This is one of a number of initiatives to create a comparative scoring system for cyber risk (full disclosure – I created the BrownGlock Rating a few years ago for the same purpose). With the backing of a ratings agency, this has a good chance of success…:
TEL AVIV, June 27 (Reuters) – Ratings agency Moody’s Corp and Israeli cyber group Team8 launched on Thursday a joint venture to assess how vulnerable businesses are to cyber attacks and create what they hope will become a global benchmark.
Cyber attacks are in focus after a virus from Ukraine spread around the globe in 2017, crippling thousands of computers, disrupting ports from Los Angeles to Mumbai and even halting production at a chocolate factory in Australia.
Similar to the way that banks can check their stability with a stress-test, Moody’s and Team8 are developing a framework to measure companies’ defenses and preparedness for such attacks in comparison to other businesses and over time.
The service will be a tool for companies engaging in mergers and acquisitions or when purchasing cyber insurance policies, said Derek Vadala, chief executive of the joint venture who most recently served as head of Moody’s cyber risk group.