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June 14, 2016
SAN JOSE, Calif. — June 14, 2016
Analytic software firm FICO announced today that it is developing a FICO® Enterprise Security Score, which will rank an organization’s level of cybersecurity risk. To further this effort, FICO has acquired QuadMetrics, an innovative cyber risk security scoring company from Ann Arbor, Michigan. QuadMetrics leverages predictive analytics to monitor signals from open source and proprietary data sources to provide an overall security score for an enterprise, helping security professionals address gaps and enabling partners and insurers to understand a firm’s security risk. The transaction has closed, and terms have not been disclosed.
More information: http://www.fico.com/en/products/fico-enterprise-security-scoring
The FICO Enterprise Security Score, a complement to FICO® Falcon® Cybersecurity Analytics for threat detection, will be an easy-to-understand metric that will facilitate board-level risk assessment, third-party vendor management, and cyber breach insurance underwriting. Along with a score, the product will provide current threat profile characteristics and granular insights into potential security issues.
FICO Falcon Cybersecurity Analytics are based on the patented behavioral analytics that have made the FICO® Falcon® Fraud Platform the world leader in payment card protection. With this acquisition and the infusion of FICO’s analytic scoring methods, FICO will provide both cybersecurity defences and an enterprise-level “cyber score” that gives an empirical, impartial measure of a company’s security.
The new product will leverage both quantitative and qualitative insights to assess and understand the risk of an organization’s network assets. It will also help organizations manage similar risks associated with key vendors, business partners and other third parties, and enable breach insurance brokers and underwriters to better and more consistently assess enterprise risk for underwriting and portfolio management.
“We believe cybersecurity can only be substantially and sustainably improved through creating a strong ecosystem, and a vital part of that ecosystem is a common rating that all parties can use to evaluate cyber risk,” said Doug Clare, vice president of cybersecurity solutions at FICO. “We’re excited to have the QuadMetrics team – and their deep expertise – joining us in our efforts to fight cybercrime and help all organizations improve their visibility and insights into cyber risk. Just as the FICO Score gave credit markets a single metric for understanding credit risk, this product will give the industry a common view of enterprise cybersecurity risk.”
“While all organizations are leveraging both sophisticated software and expert guidance to protect themselves from cyber attacks, it is increasingly important that other dependent parties have a common means of assessing the effectiveness of those efforts,” said Wes Huffstutter, CEO of QuadMetrics. “Clients, partners, underwriters and regulators have a stake in understanding an organization’s level of cyber risk. FICO’s Enterprise Security Scores will provide the transparency, consistency and confidence required to strengthen the entire security ecosystem.”
QuadMetrics leverages technology developed at the University of Michigan via funding from the Department of Homeland Security Science and Technology Directorate and the National Science Foundation. In April of this year, Gartner designated QuadMetrics a Cool Vendor in Risk Management for 2016.1 In acquiring QuadMetrics, FICO becomes the exclusive licensee of QuadMetrics’ intellectual property and pending patents, and gains access to a rich historical pool of development data for additional analytics research. FICO will enhance the solution with its deep catalog of proprietary analytics methods and its experience in developing, marketing and distributing broad-based scores for managing different classes of risks across industries. A FICO-branded and enhanced version of the QuadMetrics offering will be launched later this summer.
In related news, FICO announced in April that it had partnered with iboss Cybersecurity to embed its groundbreaking AI-based Cyber Analytics as part of the iboss node-based, direct-to-cloud, containerized platform, a leading solution for cybersecurity and malware protection.
1 Gartner, Cool Vendors in Risk Management, 2016 26 April 2016
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FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 165 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at http://www.fico.com.
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