BitSight continues to grow as demand for security ratings increases
BitSight has announced details from its fiscal year ending January 31, highlighting a growing demand for security ratings.
With more than 2,100 customers worldwide, BitSight states its solutions for Security Performance Management, Third Party Risk Management, Critical National Infrastructure, and Cyber Insurance are helping organisations reduce risk, achieve better operational efficiency, safeguard their reputation, and securely scale their business.
BitSight's solutions are based on a collection of cybersecurity performance data, which surpassed 200 billion data points collected per day in FY 2020.
BitSight set new usage milestones in FY 2020 as the company continues to provide its platform. More than 25,000 users now leverage the BitSight platform to actively monitor over 150,000 organisations, the company states.
The BitSight platform is a place where market participants exchange critical cyber risk information.
In fact, users have generated more than 130,000 pieces of content on the platform, including more than 3,500 ‘self-published’ security ratings, bolstering cyber information sharing among the platform's user ecosystem and adding greater context to aid risk decision-making.
Notably, within the past year, customers have extended more than 5,500 invitations to third parties, alerting them to critical security issues within the BitSight platform and driving risk remediation.
As enterprise customer growth accelerated in FY 2020, national governments became outspoken about their use of BitSight to reduce risk within their own countries, including Belgium and Israel, the company states.
BitSight now counts more than 50 government agencies, including global financial regulators, national security agencies, and critical infrastructure regulators as customers.
In FY 2020, BitSight brought to market more than 30 new capabilities across multiple use cases, including:
- Peer Analytics, a Security Performance Management (SPM) offering that provides security and risk players visibility into the relative performance of their security programs against their peers and sector.
- Enterprise Analytics, an SPM solution that gives organisations insight into the impact of risk introduced at the organisational group level to identify the areas of highest risk concentration within their organisations.
- BitSight for Fourth-Party Risk Management, which provides automated and continuous visibility into organisations' extended business ecosystem to help them more effectively manage fourth-party risk.
- ServiceNow certification of two solutions, BitSight for Vendor Risk Management and BitSight for Security Incident Response, available on the ServiceNow app store.
- Tier Recommender, a feature that leverages the insights of the activities and outcomes across BitSight's platform participants to provide recommendations to customers about vendor risk tiering.
- Rapid Ratings for Cyber Insurance, which deliver security performance information on small- and medium-sized insurance applicants, enabling underwriters to evaluate and price cyber risk for the SMB market.
The company continues to drive industry discussion on critical cyber risk and security issues, threats and challenges.
According to the company, highlights from FY 2020 include:
- A Forrester Consulting-commissioned study that correlates cybersecurity performance to commercial success, with many enterprises admitting they have lost business due to a real or perceived lack of security performance within their company.
- A joint report with the Center for Financial Professionals that revealed widespread shortcoming across the global financial sector in effectively monitoring, managing and reporting on third-party cyber risk management.
- Widely regarded and media-cited threat research from the BitSight Labs team, including a multi-part series on the BlueKeep vulnerability detailing the volume of organisations and industries most exposed.
- The second annual BitSight EXCHANGE user conference, a two-day event that serves as a forum for security and risk professionals to explore, collaborate and share best practices to achieve desired digital transformation while minimising cyber risk.
BitSight also earned industry accolades in FY 2020, including ranking No. 246 on the Deloitte Technology Fast 500 list of the fastest-growing technology, media, telecommunications, life sciences and energy technology companies in North America.
CRN honoured the company with a 2019 Tech Innovator Award, which recognises the IT channel's notable hardware, software and services.
BitSight CEO Stephen Harvey says, “Security ratings provide critical information to help all stakeholders in the global marketplace manage material cyber risk.
“BitSight is laser-focused on expanding our market leadership in the year ahead by bringing new product innovation and efficient workflow to help our customers measure and manage cyber risk. I'm excited for the future.”