CyberGRX,
provider of the world’s first and largest global cyber risk exchange,
announced that they were awarded 4.75 out of 5 stars by SC Magazine’s
lab team during an independent review of vendor risk management
solutions in March 2019. The CyberGRX Exchange transforms the way
third-party cyber risk is managed by replacing static and siloed methods
with a dynamic and collaborative approach that unites third parties and
their customers in the fight against cyber threats. To see the full SC
Magazine review, please visit the Exchange’s product information page here.
As illustrated by CyberGRX’s recent study, The
Cost of Third-Party Cybersecurity Risk Management, 42% of
respondents are spending an average of between $1 million to $10 million
annually to vet their organization’s business partners, vendors,
contractors, and other third parties’ information security protection
capabilities. Not only are current processes costly, but 54% of
enterprise respondents believe that the information provided from these
assessments is only somewhat or not valuable. Additionally, 55% of
third-party respondents say that the assessments do not accurately
reflect their organizations’ security posture. The CyberGRX Exchange
provides enterprises and third parties with a scalable and
cost-effective approach to third-party cyber risk management to bring
confidence back to this process.
According to SC Magazine reviewers, the simplicity of the Exchange,
paired with the ability to share dynamic risk data, makes it one that
organizations should consider with the goal of strengthening their
overall risk management. The Exchange allows an organization to easily
bulk ingest their vendors and provides business exposure insights so
organizations can prioritize their vendors and order an appropriately
tiered assessment. Built with both third parties and their assessors in
mind, a lot of automation and progress tracking occurs behind the scenes
on the Exchange. For instance, assessments feature skip-level logic that
simplifies the completion of assessments by jumping over sections that
are not applicable to the third-party respondents based on provided
answers. Users of the Exchange find immense value in the ability to
streamline consistent assessments that can be shared with, and used
effectively by, multiple upstream partners. The one-to-many benefit of
the Exchange reduces the time third parties spend on these assessments,
while ultimately increasing the effectiveness of their security
procedures.
“The Exchange provides the industry with a collaborative and scalable
approach to mitigating third-party cyber risk – an approach that focuses
on dynamic and validated data for informed decision making and action,”
said Fred Kneip, CEO, CyberGRX. “Today, many organizations’ third-party
cyber risk management (TPCRM) practices drain human and financial
resources and provide limited value in return and that’s in large part
driven by static and lengthy assessments or incomplete outside in scans.
We are pleased that the Exchange has been recognized by SC Magazine as a
simple, intuitive platform that helps customers and the third parties
with whom they do business solve the challenge of cyber risk management.”
CyberGRX customers also find their approach to TPCRM to be incredibly
cost and resource-effective compared to alternatives on the market
today. Bespoke manual questionnaires or security ratings tools can
easily run hundreds to thousands of dollars more than the CyberGRX
assessment approach because of their price per assessment or score
model. With CyberGRX’s Exchange, the cost of assessments is shared among
the community of users. For more information on CyberGRX’s Exchange,
click here.
About CyberGRX
CyberGRX provides enterprises and their third parties with the most
cost-effective and scalable approach to third-party cyber risk
management today. Built on the market’s first third-party cyber risk
Exchange, CyberGRX arms organizations with a dynamic stream of
third-party data and advanced analytics helping organizations
efficiently manage risk in their partner ecosystems. Based in Denver,
CO, CyberGRX was designed with partners including Aetna, Blackstone and
MassMutual. For more information, visit www.cybergrx.com or
follow @CyberGRX on
Twitter.
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