Cybersecurity ratings company BitSight on Monday announced receiving a $250 million investment from credit ratings giant Moody’s in a deal valuing BitSight at $2.4 billion.
BitSight said it will use the money to further enhance its offerings and capabilities. The company has raised more than $400 million across six funding rounds.
The company also announced the acquisition of VisibleRisk, a cyber risk ratings venture created by Moody’s and Israel-based cybersecurity think tank and venture creation foundry Team8. BitSight’s acquisition of VisibleRisk adds a cyber risk assessment capability and boosts its ability to analyze and calculate an organization’s financial exposure to cyber risk.
Moody’s said it will use BitSight’s cyber risk data and research across its integrated risk assessment product offerings.
BitSight also announced that it will create a Risk Solutions Division that will focus on solutions and analytics for boards and C-suite executives.
“As organizations invest in cyber defense and resilience, another critical need has emerged: the ability to accurately measure and quantify cyber risk and exposure,” said Rob Fauber, president and CEO of Moody’s.
“Creating transparency and enabling trust is at the core of Moody’s mission – to help organizations assess complex, interconnected risks and make more informed decisions. BitSight is the leader in the cybersecurity ratings space, and together we will help market participants across disciplines better understand, measure, and manage their cyber risks and translate that to the risk of financial loss,” Fauber added.