BitSight Announces New Cyber Risk Score Benchmarking Service
BitSight, one of the leaders in cyber risk rating, has announced a new product to allow organizations to benchmark against their peers. Dubbed “Peer Analytics,” this service will interest companies where benchmarking is a compliance obligation.
Peer Analytics will leverage BitSight’s cyber risk rating services to provide companies with the ability to compare their risk ratings against peers within their own industry.
“Peer Analytics offers unprecedented visibility at the most granular level to help security leaders make data-driven, defensible decisions – proactively rather than reactively,” said Dave Fachetti, Executive Vice President and Chief Marketing Officer at BitSight. “On a larger scale, this capability will help organizations meet industry standards of care for cybersecurity, enabling them to benchmark security performance against their peers in order to remain competitive and firmly aligned to their sector’s best practices. This standardization of security performance will be invaluable as we continue to see legal, financial and reputational fallout for organizations involved in major breaches.”
Our Take
We are seeing an uptake in cybersecurity benchmarking expectations from regulators such as the USA Federal Financial Institutions Examination Council and Canada’s Office of the Superintendent of Financial Institutions. However, acquiring good benchmarking data has long been a significant challenge. Cyber risk ratings may not be ideal for peer benchmarking due to their limited insights into internal security practices, but they may be a good start for companies that are struggling to meet regulator expectations.