News & Views
Demand for security ratings grows
The demand for security ratings continues to grow as BitSight (https://bitsight.com), the standard in security ratings announces that now has more than 2,100 customers worldwide as it closed its fiscal year ending 31 January.
“Security ratings provide critical information to help all stakeholders in the global marketplace manage material cyber risk,” says Stephen Harvey, CEO, BitSight. “BitSight is laser-focused on expanding our market leadership in the year ahead by bringing new product innovation and efficient workflow to help our customers measure and manage cyber risk. Our solutions for Security Performance Management, Third Party Risk Management, Critical National Infrastructure, and Cyber Insurance are helping organizations reduce risk, achieve better operational efficiency, safeguard their reputation, and securely scale their business."
BitSight's solutions are based on the industry's broadest, most unique, and most credible collection of cybersecurity performance data, which surpassed 200 billion data points collected per day. More than 25,000 users now leverage the BitSight platform to actively monitor over 150,000 organizations, generating more than 130,000 pieces of content on the platform, including more than 3,500 “self-published” security ratings, bolstering cyber information sharing among the platform’s user ecosystem and adding greater context to aid risk decision-making. Notably, within the past year, customers have extended more than 5,500 invitations to third parties, alerting them to critical security issues within the BitSight platform and driving risk remediation.
In the fiscal year, BitSight brought to market more than 30 innovative, significant new capabilities across multiple use cases, including Peer Analytics, a Security Performance Management (SPM) offering that provides security and risk leaders unprecedented visibility into the relative performance of their security programs against their peers and sector; and BitSight for Fourth-Party Risk Management, which provides deep, automated and continuous visibility into organizations' extended business ecosystem to help them more effectively manage fourth-party risk.
BitSight continues to drive industry discussion on critical cyber risk and security issues, threats and challenges, commissioning a Forrester Consulting study (https://info.bitsight.com/forrester-study-security-performance-management) that correlates cybersecurity performance to commercial success, with many enterprises admitting they have lost business due to a real or perceived lack of security performance within their company. In addition, the company has produced a joint report (https://info.bitsight.com/third-party-cyber-risk-financial-services-report) with the Center for Financial Professionals that revealed widespread shortcoming across the global financial sector in effectively monitoring, managing and reporting on third-party cyber risk management.
Now ranking as No 246 on the Deloitte Technology Fast 500™ list, BitSight continues to earn several prominent industry accolades.