Bitsight, the Standard in Security Ratings, today announced its key 2016 milestones, demonstrating substantial growth and clear market leadership. Momentum can be attributed to the complete solution that Bitsight offers: trustworthiness of Bitsight’s objective and verifiable Security Ratings, the time-tested reputation that Bitsight has built over the last six years as the creator of the market, and the actionable nature of ratings in today’s cybersecurity-charged climate.
“2016 was an extraordinary year for Bitsight,” CEO Shaun McConnon said, referring to the Forbes magazine article on Bitsight’s accomplishments, growth, and innovation as it created a new market in cyber security ratings in the vendor risk management space. “We have become the standard in this space, achieving significantly over $25M dollars in sales and growing our core business 115 percent. Our customer base has expanded dramatically from 250 to over 650 worldwide customers, with 25 percent of our business outside North America.”
Bitsight is the Leader in the Security Ratings Services Market
- Over 650 customers, 160% growth from 2015, including 80 of the Fortune 500.
- Grew its core business by 115% Y/Y from 2015 with over 40 quota-carrying sales representatives globally.
- Channel-first strategy resulting in over 360% growth from 2015 and 89 channel partners across the globe.
- Global expansion with 33% of sales from outside of North America in 2016.
- Grew its database of high quality mapped companies to over 72,000, a 100% increase from 2015.
- Growth in cyber insurance with the recent addition of Samit Shah, a cyber insurance industry veteran and sought-after industry speaker with previous roles at Zurich Insurance.
- Selected by Forbes as one of 25 companies on its Next Billion Dollar Startups list.
- $40M raised in Series C round led by GGV Capital, for a total of $95M raised.
- Grew employee count by 45% Y/Y from 2015.
- Offices in Cambridge, MA; Lexington, MA; Raleigh, NC; Lisbon, Portugal
Continued Product Innovation and Advancements for Actionability and Operationalization
- Added portfolio thresholds and analytics to the Security Ratings Platform, which enable organizations to gain actionable insights into the aggregate cybersecurity risk of their third parties.
- Incorporated a new Remediation Strategy capability to enable risk and security stakeholders to focus on improving their organization’s security posture while assisting third parties to do the same.
- External validation from AIR Worldwide on the correlation of Bitsight Security Ratings to publicly-disclosed breaches; the lower the rating, the higher the risk.
- Released Bitsight Discover, the only vendor risk aggregation solution that instantly highlights single points of failure in a supply chain.
Dedication to Objective Research
- Fourth Annual Industry Index Report - Critical Third Parties: Exploring Data Security in Legal Sector
- The Rising Face of Cybercrime: Ransomware
- Bitsight Insights Global View: Revealing Security Performance Metrics Across Major World Economies
- Risk Degrees of Separation: The Impact of Fourth-Party Networks on Organizations
Additional Resources
- Read about Bitsight CEO Shaun McConnon and company’s founding in Forbes.
- Learn how Bitsight enables Cabela’s vendor risk management team to reduce cybersecurity risks.
- Find out how STERIS leverages Bitsight for benchmarking and mergers & acquisitions to better manage their security risks.
About Bitsight Technologies
Bitsight transforms how companies manage information security risk with objective, verifiable and actionable Security Ratings. Founded in 2011, the company built its Security Ratings Platform to continuously analyze vast amounts of external data on security issues and behaviors in order to help organizations manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. As the best total solution in Security Ratings, seven of the largest 10 cyber insurers, 80 Fortune 500 companies, and 3 of the top 5 investment banks rely on Bitsight to manage cyber risks. For more information, please visit www.bitsight.com, read our blog or follow @Bitsight on Twitter.