News
BitSight Raises $60 Million in Series D Funding Led by Warburg Pincus
June 2018 by Marc Jacob
BitSight, the Global Standard in Security Ratings, today announced that it has closed $60 million in Series D funding, bringing the company’s total funding to $155 million. BitSight’s Series D financing was led by Warburg Pincus, with participation from existing investors Menlo Ventures, GGV Capital and Singtel Innov8. The financing enables BitSight to continue its rapid global expansion and extend its portfolio of market-leading security risk management solutions, while further validating BitSight’s leadership position as the global standard for security ratings.
BitSight pioneered the security ratings market in 2011, as the first company to develop a security ratings product. Today, organisations and nations worldwide use the BitSight Security Ratings SaaS platform to help manage third party risk, benchmark performance, underwrite cyber insurance policies and conduct M&A due diligence. With over 1,200 customers collaborating and verifying BitSight Security Ratings on a daily basis, BitSight provides the largest and most engaged ecosystem, enabling organisations to make strategic security risk and business decisions.
Demand for BitSight Security Ratings is increasing rapidly. According to Gartner, “By 2022, cybersecurity ratings will become as important as credit ratings when assessing the risk of business relationships.” The report continues, “Over the next six years, these [cybersecurity rating] services will become a mandatory precondition for a growing number of business relationships and part of the standard of due care for providers and procurers of services. These cybersecurity scores will impact the degree to which other companies engage in high-value business with the organisation. These scores will have an impact on cost/availability of cyberinsurance.”[1]
[1] Gartner “Predicts 2018: Security and Risk Management Programs” by Rob McMillan, Jeffrey Wheatman, Richard Hunter, Mark Thomas Jaggers, Sam Olyaei, Jay Heiser, Jeremy D’Hoinne, November 16, 2017.
