Skip to main content

Security Ratings Critical to Addressing Society's Cybersecurity Challenges

BitSight announced that the company finished 2018 with more than 1,500 customers, a suite of market-leading innovative products and services, and the most productive security ratings platform in the world. "With key personnel and significant financial resources in place, BitSight is prepared in 2019 to help global customers in all sectors address critical cyber risk challenges," said Tom Turner, CEO of BitSight.

2018 presented significant cyber risk management challenges for global organisations and their stakeholders. Cyber-attacks -- many successful through infiltration of third-party contractors, vendors, and suppliers -- caused material financial and reputational harm to organisations, as well as operational disruption. New regulations -- GDPR, NYDFS, and others -- highlighted the critical role that executives and Boards play in overseeing cyber risk and the importance of building robust third-party cyber risk management programs. These trends will continue in 2019 and beyond.

Security ratings can help society address these critical challenges. Security ratings increase transparency about cybersecurity, enabling dynamic, informed interactions between global market participants and incentivising a more secure global ecosystem. Industry analysts at independent research firms Gartner and Forrester have recognised the important role of security ratings solutions in helping organisations manage and reduce cyber risk.

BitSight has created the most productive security ratings platform in the world. A security ratings platform's value increases as each participant engages in more of the platform's intended uses; thus, the platform with the largest number of participants across the largest number of use cases is the most efficient, useful, productive platform and most likely to have the desired global impact in addressing cyber risk.

In 2018, BitSight's platform set new performance records:
•         1,500+ customers, including over a quarter of the Fortune 500, actively engaged on the platform.
•         25,000+ users actively monitoring 160,000 organisations.
•         100,000+ unique pieces of user-generated data, providing greater insight and context for all users across all use cases.
•         Increased the scope and volume of data collected to more than 120 billion pieces of security data, providing greater insight into the security performance of organisations across 23 different risk vectors.
•         Addressing a variety of critical, interconnected internal and external use cases at scale:
o    850+ customers leveraging BitSight for third party risk management.
o    1150+ customers leveraging BitSight for their own security performance management.
o    50+ global government agencies and regulators leveraging BitSight ratings, including financial regulators and critical infrastructure regulators in the US, Europe, Middle East, and Asia/Pacific.
o    Nearly 50% of global cyber insurance premium is written by BitSight's insurance customers.
•         BitSight was named a Leader in The Forrester New Wave™: Cybersecurity Risk Rating Solutions, Q4 2018, receiving a differentiated rating (the highest possible rating) in seven criteria.

Over the last five years, BitSight built the most valuable security ratings platform by delivering innovative products, features, and insights to customers. In 2018, these innovations included:
•         Vendor Risk Matrix, allowing users to perform critical risk analysis and remediation prioritisation of their third-party ecosystem.
•         Asset Risk Matrix, the market's first AI-driven asset prioritisation tool, enabled by BitSight's advanced data collection and data science capabilities.
•         Forecasting, the first analytics offering in the Security Rating Services industry to provide direct visibility into an organisation's current and future security program, as well as insights into the efficacy of its investments and initiatives.
•         Partnering with Verizon on the Verizon Risk Report, an automated, comprehensive security risk scoring framework that identifies current security gaps, weaknesses and associated risks on a daily basis.
•         Partnering with IHS Markit to create Research Signals: Cybersecurity Factors, providing asset managers with critical cybersecurity intelligence on organisations worldwide, allowing them to incorporate cybersecurity into their investment decision-making processes.

BitSight generated critical insights for customers and the market in 2018, including:
•         Leading a conversation about the "Intersection of Business and Cyber Risk" at EXCHANGE, BitSight's inaugural event in New York City. EXCHANGE was attended by over 150 senior executives and business leaders who gathered to network, collaborate and share best practices to measure and minimise cyber risk. BitSight plans to host EXCHANGE 2019 again in the fall in New York City.
•         Published research, including an assessment of U.S. Government contractor cybersecurity performance, a new report designed exclusively for corporate board members, critical analysis into mobile application security and other critical cyber risks affecting organisations, and critical insight for policymakers about the potential impact of GDPR regulations on the security performance of European organisations.
•         Research published by IHS Markit leveraging BitSight data, which demonstrated signal in BitSight's data that is useful in investment decision-making.

