By Sean Lyngaas, CNN Business
Moody’s is spending hundreds of millions of dollars to better evaluate the cybersecurity risks that face America’s largest corporations.
The announcement from the company — whose credit ratings can influence global markets — comes as Biden administration officials are urging major firms to be more transparent about the security of their software. Several high-profile supply-chain hacks and ransomware attacks have rattled businesses and other organizations over the past year, costing companies millions of dollars and compromising their operations.
To better assess the risks that ransomware and other digital threats pose to Fortune 500 firms and government agencies, Moody’s is investing $250 million in BitSight, which uses an algorithm to assess the likelihood that an organization will be breached. Moody’s shared the news first with CNN Business.
As part of the deal, Moody’s will become the largest minority shareholder in Bitsight. In addition, BitSight will acquire a cyber risk rating system created by Moody’s and Team8, a company which bills itself as a “think tank” focused on global cybersecurity issues.
“There’s just a lot of opacity around cyber risk,” Moody’s CEO Rob Fauber told CNN Business. “You have compromises that have serious operational and organizational implications. It’s affecting a broader range of industries and the stakes are higher than they’ve ever been.”
Fauber said the $250 million would be used to improve BitSight’s data...
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