\nMoody\u2019s Corporation (NYSE:MCO) and BitSight today announced a significant investment by Moody\u2019s, further enhancing BitSight\u2019s offerings and capabilities, to create a comprehensive, integrated, industry-leading cybersecurity risk platform. This transaction reflects the increasing strategic, financial, and operational impact of cyber risk to organizations and markets.\n<\/p>\n
\nOver the past 18 months, the exponential rise of cyberattacks and ransomware has cost organizations hundreds of billions of dollars, threatened the stability and reputation of businesses across the globe, and created an imperative for business leaders and boards to assess and quantify their cyber risk. A Moody\u2019s Investors Service review of cyber vulnerability and impact identified 13 sectors with high or medium-high risk with total rated debt exceeding $20 trillion.\n<\/p>\n
\nThrough the transaction announced today, Moody\u2019s will invest $250 million in BitSight, a pioneer in cybersecurity ratings, and BitSight will acquire VisibleRisk, a cyber risk ratings joint venture created by Moody\u2019s and Team8, a global venture group.\n<\/p>\n
\nBitSight helps global market participants understand cyber risk through ratings, analytics, and performance management tools, delivering unique insights for over 2,300 global customers, including many Fortune 500 companies, government agencies, insurers, and asset managers. Moody\u2019s will leverage BitSight\u2019s extensive cyber risk data and research across its growing suite of integrated risk assessment product offerings. BitSight\u2019s acquisition of VisibleRisk adds a unique in-depth cyber risk assessment capability and advances its ability to analyze and calculate an organization\u2019s financial exposure to cyber risk. The transaction values BitSight at $2.4 billion, reflecting the company\u2019s leadership in a rapidly growing data and analytics market.\n<\/p>\n
\n\u201cAs organizations invest in cyber defense and resilience, another critical need has emerged: the ability to accurately measure and quantify cyber risk and exposure,\u201d <\/i>said Rob Fauber, President and Chief Executive Officer of Moody\u2019s. \u201cCreating transparency and enabling trust is at the core of Moody\u2019s mission \u2013 to help organizations assess complex, interconnected risks and make more informed decisions. BitSight is the leader in the cybersecurity ratings space, and together we will help market participants across disciplines better understand, measure, and manage their cyber risks and translate that to the risk of financial loss.\u201d<\/i><\/p>\n
\u201cCybersecurity is one of the biggest threats to global commerce in the 21st century,\u201d<\/i> said Steve Harvey, President and Chief Executive Officer of BitSight. \u201cOur partnership with Moody\u2019s and acquisition of VisibleRisk expands our reach to help customers manage cyber risk in an increasingly digital world.\u201d<\/i><\/p>\n
\nBitSight will create a Risk Solutions Division focused on delivering a suite of critical solutions and analytics serving stakeholders including chief risk officers, c-suite executives, and boards of directors.\n<\/p>\n
\nFollowing transaction close, Moody\u2019s will become the largest shareholder of BitSight, with a minority stake in the company. The investment will be funded with cash on hand and will not have a material impact on Moody\u2019s 2021 financial results.\n<\/p>\n
\nFor more information on Moody\u2019s and cyber, visit https:\/\/www.moodys.com\/cyber<\/a>.\n<\/p>\n ABOUT MOODY\u2019S CORPORATION<\/span><\/b><\/p>\n \nMoody\u2019s (NYSE: MCO) is a global integrated risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions, and fair access to information open the door to shared progress. With over 11,500 employees in more than 40 countries, Moody\u2019s combines international presence with local expertise and over a century of experience in financial markets. Learn more at moodys.com\/about.\n<\/p>\n ABOUT BITSIGHT<\/span><\/b><\/p>\n \nBitSight is transforming the way that the global marketplace addresses cyber risk with cybersecurity ratings and analytics. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help organizations manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct financial diligence; and improve national security. With 2,300 global customers and the largest ecosystem of users and information, BitSight is the Standard in Security Ratings. Learn more at bitsight.com<\/a>.\n<\/p>\n \u201cSAFE HARBOR\u201d STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995<\/span><\/b><\/p>\n \nCertain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for the business and operations of Moody\u2019s Corporation (the \u201cCompany\u201d) that involve a number of risks and uncertainties. Such statements may include, among other words, \u201cbelieve\u201d, \u201cexpect\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cwill\u201d, \u201cpredict\u201d, \u201cpotential\u201d, \u201ccontinue\u201d, \u201cstrategy\u201d, \u201caspire\u201d, \u201ctarget\u201d, \u201cforecast\u201d, \u201cproject\u201d, \u201cestimate\u201d, \u201cshould\u201d, \u201ccould\u201d, \u201cmay\u201d and similar expressions or words and variations thereof that convey the prospective nature of events or outcomes generally indicative of forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this release are made as of the date hereof and the Company undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying examples of factors, risks and uncertainties that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to, the impact of COVID-19 on volatility in the U.S. and world financial markets, on general economic conditions and GDP in the U.S. and worldwide, and on the Company\u2019s own operations and personnel. Many other factors could cause actual results to differ from Moody\u2019s outlook, including credit market disruptions or economic slowdowns, which could affect the volume of debt and other securities issued in domestic and\/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and\/or global capital markets, including regulation, credit quality concerns, changes in interest rates and other volatility in the financial markets such as that due to Brexit and uncertainty as companies transition away from LIBOR; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and\/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to Moody\u2019s Investors Service\u2019s rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which the Company may be subject from time to time; U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of the Company\u2019s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if the Company fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which the Company operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of the Company to successfully integrate such acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody\u2019s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are currently, or in the future could be, amplified by the COVID-19 outbreak, and are described in greater detail under \u201cRisk Factors\u201d in Part I, Item 1A of the Company\u2019s annual report on Form 10-K for the year ended December 31, 2020 and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company\u2019s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company\u2019s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210913005187\/en\/<\/a><\/span><\/p>\n \nSHIVANI KAK \nOR\n<\/p>\n \nJOE MIELENHAUSEN KEYWORDS:<\/b> United States North America New York<\/p>\n INDUSTRY KEYWORDS:<\/b> Technology Other Professional Services Legal Insurance Finance Consulting Banking Accounting Professional Services Other Technology Networks Internet Data Management Security<\/p>\n<\/p>\n
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Investor Relations
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+1 212-553-0298
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Shivani.kak@moodys.com<\/a><\/p>\n
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Communications
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+1 212-553-1461
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joe.mielenhausen@moodys.com<\/a><\/p>\n
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