BitSight is able to provide these capabilities to the market by building a world-class business:
•         BitSight hires and nurtures world-class talent: in 2018, BitSight hired over 130 new employees, bringing the total number of employees to more than 400, with plans to exceed 500 in 2019.
•         In 2018, BitSight made strategic hires of industry veterans focused on customer success, long-term growth, and strategy, including: Dave McCann, Vice President of Customer Success and Support; Vineet Seth, Vice President of Product; John Kelly, Vice President of Worldwide Channels; and Jim McInerny, Vice President of Worldwide Commercial Sales.
•         BitSight promoted key contributors in 2018, including: Marc Light, Vice President of Data and Research; John Truelove, Vice President of Engineering; Matt Cherian, Vice President of Strategic Partnerships; Dave Fachetti, Executive Vice President of Strategy and Chief Marketing Officer.
•         The company is fully capitalised after raising $60 million in a Series D round led by Warburg Pincus, with participation from existing investors Menlo Ventures, GGV Capital and Singtel Innov8.
•         BitSight's relocation of headquarters to Boston's Back Bay provides the company with the ideal environment to keep pace with its tremendous business, customer and employee growth. BitSight also expanded office space in Raleigh and moved into a new facility in Lisbon, Portugal.
•         BitSight continues to leverage strategic channel relationships to meet increasing customer demand, growing channel revenue 68 percent year-over-year.

In 2019, BitSight will continue to expand the company's market-leading position across all of the interconnected use cases with a planned focus on allowing security leaders to perform strategic planning and analysis on their own organisation. Empowering organisations to better understand and address security issues within their own environment will measurably benefit the broader ecosystem of BitSight users.


Popular posts from this blog

Snap Tube can download any video in your regional language

Snap Tube is an Internet Company founded in 2016 with the objective in providing services in the mobile related products and services. Within a span of 18 months, Snap Tube gained lead place in the global market by its satisfactory service to its esteemed consumers. Snap Tube started new feature in India where the user can use the app in his mother tongue, where Snap tube is coming up with the introduction of Indian Regional languages. Namely Hindi, Tamil, Telugu, Bengali, Gujarati, Malayalam, Marathi, Urdu and Kannada.
Snap Tube is now operated and available in more than 100 countries and recognized as trust worthy around the globe. Now there are more than 40 million downloads across the world and everyday more than 10 million users are getting the benefits of the application.
Snap Tube is a tool designed to download videos in a simple, fast, and convenient way from YouTube, Facebook, Twitter, and Instagram. It is a user friendly and with this application user can download the video…

Insurtech startup Kruzr raises $1.3 Million from Saama Capital and Better Capital

InsurTech startup Kruzr has raised 1.3 Million USD (Rs. 9.5 Cr) for its seed round led by Saama Capital with participation from Better Capital. Kruzr is a preventive motor insurance technology which helps insurance companies personalize policy premiums & improve their risk model by delivering an engaging preventative driving assistant to their customers. Kruzr is founded by Pallav Singh, Ayan, and Jasmeet Singh Sethi.

Kruzr blends the power of voice technology and artificial intelligence in its personal driving assistant that helps drivers minimize mobile distractions, drowsy driving, speeding and external risks like weather and accident-prone zones. In pilots with insurers, Kruzr managed to cut down distracted driving by 80%. Kruzr is working with motor insurance companies in Europe, UK and India to bring its technology to their customers to prevent accidents & improve claims.

“Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies los…

Going Beyond the Buzz in 2019-Understanding 'Digital'

By: Chris Pope, Global VP of Innovation, ServiceNow

There are college degrees in computer science and software engineering that feature various different programming languages and methodologies. Looking further, there are technical architecture courses and many extended forms of tuition designed to school us in every aspect of technology you can think of. Yet, despite all these channels of teaching and the many books that have been written to explore our world of technology, we appear to largely fail when it comes to formalising a wider approach to simply ‘teaching digital’.

Understanding digital, the subject, the discipline itself, is a prerequisite if firms are going to actually appreciate where new and emerging technology will have an impact on an organisation.

A responsibility to embrace digital
The consequences of not embracing digital and the process of moving fundamental work operations to new cloud-based, services-driven platforms leads to something of a vicious circle. Firms st…

Best Five Apps to Help You to Keep Your New Year’s Resolutions

Millions of people will declare their resolutions for 2017. Whether you're resolving to lose weight, get fit, pay off your debt, or just be more grateful for the life you've got, it can be notoriously difficult to follow through in the long run. But put technology on your side and give it your best shot. Here are best five apps designed to help you stick with your New Year's resolutions and achieve your goals.