Company Closes 2014, a year of Growth, Customer Momentum and Strategic Partnerships
Bitsight Technologies, the standard in Security Ratings, today announced 2014 to be a banner year for the company, as it gained significant traction in pioneering the use of Security Ratings in key business decisions, added marquee Fortune 500 customers and cemented key partnerships across all areas of its business.
Security Ratings are now essential for effective vendor risk management, security performance benchmarking, cyber insurance underwriting, mergers and acquisitions, and portfolio management.
Strategic Partnerships Validate Adoption in the Market
- Some of the world’s largest risk assessment and consultancy firms, including 2 of the ‘Big 4’ audit organizations, now embed Bitsight Ratings in their vendor risk assessment practices.
- The world’s largest insurance organization now recommends the use of Bitsight Security Ratings for vendor risk management to its thousands of cyber insurance customers around the world.
- A leading advisory firm for Fortune 500, DAX and FTSE 100 companies now includes Bitsight Security Ratings in its annual security benchmarking offering to members.
“Bitsight made phenomenal progress in breaking new ground for the security ratings industry in 2014, and our successes are continuing into 2015,” said Shaun McConnon, CEO of Bitsight. “Not only is this validation for our game-changing solution, but as regulators continue to raise the bar for organizations in terms of security performance, the need for Security Ratings becomes more critical across the business ecosystem. Security Ratings are helping to level the playing field for organizations who want to not just trust but actually verify, with evidence and data, the security practices of third parties and their own networks, and Bitsight is pleased to be at the forefront of this movement.”
Strategic investments made in data quality, breadth and innovation
In the course of 2014, Bitsight made acquisitions and partnerships to ensure its status as the principal global provider of high quality, accurate security ratings.
- Acquisition of AnubisNetworks, a real-time data threat provider. Operating one of the world’s largest sinkhole infrastructures, AnubisNetworks is the market leader in identifying botnets and compromised assets around the globe.
- Long-term, exclusive partnerships with other leading threat intelligence and data providers were cemented.
Product Innovation in ratings use, scale and accuracy
Throughout 2014, the company made several product-driven announcements, including:
- April: Bitsight Security Ratings for Portfolio Management. Users may assess the cyber risk of companies that investment firms own or plan to buy.
- June: Bitsight Security Ratings for Benchmarking. The solution enables anyone from C-level executives to board members to IT professionals to quantify their security performance, measure the success of their overall security program and benchmark that over time and against an industry, individual peers or competitors.
- September: Bitsight Security Ratings for Cyber Insurance. This first-of-its-kind solution allows insurance underwriters and brokers to make data-driven coverage decisions, while also delivering security value to the insured.
Enterprise scale customer adoption of each use case, including 15 customers in the Fortune 500
- Vendor Risk Management: A leading Fortune 100 financial institution adopts Bitsight Security Ratings to incorporate into their assessment practices for continuously monitoring the security effectiveness of more than one thousand key vendors.
- Benchmarking: A Fortune 500 global healthcare and research company has embedded Bitsight Security Ratings into their security controls to assess effectiveness of security initiatives.
- Cyber Insurance: A top Fortune 100 global insurance firm became a user of Bitsight’s Cyber Insurance solution to assess cyber risk for applicants and insureds.
- Portfolio Management/ Mergers & Acquisitions: Four of the top 5 Private Equity firms in the world endorse Bitsight Security Ratings for portfolio management.
To learn more about Bitsight and its solutions, visit: http://www.bitsight.com/solutions/
About Bitsight Technologies
Bitsight Technologies is transforming how companies manage information security risk with objective, evidence-based security ratings. The company's Security Rating Platform continuously analyzes vast amounts of external data on security behaviors in order to help organizations manage third party risk, benchmark performance, and assess and negotiate cyber insurance premiums. Based in Cambridge, MA, Bitsight is backed by Commonwealth Capital Ventures, Flybridge Capital Partners, Globespan Capital Partners, and Menlo Ventures. For more information, please visit www.bitsight.com or follow @Bitsight on Twitter.