Press release

CyberGRX Named a Niche Player in 2019 Gartner Magic Quadrant for IT Vendor Risk Management Tools

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CyberGRX,
provider of the world’s first and largest global cyber risk exchange,
today announced it has been named a Niche Player in the 2019 Gartner
Magic Quadrant for IT Vendor Risk Management Tools. CyberGRX was
recognized for its ability to execute and completeness of vision.

This is the first time CyberGRX has been included in the quadrant, which
evaluated 16 providers based on VRM capabilities. The company was also
named in Gartner’s 2019 Critical Capabilities Report for IT Vendor Risk
Management Tools, scoring the highest point total of all companies for
its assessment in the VRM Solution and Vendor Risk Assessment Data use
case.

“We are excited to be recognized by Gartner, especially given our
precise focus,” said CyberGRX CEO, Fred Kneip. “We believe our inclusion
acknowledges how critical TPCRM is and underscores the need for a new
approach that properly transitions third-party cyber risk ambiguity and
inertia into prioritized and effective risk management.”

CyberGRX is addressing a growing cyberattack vector, where organizations
are breached through the vulnerabilities of their third parties, with an
alternative approach to traditional VRM solutions. Placing much needed
focus on TPCRM, CyberGRX’s cloud-based risk exchange and assessment
enables security executives and professionals to make rapid, informed
decisions about third-party cyber risk, so they can confidently engage
with their partners. The company’s proven assessment strategy is used
around the globe to ingest and evaluate third parties in order to
diminish the ripple effect of third-party breaches. Additionally, third
parties proactively share CyberGRX’s assessment with customers and
partners, thus advancing a unique approach to managing vendor risk
through prioritizing, assessing, and mitigating cyber risks.

In addition to these latest recognitions, CyberGRX experienced
significant milestones in 2019, including:

  • Raising $40 million in Series D funding led by ICONIQ Capital;
    bringing the total equity financing to $100 million
  • Surpassing 56,000 companies on the Exchange, to include, top
    technology and cloud solution providers, and legal, consulting,
    private equity, healthcare and retail organizations

To download a copy of Gartner’s 2019 Magic Quadrant for IT Vendor Risk
Management Tools, please click
here.

Sources: Gartner, Critical Capabilities for IT Vendor Risk Management
Tools, Christopher Ambrose, Joanne Spencer, 19 December 2019. Gartner,
Magic Quadrant for IT Vendor Risk Management Tools, Christopher Ambrose,
Joanne Spencer, 25 November 2019.

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research publications, and does not advise technology users to select
only those vendors with the highest ratings or other designation.
Gartner research publications consist of the opinions of Gartner’s
research organization and should not be construed as statements of fact.
Gartner disclaims all warranties, expressed or implied, with respect to
this research, including any warranties of merchantability or fitness
for a particular purpose.

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.