BitSight

BitSight - an analytical company that makes up cybersecurity ratings and includes business representatives, government agencies and educational organizations. Most often, banks and insurance companies turn to these ratings.

History

2021: Raising $250 million investment from Moody's

On September 13, 2021, Moody's Corporation announced its investment in and cooperation with BitSight in the development of a large-scale, integrated platform on risks in cybersecurity.

As part of the partnership, Moody's will invest $250 million in the IB company BitSight, and the latter, in turn, will acquire the VisibleRisk division from Moody's, created jointly with the global venture capital group Team8.

In a statement, Moody's CEO Rob Fober said organizations need a way to accurately measure and quantify cyber risks and exposure as they continue to invest in cyber defense and overall sustainability.

Moody's rating agency invested $250 million in an IB company BitSight

Moody's noted that BitSight has more than 2.3 thousand customers around the world, including dozens of Fortune 500 companies, government agencies, insurers and asset managers (by September 2021)

'A deal worth $250 million would make Moody's the largest minority shareholder in Bitsight. BitSight is a leader in cybersecurity and together we will help market participants in various disciplines better understand, measure and manage their cyber risks and translate this without much financial loss, "said Moody's CEO Rob Fober.

The BitSight said that the acquisition of VisibleRisk adds the ability to assess cyber risks and expands the ability to analyze and calculate the financial exposure of the organization to cyber risks. The BitSight estimate rose to $2.4 billion after the investment.

BitSight CEO Steve Harvey added that partnering with Moody's and acquiring VisibleRisk expands the company's reach, helping customers manage cyber risks in an increasingly digital world. After all, cybercrime, one of the biggest threats to world trade in the 21st century.^[1]

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