CNN BUSINESS | Moody’s is spending $250 million to measure the risk of America’s biggest companies getting hacked

(CNN Business) – Moody’s is spending hundreds of millions of dollars to better evaluate the cybersecurity risks that face America’s largest corporations.

The announcement from the company — whose credit ratings can influence global markets — comes as Biden administration officials are urging major firms to be more transparent about the security of their software. Several high-profile supply-chain hacks and ransomware attacks have rattled businesses and other organizations over the past year, costing companies millions of dollars and compromising their operations.

To better assess the risks that ransomware and other digital threats pose to Fortune 500 firms and government agencies, Moody’s is investing $250 million in BitSight, which uses an algorithm to assess the likelihood that an organization will be breached. Moody’s shared the news first with CNN Business.  —read more—