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BitSight seeks to ease cybersecurity planning with new forecasting service

Recent years have seen the rise of so-called security ratings providers that specialize in supplying enterprises with data about vulnerabilities in their infrastructure and supply chains. BitSight Technologies Inc., one of those providers, hopes to set itself apart with a new offering called BitSight Forecasting.

Introduced today, the solution aims to help firms act upon the security ratings from the startup’s platform. It’s touted as the “first of many analytics offerings to come.”

BitSight Forecasting provides features that enable companies to plan out and implement initiatives to improve their security. The task can involve quite a bit of work, since it’s practically impossible to address every single potential risk throughout a large organization. In other words, security teams have to figure out how to prioritize their efforts so to make the biggest impact with their limited resources.

To that end, BitSight Forecasting includes a modeling tool for testing risk mitigation plans. According to BitSight, an organization can virtually experiment with different approaches to determine what would be the optimal way to deploy the security team’s resources.

For higher-risk initiatives, the solution also provides the ability to create detailed action plans with a set of specific goals. Managers can keep track of a project’s progress using monitoring features that BitSight has built into the offering. According to the startup, these features also lend themselves to keeping senior leadership updated about the company’s security posture.

“Security is complex and today’s threat landscape has made it increasingly difficult for organizations to understand, in a quantifiable fashion, which investments will yield the greatest results,” BitSight Chief Technology Officer Stephen Boyer said in a prepared statement. “Businesses need a solution that will help them identify the proper strategy and resources necessary to mitigate risk.”

The introduction of BitSight Forecasting comes three months after the company raised $60 million in funding on a $600 million valuation. More recently, rival RiskRecon Inc. secured a $25 million investment of its own that was led by Accel with participation from Dell Technologies Inc.’s venture capital arm.

Image: Unsplash

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