Bitsight Named a Leader in Cybersecurity Risk Ratings and Receives Highest Score in Strategy Category

Report cites that Bitsight boasts an unmatched commitment to innovation and builds trust through advanced analytics

BOSTON, May 20, 2024 /PRNewswire/ -- Bitsight today announced it was named a Leader in The Forrester Wave™: Cybersecurity Risk Ratings Platforms, Q2 2024. The new report evaluates the 10 most significant cybersecurity risk ratings (CRR) platform vendors, with Bitsight receiving the highest score possible in 18 criteria and the highest ranking of all vendors in the Strategy category.

The report describes the growing criticality of cybersecurity risk rating platforms in the global marketplace. According to Forrester, cybersecurity risk ratings have assumed a "very real position" among regulators, insurance providers, governments, contracts, and all kinds of business relationships today. Forrester notes that "buyers are now discovering more value from these platforms: The majority of CRR customers today use these platforms to enhance their third-party cyber risk assessment and monitoring capabilities."

In addition to its top score in the Strategy category, Bitsight is the only Leader to receive top scores in the innovation and adoption criteria. As the category pioneer, Bitsight upholds a strong commitment to advancing the market through innovation. The report notes that Bitsight has "58 patents to date" and "the largest R&D investment compared with other vendors."

"The world's most risk-focused governments, regulators, investors, insurers, and enterprises depend on Bitsight ratings and insights to make critical decisions and take action. With our innovative, rigorous, and validated approach to ratings we are the market leader, continuously raising the standard in the marketplace," said Steve Harvey, CEO at Bitsight. "The recognition from Forrester - including our top scores in the innovation and adoption criteria - affirms for us the exceptional value that our customers derive from Bitsight and underscores our team's unwavering commitment to providing mission critical cyber risk management for security and risk leaders around the globe."

According to the Forrester report, "how a CRR vendor discovers, attributes, and validates assets and findings sets the good apart from the great." Bitsight received the highest scores possible in the criteria of asset discovery and attribution and data source variety, as well as ratings correlation testing and results. Bitsight also received the highest possible scores in the following product-related criteria:

• Security performance analytics
• Exposure prioritization and remediation
• Third-party cyber risk quantification support
• Ratings dispute resolution
• In platform collaboration
• Reporting and visualization
• User experience

"Bitsight builds trust through advanced analytics and industry outreach"
According to the report, "Bitsight best fits customers looking to centralize their attack surface management, third-party risk management and cyber insurance use cases." In addition, reference customers praised Bitsight's executive reporting and analytics. 

The report also stated that "Bitsight leans heavily into ratings model validation and correlation studies to continuously test its ratings' alignment with real-world incidents." Additionally, "its leading security performance analytics module provides deep insights into control performance."

The recognition from Forrester comes on the heels of several recent product innovations from Bitsight over the past six months, including its new AI-Powered Discovery and Attribution Engine and integrated Third Party Risk Management solution, as well as its new Vendor Discovery and Portfolio Risk Analytics capabilities.

Download the report here.

About Bitsight
Bitsight is a global cyber risk management leader transforming how organizations manage exposure, performance, and risk for themselves and their third parties. Companies rely on Bitsight to prioritize their cybersecurity investments, build greater trust within their ecosystem, and reduce their chances of financial loss. Built on over a decade of market-leading innovation, its integrated solutions deliver value across enterprise security performance, digital supply chains, cyber insurance and data analysis. For more information, visit bitsight.com or connect with us on LinkedIn.

¹ The Forrester Wave: Cybersecurity Risk Ratings Platforms, Q2 2024

SOURCE Bitsight