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ICRA Analytics Taps into $3-5 Billion Indian Cybersecurity Market with Strategic Bitsight Partnership

ICRA Analytics

ICRA Analytics Limited (ICRA Analytics), a wholly owned subsidiary of ICRA Ltd, has entered into a strategic collaboration with cyber risk management firm Bitsight, a Moody’s partner, to strengthen its position in the rapidly expanding cybersecurity market. The partnership aims to broaden ICRA Analytics’ risk management offerings and extend its solutions to a larger client base across India.

Currently, ICRA Analytics provides a wide range of comprehensive solutions, analytical tools, and consulting services in risk management for financial institutions, helping them mitigate risks and protect asset value. Through this collaboration, ICRA Analytics will market Bitsight’s advanced cybersecurity solutions to clients across India, leveraging Bitsight’s reputation in enterprise security and digital supply chain risk management.

Founded in 2011 and headquartered in Boston, Bitsight has developed the industry’s most widely adopted security ratings platform. Bitsight’s data-driven insights assist organizations in managing and monitoring their cyber risks by evaluating the security performance of companies worldwide. Their solutions are widely used across industries including manufacturing, insurance, finance, energy, technology, and retail, enabling businesses to make informed decisions about cybersecurity and minimize risks associated with third-party vendors.

Jayanta Chatterjee, MD & CEO of ICRA Analytics, shared his enthusiasm about the partnership: “We are excited to announce our collaboration with Bitsight – a Moody’s partner and a leading cybersecurity ratings platform globally, which we believe will enable us to deliver next-generation cyber risk solutions across India. This further strengthens the bouquet of offerings under the risk management platform and will help ensure access to superior quality of cyber risk management framework to our clients. With this collaboration, we are looking forward to further fortify our presence in the rapidly growing cyber security market in India.”

Jason Rivard, Global Channels at Bitsight, highlighted the growing importance of cyber risk management in the evolving digital landscape: “We are proud to partner with ICRA Analytics to bring Bitsight’s proven cyber risk management solutions to businesses across India. As cyber threats continue to evolve, organizations need actionable insights to protect their assets and build resilience. By combining ICRA Analytics’ deep expertise in risk management with Bitsight’s industry-leading capabilities for external attack surface management and third-party risk management, we aim to empower Indian enterprises to better identify, communicate and prioritize, cyber risks in today’s complex digital landscape.”

Earlier this year, ICRA Analytics introduced IRS 3.0, an upgraded version of its Internal Rating Solution (IRS), to help banks and non-banking financial companies (NBFCs) better identify, assess, mitigate, and monitor credit risk. With over two decades of experience in serving banks and NBFCs, ICRA Analytics continues to enhance its product offerings, including the iECL solution, which helps financial institutions automate the computation of Expected Loss Provisioning.

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