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VisibleRisk, a cyber risk management startup, has raised $25 million for its cyber risk evaluation platform called Cyber Rating. VisibleRisk is a joint venture between Moody’s Investors Service and Team8, a VC firm. The funds will be used to boost the company’s workforce for the rest of the year.
According to VisibleRisk, the cyber ratings are focused on “cyber risk quantification,” which helps businesses compare their risks to their peers. VisibleRisk seeks to arrive at a holistic, verified range of variables impacting a firm’s security posture and to measure those threats in economic terms by combining financial, cybersecurity, and business details.
Real-time tracking, personalized reporting, and review are all available through VisibleRisk, as well as insight into the factors that go into determining a cyber ranking. The platform considers various considerations, including an organization’s vulnerability to attack based on its market profile, its overall appeal to attackers, and the effectiveness of its security measures and mitigation efforts.
Also, VisibleRisk examines a company’s potential to mitigate and absorb the financial consequences of a cyber-assault by mitigating activities. Cyber risk ratings are influenced by insurance and cash reserves and investments in third-party oversight, technology culture, and crisis management.
VisibleRisk cyber rating and monitoring platform enables business leaders to understand better and manage cyber risk as they would financial risk, quantifying it in economic terms. This allows business leaders to track their cyber risk exposure and monitor the impact of changes to technology, policies, procedures, and the broader cyber risk landscape on their overall risk profile.Derek Vadala, co-founder, and CEO
He added that when businesses are undergoing massive technology transformations and facing an onslaught of challenges, confidence in their digital infrastructure is critical.
According to Market Research Future’s new estimate, the global cybersecurity market is expected to hit $199.98 billion by 2025.