International ratings agency Moody’s Corp. and Israeli cybersecurity think tank Team8 have formed a joint venture to establish a global standard for assessing cyber risk for enterprises. The joint venture will combine Moody’s experience measuring risk with Team8’s expertise in cybersecurity technologies.
The joint venture builds on Moody’s 2018 strategic investment in Team8 which provided access to cybersecurity research and innovation as well as deeper connections to cyber leaders across countries and industries. The company will also develop new technologies and capabilities for assessing cyber risk while engaging best of breed products, services and consulting, creating an ecosystem to collectively address this critical need.
"The combination of Team8’s industry-leading knowledge and experience in cybersecurity and Moody’s expertise in analyzing and quantifying financial risk allows for the creation of a unique capability to serve as a standard for cyber risk assessment," said Derek Vadala, who will be CEO of the new venture. He currently serves as managing director, global head of cyber risk for Moody’s Corp.
Team8 CEO and cofounder Nadav Zafrir said, "There is a real necessity in the marketplace for an efficient, objective and independent assessment mechanism to assess the cyber posture of companies around the world. We are excited to embark on this journey with Moody’s and are confident that together we can establish a first-of-its-kind global standard for evaluating the complex cyber risk facing enterprises."
Published by Globes, Israel business news - en.globes.co.il - on June 27, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019