BitSight is a

cybersecurity rating Security ratings are an objective, data-driven, quantifiable measurement of an organization's overall cybersecurity performance. Security ratings provide businesses and government agencies with a third-party, independent view into the security beha ...

s company that analyzes companies, government agencies, and educational institutions. It is based in Back Bay, Boston. Security ratings that are delivered by BitSight are used by banks and insurance companies among other organizations. The company rates more than 200,000 organizations with respect to their cybersecurity.

History

BitSight was founded in 2011 by Nagarjuna Venna and Stephen Boyer and currently has both United States-based and international employees. In 2016, BitSight raised $40 million USD in funding in the month of September. In 2014, BitSight acquired AnubisNetworks, a Portugal-based cybersecurity firm that tracks real-time data threats. By September 2016, BitSight had raised $40 million in a Series C round led by

GGV Capital GGV Capital is a global venture capital firm that invests in seed-to-growth stage investments across Consumer/New Retail, Social/Internet, Enterprise/Cloud and Smart Tech sectors. The firm was established in 2000 in Singapore and Silicon Valley, ...

, with participation from Flybridge Capital Partners, Globespan Capital Partners, Menlo Ventures, Shaun McConnon, and the VC divisions of Comcast Ventures, Liberty Global Ventures, and Singtel Innov8. Shaun McConnon stepped down as the CEO of BitSight in July 2017 but remains the executive chairman of the board. The CEO position was filled by Tom Turner in 2017, and then by Stephen Harvey in 2020. In June 2018, BitSight 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,

and Singtel Innov8. In 2018, the company was located in

Cambridge Cambridge ( ) is a university city and the county town in Cambridgeshire, England. It is located on the River Cam approximately north of London. As of the 2021 United Kingdom census, the population of Cambridge was 145,700. Cambridge beca ...

but purchased property in order to shift to Back Bay, where BitSight is currently located. ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...

'' has estimated BitSight's revenue as being US$100 million as of 2018.

Services

Organizations purchase BitSight's services in order to understand "security risks associated with sharing sensitive data with business partners." As of 2018, BitSight serves clients, including

Lowe's Lowe's Companies, Inc. (), often shortened to Lowe's, is an American retail company specializing in home improvement. Headquartered in Mooresville, North Carolina, the company operates a chain of retail stores in the United States and Canada. A ...

, AIG, and

Safeway Safeway is an American supermarket chain founded by Marion Barton Skaggs in April 1915 in American Falls, Idaho. The chain provides grocery items, food and general merchandise and features a variety of specialty departments, such as bakery, de ...

. BitSight assembles models that produce company ratings, which are based on a scale that enables insurers to rule on the ability of businesses to receive coverage. It produces ratings for 200,000 organizations as of 2020. With respect to its services, Amy Feldman of ''

'' wrote that "Customers pay on a subscription basis with annual fees ranging from a few thousand dollars to analyze a single company to more than $1 million to review thousands of suppliers." Similar to a credit score, BitSight's ratings range from 250 to 900.

References

{{reflist, 2

External links

BitSight
Back Bay, Boston Companies based in Boston Computer network security