help market participants across disciplines better understand, measure, and manage their cyber risks and translate that to the risk of financial loss.”