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BitSight, the Standard in Security Ratings, today announced that a consortium of some of the world’s largest and most risk-focused organizations demonstrated their commitment to supporting the utilization of fair and accurate security ratings as a valuable part of any security risk management program. The consortium, which includes Goldman Sachs, Morgan Stanley, Starbucks and Aetna, among others, announced the creation of the “Principles for Fair and Accurate Security Ratings,” designed to promote fairness in reporting and cybersecurity performance analysis, and encourage the adoption of security ratings across all industry sectors.
“BitSight pioneered security ratings and was the first company to ever offer a security ratings product. We are pleased to see adoption rise, as we believe the day is quickly coming when security ratings will be as critical as credit ratings and other factors considered in business partnership decisions, “ said Tom Turner, president and COO of BitSight. “Becoming the trusted standard in security ratings doesn’t happen overnight. It requires everything from a commitment to data quality and data science, to remaining independent of influence, to applying security ratings consistently and uniformly across all companies. One of the requirements of being a market leader is to show the market the way. Having created and embraced the practices required to meet these principles, derived from our early market engagement and core beliefs, we are proud to see the broader market now also embracing these principles."
To view the Principles of Fair and Accurate Security Ratings, visit: https://www.uschamber.com/issue-brief/principles-fair-and-accurate-security-ratings
BitSight is transforming how companies manage information security risk with trusted, time-tested and actionable security ratings. Founded in 2011, the company built its Security Ratings Platform to continuously analyze vast amounts of external data on security issues and behaviors in order to help organizations manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. Seven of the top 10 cyber insurers, 80 Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsighttech.com, read our blog or follow @BitSight on Twitter.