DENVER--(BUSINESS WIRE)--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.
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.