Moody’s and Team8 Announce Investment in VisibleRisk as It Launches Cyber Rating
Moody’s Corporation (NYSE:MCO) and Team8, a global venture group, today announced the completion of a $25 million investment in VisibleRisk, a joint venture established by the two companies in 2019 to evaluate enterprise cyber risk. Additionally, VisibleRisk today announced the launch of a Cyber Rating product, building on the collaboration between Moody’s and Team8 to develop a global standard for assessing corporate cyber risk.
“Moody’s investment in VisibleRisk aligns with our global integrated risk assessment strategy and focus on cyber security as an important element of understanding and managing enterprise risk,” said David Platt, Chief Strategy Officer at Moody’s. “We are pleased to deepen our relationship with VisibleRisk as they launch their innovative Cyber Rating to help customers better understand and confidently manage their cyber risks.”
VisibleRisk’s Cyber Ratings are based on cyber-risk quantification, which allows companies to benchmark their cyber risks against those of their peers, and to better understand and manage the impact of cyber threats to their businesses. Combining economic, cybersecurity, and industry data, the Cyber Rating incorporates a holistic, validated set of internal and external factors affecting a firm’s security posture and quantifies those risks in economic terms.
“Translating cyber risk for business executives who are not domain experts is crucial to successfully managing risk,” said Derek Vadala, Chief Executive Officer of VisibleRisk. “By quantifying a company’s risk exposure in economic terms, VisibleRisk is providing decision-makers with an actionable, real-time benchmark to best manage cyber risk and improve resilience.”
VisibleRisk’s Cyber Ratings are enhanced by real-time monitoring, custom reporting, and expert analysis, enabling informed decision-making. VisibleRisk offers full transparency into the factors that determine a Cyber Rating, including the methodology and data sources.
“At a time of intense digital transformation, accelerating hyper-connectivity and hybrid working environments, confidence in digital infrastructure is of paramount importance to business leaders,” said Nadav Zafrir, Managing Partner at Team8. “Cyber risk and business risk are inextricably linked, and it is only by striking a balance between security, productivity, privacy and distributed working that enterprises can surmount these challenges while driving innovation. VisibleRisk enables executive leaders to get that right, and we’re excited about the business’ immense potential.”
For Moody’s, the investment will be funded with cash on hand, and is not expected to have a material impact on 2021 financial results.
ABOUT MOODY’S CORPORATION
Moody’s (NYSE:MCO) is a global 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’s combines international presence with local expertise and over a century of experience in financial markets. Learn more at moodys.com/about.
VisibleRisk was established in 2019 as a joint venture between Moody’s and Team8. It leverages Moody’s expertise in risk measurement and Team8’s expertise in cybersecurity technologies, to develop next-generation methods for assessing and mitigating enterprise cyber risk. Co-founded by Derek Vadala and Yigael Berger, the VisibleRisk cyber risk rating and real-time monitoring platform is the first of its kind, enabling organizations globally to continuously monitor and manage cyber risk as they would financial risk. For further information, please visit https://www.visiblerisk.com.
Team8 is a venture group that builds and backs technology companies at the intersection of artificial intelligence, cybersecurity, data, fintech, enterprise software, and infrastructure. We rethink venture to provide entrepreneurs with an unfair advantage, accelerating success in an increasingly competitive landscape. Our deep understanding of the challenges faced by our industry and extensive network of global leaders uniquely positions us as the venture partner of choice. Team8’s leadership team includes unicorn founders, bank and fintech CEOs, and former leaders of Unit 8200, Israel’s elite military technology and intelligence agency. For further information, please visit www.team8.vc.
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain 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’s Corporation (the “Company”) that involve a number of risks and uncertainties. Such statements may include, among other words, “believe”, “expect”, “anticipate”, “intend”, “plan”, “will”, “predict”, “potential”, “continue”, “strategy”, “aspire”, “target”, “forecast”, “project”, “estimate”, “should”, “could”, “may” 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 “safe harbor” 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’s own operations and personnel. Many other factors could cause actual results to differ from Moody’s 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 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’s Investors Service’s 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’s 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’s 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 “Risk Factors” in Part I, Item 1A of the Company’s 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’s 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’s 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.
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