BOSTON, Aug. 3, 2021 /PRNewswire/ -- BitSight, the Standard in Security Ratings, today announced that it has closed H1 2022 surpassing $100 million in annual recurring revenue (ARR), cementing its clear leadership in the security ratings category.
BitSight's rapid growth in subscription ARR included a 67% increase in year-over-year new and upsell ARR and a 36% increase in active users. The record-breaking figures were driven by the rising rate of cyber attacks and ransomware, the increasing complexities of third-party supply chain cyber risk, and business leaders' growing focus on measuring organizational financial exposure, security program efficacy, and resource allocation. In H1 2022, BitSight provided powerful insight into major incidents, including unique findings into the zero-day attack on Microsoft Exchange Servers and research identifying critical indicators for ransomware risk.
"The continuous string of high-profile cyber incidents affecting critical third-party vendors like SolarWinds and Microsoft, and the ransomware epidemic affecting organizations of all sizes have spurred a global cybersecurity reckoning. Businesses and governments alike are turning to BitSight's sophisticated data platform to better understand not only their own vulnerabilities, but also the inherent risks of their entire supply chains, investment and insurance portfolios, and national critical infrastructure," said Steve Harvey, CEO of BitSight. "Our strong momentum underscores the deep level of trust that the global marketplace places in BitSight's ability to deliver invaluable insights against a backdrop of unprecedented cyber threats."
BitSight saw exceptional momentum in the public sector, growing 42% year-over-year. More than 40 government agencies around the world, including national defense and homeland security agencies, rely on BitSight's insightful data to manage cyber risk.
In addition, demand for BitSight's recently released Financial Quantification for Enterprise Cyber Risk solution, which provides CISOs and Chief Risk Officers an efficient and repeatable means to financially quantify their cyber risk and report to senior executives and board members, bolstered its strong H1 2022 results.
Furthermore, amid a challenging environment with expanding coverage and growing losses, cyber insurers continue turning to BitSight for valuable data and insights to help in the underwriting and risk mitigation process. BitSight now counts 36 global cyber insurers as customers that collectively underwrite half of the $3 billion cyber insurance premiums in the marketplace.
BitSight's ongoing investment in innovation has helped fuel the company's growth. The company's security ratings and analytics are based on the industry's broadest and most credible collection of cybersecurity performance data. Since January 2020, BitSight has been assigned 20 patents for its unique approaches to risk assessment, quantification, and asset mapping. As the only offering in the market to be independently verified to correlate to both security and market performance, BitSight provides customers with confidence when measuring, quantifying, and mitigating their risk performance.
"We are at an inflection point in the market as decision-makers are increasingly demanding real-time cybersecurity performance data and greater accountability within their organizations. This financial milestone will propel us into a new stage of hypergrowth and we look forward to continuing to empower the global marketplace with our deep cyber risk insights and expertise," concluded Harvey.
BitSight transforms how organizations manage cyber risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help organizations manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct financial diligence; and assess aggregate risk. With the largest ecosystem of users and information, BitSight is the Standard in Security Ratings. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.