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CyberGRX Challenges Market to Take a United Approach to Third-Party Cyber Risk Management
[November 06, 2018]

CyberGRX Challenges Market to Take a United Approach to Third-Party Cyber Risk Management


CyberGRX, provider of the world's first global cyber risk exchange, today announced an open online community dedicated to increasing cross organizational collaboration between risk professionals and IT teams who are struggling with the inefficiencies created by traditional and siloed approaches to third-party cyber risk management. CyberGRX understands that while the challenges third parties and their customers face may be unique, their goals are the same - to create secure ecosystems that keep their businesses running smoothly and effectively. The GRX Community will connect these organizations and provide them with a forum to reach across the aisle, share best practices and ultimately improve security posture on the global stage. Now available to the public, third-party vendors can sign up for the open community online here.

As business ecosystems continue to evolve, organizations become more interconnected. As a result, it is imperative that organizations work together on risk management strategies that are scalable and effective for both sides of the market, so they can generate collective and actionable insights about where risk is being introduced, and how to prioritize mitigation efforts. By breaking down barriers between third parties and their customers, CyberGRX hopes to usher in a new "we are in this together" mentality.

Roland Cloutier, Chief Security Officer at ADP®, shares, "It is very exciting to see that CyberGRX is bringing an open community to the marketplace so third parties and their customers from all over the world can collaborate and work together to secure their digital ecosystems. By creating the means with which to facilitate these discussions, the GRX Community empowers organizations to improve their overall management of third-party risk."

In further support of the company's commitment to bringing cutomers and their third parties together, CyberGRX has appointed Jon Hesse their Director of Third-Party Development. Hesse will be responsible for breaking barriers between customers and their third parties in order to stimulate transparency, accuracy and trusted commerce within third-party cyber risk management. A member of the 1997 Super Bowl winning Denver Broncos, Hesse is known for his ability to bring individuals together towards a common goal and has decades of experience in leadership-driven roles within the cybersecurity, oil & gas, energy & power, financial services and IoT industries.



"Bringing common ground to an otherwise fragmented marketplace, the GRX Community will empower all risk professionals to secure their business ecosystems by sharing dynamic risk data and generating insights," said Hesse. "Virtually all organizations can be considered another's third party - it is time to deploy a collaborative and dynamic assessment approach that saves time and money across the board."

CEO, Fred Kneip, adds, "CyberGRX is very proud to announce our third-party community and Jon's addition to our team. Managing third-party cyber risk is a challenge that faces all organizations regardless of size or industry, but competing security initiatives often take priority. We believe that by uniting companies with the tools and knowledge necessary to answer the collective fight against cyber threats, all will be made stronger and more resilient."


CyberGRX believes that the best way to improve third-party cyber risk management is to move beyond traditional or singular methods, and instead take a modern approach that leverages dynamic data and collaborative practices to work towards securing the shared ecosystem. The GRX Community is a place for organizations to come together online and source valuable intelligence on the most efficient ways to navigate third-party cyber risk management. The community will ensure confidential dialogue and strengthen relationships between companies across the globe in order to initiate positive conversations about the evolving requirements of managing third-party cyber risk from all vantage points.

CyberGRX will be attending the Third-Party Risk Management and Oversight for Financial Services Conference to be held in New York City from November 13-14, 2018. Contact the team 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, monitor and mitigate risk in their partner ecosystems. Based in Denver, CO, CyberGRX was designed with partners including Aetna, Blackstone and MassMutual, and is backed by Allegis Capital, Bessemer Venture Partners, Blackstone, ClearSky, GV (formerly Google (News - Alert) Ventures), MassMutual Ventures, Rally Ventures and TenEleven Ventures. For more information, visit www.cybergrx.com or follow @CyberGRX on Twitter (News - Alert).


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