Bitsight, a prominent player in global cyber risk management, and Moody’s, an established leader in risk assessment, have partnered to introduce the Implied Cyber Threat (ICT).
The partnership aims to address the growing digital risks in the global economy as cyber-related losses continue to escalate. With cyber threats like ransomware costing companies billions annually, there is an urgent need for robust cyber risk management solutions that extend beyond traditional enterprise security measures.
Bitsight is transforming the way organisations handle cyber risk management. Known for prioritising cybersecurity investments and building trust within digital ecosystems, Bitsight offers solutions that minimise financial losses and enhance enterprise security performance.
Moody’s Corporation specialises in integrated risk assessment to aid organisations in making informed decisions. Through its extensive analytical solutions, Moody’s facilitates clearer transparency and risk management, ensuring businesses can navigate potential threats more effectively.
The ICT tool is a first-of-its-kind offering that provides a unified, scalable assessment of cyber risks affecting over 325 million organisations globally. This expansive coverage is a significant improvement over existing solutions, providing a 25x broader range than the nearest competitors.
The ICT leverages Moody’s firmographic indicators and Bitsight’s specific risk vectors, such as botnet infections and open ports, to quantify cyber threats accurately. This correlation not only enhances risk indicators but also complements Bitsight’s performance analytics, making the ICT a vital standalone resource for assessing relative cyber threats.
Bitsight CRO Derek Vadala said, “Our partnership with Moody’s is rooted in helping global institutions better understand, quantify and respond to cyber risk. By bringing together Bitsight cyber analytics with Moody’s leading company information, the market now has a powerful mechanism for assessing cyber risk at scale. oday’s launch of the ICT is a critical step forward in ensuring cyber risk assessment capabilities are highly accessible and understandable to all business audiences.”
Moody’s managing director Matt McDonald said, “Cyberattacks and ransomware cost companies billions in losses every year, jeopardising global business stability and making cyber risk management a top priority for business leaders. The ICT will help our customers assess their third-party cyber risks. The scale of the ICT is a major advancement that will help provide actionable cyber risk insight into extended business ecosystems.”
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