CyberGRX Revolutionizes Third-Party Cyber Risk Management

 
 
 

          Almost 66% of companies extensively or significantly rely on third-party vendors and 63% of data breaches are linked to a third party. As growing companies incorporate additional third parties, security risks become increasingly more difficult to manage. It was this challenge that brought Fred Kneip, Jay Leek, and other security professionals from companies like Aetna, ADP, and Blackstone together to design CyberGRX.

          CyberGRX is the world’s first global cyber risk exchange, allowing enterprises to identify risk across their entire third-party ecosystem while providing an easier way for third parties to share risk assessments with a wide network of customers. “Traditionally, this was all done in a static spreadsheet – burdening organizations with manual processes that had to be repeated each year, yet often yielded little insight. The CyberGRX Exchange was designed to help both sides of the market by standardizing the assessment process, incorporating dynamic data and creating a cost-effective and scalable approach that saves everyone time,” said Liesl Geier, Senior Director of Marketing at CyberGRX. “Third parties can now complete one assessment and share it with as many customers as they want and enterprises have access to dynamic data and analytics so they can quickly prioritize and manage key risks across their portfolio.” CyberGRX has already made a major impact on the cyber community and was selected as one of ten Finalists for the 2018 RSA Conference Innovation Sandbox Contest and named a 2018 Cyber Defender by CB Insights.

          Behind CyberGRX’s impactful platform is a devoted team galvanized by open communication, commitment to the company’s success, and humor. “Our leadership has an open-door policy and works really hard to ensure each employee has a voice,” Geier said. “We’re all committed to helping our customers reduce risk – whether that’s enhancing features on our platform or supporting them with our awesome customer success team.” CyberGRX’s 5-star rating on Glassdoor is a testament to how much the team enjoys the workplace. “This whole company has a great collective sense of humor, and when you’re working really hard on something, you need some kind of emotion to come together on,” Geier said, “The comic relief day-to-day is great and makes the work environment really fun.”

          CyberGRX has reimagined how organizations and third parties manage third-party cyber risk and the Blackstone Entrepreneurs Network is thrilled to assist Kneip and his team. “BEN has been an incredible resource for CyberGRX,” Kneip said. “As many of us are new to Denver, the instant network it creates has been invaluable. Not only is there diversity of experience across the Network Advisors who are all willing to engage, but the events also create an opportunity to meet some of the other founders in the broader Denver community.”

 
Sam Skelton