BitSight, the security ratings company and Marsh McLennan, the world’s leading professional services company in the categories of risk, strategy, and people, signed a collaboration to help businesses better understand, evaluate, and manage their cyber risks.

The recently launched Marsh McLennan Cyber Risk Analytics Center will use BitSight Security Ratings, data, and analytics to help customers better understand their cybersecurity performance by making more educated risk management decisions. Clients who have access to BitSight may obtain this information quickly, detect potential risks, and implement mitigation techniques. The two companies will also work on joint research and analysis, combining their widely renowned perspectives.

The importance of cybersecurity performance management cannot be overestimated, given the worrying rise in cybersecurity incidents. BitSight Security Ratings are the most extensively used and recognized cyber risk ratings in the market and the only solution that has been independently validated to correlate with data breach risk.

“2021 is shaping up to be one of the most challenging years for cyber risk on record, and we continue to hear from clients that cybersecurity is among their most urgent risk concerns. By collaborating with BitSight, we are providing clients with more data-driven insights to better manage risk in an increasingly difficult cybersecurity landscape,” said Scott Stransky, Head of the Marsh McLennan Cyber Risk Analytics Center.

“Cyber insurance brokers now play a critical role in helping their clients actively manage cyber risk. This marks an exciting opportunity to share our cyber risk data and expertise to help Marsh McLennan counsel their clients on reducing risk of cyber exposure. This collaboration builds on BitSight’s previous work to bring universal understanding to cyber risk, and further validates BitSight’s position as the trusted industry standard in cybersecurity ratings and analytics,” said Stephanie Snyder Frenier, vice president and general manager, insurance at BitSight.