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BitSight Technologies
Cybersecurity
BitSight is a Boston-based cybersecurity ratings company that assigns objective, continuously updated security scores to organizations, similar to a credit score for cyber risk.
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BitSight was founded in 2011 by Stephen Boyer and Shaun McConnon, based on the recognition that companies increasingly needed a way to assess the cybersecurity posture of third parties they did business with, such as vendors, suppliers, and potential acquisition targets, but had historically relied primarily on lengthy security questionnaires that vendors filled out themselves, an approach vulnerable to inaccurate self-reporting and providing only a point-in-time snapshot rather than continuous visibility. BitSight's core innovation was to develop a security ratings methodology that generates an objective score for any organization's cybersecurity posture using only externally observable data, such as evidence of malware infections detectable from internet traffic patterns, misconfigured security settings visible from outside the organization's network, and other publicly observable technical signals, without requiring any direct access to or cooperation from the company being rated. This external, continuously updated ratings approach let BitSight's customers, including insurance companies, financial institutions, and large enterprises managing supply chain and vendor risk, monitor the cybersecurity posture of large numbers of third parties on an ongoing basis rather than only at the point of initial vendor onboarding, catching security posture degradation over time that a one-time questionnaire would miss. BitSight's ratings have been adopted particularly widely in the cyber insurance industry, where insurers have used the scores as an input into underwriting decisions and pricing for cyber liability policies, as well as by procurement and vendor risk management teams at large enterprises needing to monitor security across potentially thousands of third-party vendor relationships. The company has expanded its product offerings to include more detailed risk analytics, exposure management, and third- and fourth-party risk monitoring capabilities beyond its original ratings product. BitSight has raised substantial venture funding from investors including Warburg Pincus, Moody's, and Menlo Ventures, reaching a valuation exceeding a billion dollars, competing primarily with SecurityScorecard in the cybersecurity ratings category.
FOR QUALIFIED INSTITUTIONAL AND ACCREDITED INVESTORS ONLY: Under federal securities laws, private market investments on this platform are available exclusively to Institutional and Accredited Investors. Verification of status required before investing. Private investments involve significant risks including illiquidity, potential loss of principal, and limited disclosure requirements. "Augment" refers to Augment Markets, Inc. and its affiliates. Augment Markets, Inc. is a technology company offering software and data services, not a bank or financial institution. Cash Accounts are provided by Modern Treasury Corp. financial institution partners and through Augment's technology. Augment does not act as a money services business, provide money transmission, or serve as a custodian of funds. Funds held in your Cash Account are not FDIC insured unless expressly disclosed. Full terms available in the Augment Cash Account Agreement. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. "Investment accounts" are not brokerage accounts and do not hold customer funds or securities. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Neither Augment Advisors, LLC nor Augment Capital, LLC provide legal or tax advice; consult your attorney or tax professional regarding your specific situation. For additional information, please refer to Augment Advisors, LLC's Form ADV Part 2A (Firm Brochure) and FINRA BrokerCheck.
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