Company experiences three-digit customer and revenue growth in Q1 alone; brings first-of-its-kind features to market
DENVER--(BUSINESS WIRE)--CyberGRX, provider of the world’s first and largest global cyber risk exchange, continues to gain market momentum in the first quarter of 2022, accelerating company growth and setting the table for further expansion and innovation. Since the beginning of the year, CyberGRX has experienced significant year-over-year growth, resulting in 196% growth in new customer recurring revenue—with more than 30% of revenue now deriving from multi-year contracts—and 100% growth in new customers.
“We’ve channeled our energy and focus into propelling the industry forward through innovation and modernization, to address pressing needs. Our status as a trusted partner is evidenced by our extensive customer growth, which includes some of the world’s largest enterprises and third-parties,” said Fred Kneip, CEO at CyberGRX. “We’ve made significant progress in changing the way organizations approach third-party cyber risk management and are poised to accelerate further throughout 2022.”
Over the past twelve months, CyberGRX launched several major product updates—including the industry’s first predictive risk intelligence capability, the Predictive Risk Profile — enabling companies to anticipate how individual third parties within their vendor ecosystem would respond to a detailed security assessment questionnaire, thereby providing visibility across their entire third-party ecosystem without requiring assessments from every vendor. CyberGRX also launched an Attack Scenario Analytics capability which maps the entire CyberGRX Exchange platform to more than 150 MITRE kill chains, providing additional context into risk findings to improve overall defensibility to customer ecosystems. CyberGRX is the only third-party cyber risk company to have this capability. The addition of predictive risk intelligence and Attack Scenario Analytics capabilities, along with the company’s over 10,000 attested assessments, makes the CyberGRX Exchange the largest database of company cyber risk profiles available, with the ability to provide cybersecurity reputation data on almost any company in the world.
The company continues to focus on its vision of empowering every organization to build confidence in security of its ecosystems, by:
- making better-informed decisions regarding risk remediations to improve the overall defensibility of enterprise ecosystems.
- mapping completed assessment results to industry frameworks such as GDPR, CCPA, NIST 800/CSF, HIPAA, etc.
- identifying third parties that may have been impacted by a breach and determining which third parties are most likely to experience a ransomware attack.
In a further effort to support security and risk management practitioners, CyberGRX also published “Third-Party Cyber Risk Management For Dummies.” Produced in partnership with the For Dummies® brand, the book discusses a new data-driven approach to TPCRM, using real-life examples to highlight challenges associated with traditional TPCRM methods and how readers can make their TPCRM program more successful.
In addition to Fred Kneip being named an EY Entrepreneur of The Year® 2021 Mountain Desert Region Award winner, CyberGRX received major recognition in the last 12 months:
- Ranked number 97 (top 2%) on Inc. Magazine’s annual Inc. 5000 list of fastest growing private companies
- Recognized in Built In’s Best Places to Work lists, ranking number 33 in the Colorado Best Places to Work and number 16 in the Best Colorado Midsize Companies to Work For lists
- Named a gold winner in the Vendor Risk Management and Security Assessment Management categories by the 2022 Cybersecurity Global Excellence (Globee) Awards program