Derek Vadala, CEO VisibleRisk
As organizations shift more aspects of their business to the digital economy, the opportunity for costly cyber threats and risks continues to increase. This year, the cost of cyber crime is estimated to reach over $6 trillion, up from $3 trillion in 2015, and the average ransomware payment has increased by 300%.
The increasing financial impact has not only garnered attention of executives and boards, but it is also changing the way leading financial institutions consider cyber risk. Moody’s additional $250M investment in BitSight underscores the connection between cyber risk and financial risk and illustrates how imperative it is for organizations to start financially quantifying cyber risk.
As we combine forces, BitSight will create a new Risk Division, which I will lead, where we will continue to enhance our Cyber Risk Quantification platform to provide security leaders, risk officers, and non technical executives and board members with a holistic and validated perspective of their security posture, in business terms.
Cyber security is now a boardroom topic and security practitioners have an opportunity to educate their peers and executives on the value of cyber security while collaborating with them on cyber risk management business strategies. BitSight already transformed the global market with their cybersecurity ratings and analytics. In working together, I am confident we will be able to provide even greater value by translating cyber risk into business terms, providing the full executive suite with the insights they need to collectively reduce cyber risk.
Bringing together the capabilities of BitSight and VisibleRisk will enable a holistic view of cyber risk that is understandable and calibrated for business executives and board directors. Further extending this capability with cyber risk quantification will help companies better understand, collaborate and act on the financial impact of cyber events and increase their cyber resilience.
Read the full press release here.