Bitsight and Moody’s have jointly launched the Implied Cyber Threat (ICT). This new tool is designed to assess cyber risks for over 325 million organizations globally. This initiative significantly expands market coverage, surpassing other offerings by over 25 times.
The ICT leverages Bitsight‘s cyber risk analytics engine and Moody’s extensive company database to offer insights into cyber risks within the increasingly digital global economy. As cyber threats like attacks and ransomware continue to cost companies billions and impact global business stability, ICT addresses a growing need for comprehensive cyber risk assessments beyond traditional enterprise security measures. It aims to provide crucial data on third parties like insured entities, investments, and borrowers.
Matt McDonald, Managing Director at Moody’s, emphasized the importance of ICT in enhancing the ability of businesses to gauge cyber risks associated with their third-party relationships. “Cyberattacks and ransomware cost companies billions in losses yearly, jeopardizing global business stability and making cyber risk management a top priority for business leaders,” McDonald said. “The ICT will help our customers assess their third-party cyber risks. The scale of the ICT is a major development that will help provide actionable cyber risk insight into extended business ecosystems.”
“Assessing Cyber Risk”
The ICT combines Moody’s firmographic indicators—such as company size, sector, and geography—with specific risk vectors from Bitsight, including botnet infections and open ports. This integration creates an indicator of inherent cyber risk, strongly correlating with the likelihood of security breaches and ransomware incidents. Entities with very high risk are nearly 11 times more likely to encounter a security issue than those with very low risk.
Derek Vadala, Chief Risk Officer at Bitsight, highlighted the significance of their partnership with Moody’s. “Our partnership with Moody’s is rooted in helping global institutions better understand, quantify and respond to cyber risk,” Vadala remarked. “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. Today’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.”
The ICT is currently available to customers using Moody’s Orbis and Catalyst products.
Source: Bitsight and Moody’s Launch New Cyber Risk Solution Covering More Than 325 Million Organizations.
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