CyberGRX developed a cost-effective and scalable solution to enable a community of users to crowdsourced efforts, as well as share and benefit from risk management best practices
Based on its recent analysis of the North American third-party cyber risk management solutions market, Frost & Sullivan recognizes Denver-headquartered Cyber Global Risk Exchange, Inc. (CyberGRX) with the 2019 North America Competitive Strategy Innovation and Leadership Award for its CyberGRX Exchange platform. This game-changing third-party cyber risk management (TPCRM) platform allows clients to evaluate their ecosystems for vulnerabilities introduced by third-party applications and systems. It serves global clients in nearly every market, including consulting, law, private equity, critical infrastructure, healthcare, insurance, and financial services.
“CyberGRX gathers vulnerability information from over 40,000 third-party companies, applies proprietary advanced analytics, and then shares that data with the client via the TPCRM platform,” said Clare Walker, Industry Principal at Frost & Sullivan. “From the moment an organization joins the Exchange, it receives pre-assessment insights, which helps it organize often unwieldy lists of third parties by ranking them by risk level. These insights can then be used to create a prioritized due diligence strategy so that organizations can validate the security controls of their riskiest third-parties.”
CyberGRX’s approach brings much needed efficiencies to the TPCRM market by helping organizations streamline their programs while increasing the number of vendors assessed by up to five times, with 30% less time. The CyberGRX Exchange is dynamic, highly scalable, and industry-agnostic, enabling organizations of any size in any industry to utilize the solution. For example, retailers can quickly evaluate their third-party network, ranging from point-of-sale systems, law firms, and cloud providers to payroll and HR vendors. The Exchange also identifies which third-party networks pose the greatest risk.
CyberGRX assessments are based on the National Institute of Standards and Technology (NIST) 800-53 guidelines and ISO 27001, and cover most compliance regulations. It provides three assessment tiers, ranging from Tier 3 with self-attestation, Tier 2 with automated or remote validation, and Tier 1 with onsite or remote validation. The company partners with Deloitte® to validate Tier 1’s assessment control maturity and effectiveness. Its other partnerships include BitSight, Consortium Networks, Critical Start, Eurofins, GuidePoint Security, IO Security, K logix, Optiv, and Tevora.
“CyberGRX’s Global Exchange created a community that enables organizations to cost-effectively provide and assess third-party cybersecurity risk management information, as well as crowdsource data and insights for better decision making,” noted Walker. “The company works closely with clients and offers 24/7 high-level customer and technical support. This deep customer focus and strong partner ecosystem will ensure its long-term success and brand loyalty.”
Each year, Frost & Sullivan presents this award to the company that leverages competitive intelligence to execute a strategy successfully that results in stronger market share, competitive brand positioning, and customer satisfaction.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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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