Moody's, Team8 launch joint venture to address global cyber risk
Moody's and Team8 announced that they have formed a joint venture to establish a global standard for evaluating and assessing cyber risk for enterprises. The joint venture will build on Moody's experience in developing methodologies and global standards to measure risk, together with Team8's expertise in cybersecurity technologies, access to cyber talent and understanding of the global cyber threat landscape. This combined expertise will focus on the development of methods and technologies that measure and analyze cyber risks facing global corporations. This will include serving the needs of boards, audit committees, CEOs, risk and security officers for objective cyber risk assessment to better understand companies' own cyber posture and how it benchmarks against others and over time. The cyber risk service will also assess the cyber preparedness of acquired companies in M&A transactions and serve as a key measure when purchasing cyber insurance policies. The joint venture builds on Moody's strategic investment in Team8. 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 need. Derek Vadala will lead the joint venture as CEO. The joint venture will not have a material impact on Moody's financial results in FY19.