Moody’s Corporation (NYSE:MCO) and Team8, a global venture group, today announced the completion of a $25 million investment in VisibleRisk, a joint venture established by the two companies in 2019 to evaluate enterprise cyber risk.
Additionally, VisibleRisk today announced the launch of a Cyber Rating product, building on the collaboration between Moody’s and Team8 to develop a global standard for assessing corporate cyber risk.
“Moody’s investment in VisibleRisk aligns with our global integrated risk assessment strategy and focus on cyber security as an important element of understanding and managing enterprise risk,” said David Platt, Chief Strategy Officer at Moody’s. “We are pleased to deepen our relationship with VisibleRisk as they launch their innovative Cyber Rating to help customers better understand and confidently manage their cyber risks.”
VisibleRisk’s Cyber Ratings are based on cyber-risk quantification, which allows companies to benchmark their cyber risks against those of their peers, and to better understand and manage the impact of cyber threats to their businesses. Combining economic, cybersecurity, and industry data, the Cyber Rating incorporates a holistic, validated set of internal and external factors affecting a firm’s security posture and quantifies those risks in economic terms.
“Translating cyber risk for business executives who are not domain experts is crucial to successfully managing risk,” said Derek Vadala, Chief Executive Officer of VisibleRisk. “By quantifying a company’s risk exposure in economic terms, VisibleRisk is providing decision-makers with an actionable, real-time benchmark to best manage cyber risk and improve resilience.”
VisibleRisk’s Cyber Ratings are enhanced by real-time monitoring, custom reporting, and expert analysis, enabling informed decision-making. VisibleRisk offers full transparency into the factors that determine a Cyber Rating, including the methodology and data sources.
“At a time of intense digital transformation, accelerating hyper-connectivity and hybrid working environments, confidence in digital infrastructure is of paramount importance to business leaders,” said Nadav Zafrir, Managing Partner at Team8. “Cyber risk and business risk are inextricably linked, and it is only by striking a balance between security, productivity, privacy and distributed working that enterprises can surmount these challenges while driving innovation. VisibleRisk enables executive leaders to get that right, and we’re excited about the business’ immense potential.”
For Moody’s, the investment will be funded with cash on hand, and is not expected to have a material impact on 2021 financial results.
VisibleRisk was established in 2019 as a joint venture between Moody’s and Team8. It leverages Moody’s expertise in risk measurement and Team8’s expertise in cybersecurity technologies, to develop next-generation methods for assessing and mitigating enterprise cyber risk. Co-founded by Derek Vadala and Yigael Berger, the VisibleRisk cyber risk rating and real-time monitoring platform is the first of its kind, enabling organizations globally to continuously monitor and manage cyber risk as they would financial risk. For further information, please visit https://www.visiblerisk.com.
Team8 is a venture group that builds and backs technology companies at the intersection of artificial intelligence, cybersecurity, data, fintech, enterprise software, and infrastructure. We rethink venture to provide entrepreneurs with an unfair advantage, accelerating success in an increasingly competitive landscape. Our deep understanding of the challenges faced by our industry and extensive network of global leaders uniquely positions us as the venture partner of choice. Team8’s leadership team includes unicorn founders, bank and fintech CEOs, and former leaders of Unit 8200, Israel’s elite military technology and intelligence agency. For further information, please visit www.team8.vc.
Source: Business Wire