BitSight

BitSight offers a data-driven security rating system for financial services, retail, manufacturing, telecom, and cyber insurance companies. BitSight’s risk rating system is backed by a company’s historical data as well as industry benchmarks. The platform collects data from over 260 billion cyber events daily from 120 data sources. In the areas of cyber insurance, it allows insurers to determine the rate of premiums while also enabling the continuous monitoring of security posture during the coverage period. BitSight also offers cyber risk modeling services, helping businesses financially quantify enterprise cyber risk.

In September 2021, BitSight acquired VisibleRisk, a cyber risk rating startup created by the credit ratings agency Moody’s Corporation and the venture capital firm Team8. BitSight integrated VisibleRisk’s cyber risk assessment capability to enhance its Financial Quantification tool to better estimate the financial exposure of an organization to cyber risk. Following the acquisition, BitSight was to set up a Risk Solutions Division that focuses on cybersecurity insights for the board of directors and C-suite executives.

In August 2022, the company acquired the third-party risk management startup, ThirdPartyTrust. ThirdPartyTrust was integrated into BitSight’s existing TPRM solutions to deliver real-time insights throughout the entire third-party lifecycle and extended supply chain.

Key customers and partnerships

By July 2021, the company had analyzed the security ratings of over 27,000 companies. During that period, the company claimed that 50% of all cyber insurance policies underwritten globally were by its customers and 20% of governments worldwide use BitSight data for national security. Overall, the company had over 2,300 customers globally and an employee headcount of 500 as of September 2021.

Bitsight announced an expanded partnership with Moody’s Analytics in April 2023, providing analysts with enhanced insights, and making Bitsight’s analytics available through Moody’s BVD Orbis database. The firm also added a response function to its TPRM platform.

Funding and financials

In conjunction with the acquisition of VisibleRisk in September 2021, BitSight also secured USD 250 million in funding from Moody’s at a valuation of USD 2.4 billion. The company utilized the funds to pursue growth and further enhance its product offerings and capabilities.