Third-party risk management is a critical component of any organizations’ security, but many third-party programs are plagued with outdated and inefficient processes that drain resources and provide little insight. As third-party related breaches continue
to increase, it’s time to apply a modern approach to third-party risk management. CyberGRX brings efficiency, scalability and accuracy to third-party programs across the globe. The CyberGRX Exchange, coupled with our risk assessments-as-a-service (RAaaS), helps enterprises cover more of their critical third parties while helping both third parties and enterprises execute third-party risk assessments quickly and cost-effectively.
Working with industry leaders like Aetna, ADP, Blackstone, Mass Mutual and others, we developed the market’s first global cyber risk exchange. The CyberGRX Exchange is a central hub where enterprises and third parties can easily access, order and share risk data. The Exchange replaces static spreadsheets with dynamic data, so enterprises always have a current view of third-party risk.
And third parties can move from filling in hundreds to thousands of disparate assessment requests every year, to simply completing a CyberGRX assessment on the Exchange, and then updating their data as their mitigation efforts or security strategies change.
The Exchange presents risk assessment data in a dashboard format, so enterprises and third parties can easily take action on the data. Enterprises can quickly identify which third parties pose them the greatest risk, the status of their third-party assessment requests and create a prioritized mitigation strategy. Third parties can identify the progress of their assessments, delegate outstanding areas and review and approve data sharing and assessment requests with their upstream partners.
- Quickly identify and prioritize risk
- Reduce risk while reducing cost
- Make rapid, informed risk-based decisions
- Implement a scalable and cost-effective solution
How The Exchange Works
CyberGRX is a global cyber risk information exchange that enables enterprises and third parties to seamlessly share and access third-party cyber risk data. Our assessments collect data in a structured format with multiple-choice questions, so users can easily run our advanced analytics for risk prioritization, continuous monitoring and to generate mitigation insights. Assessment data already in the Exchange is immediately available. Assessments that aren’t in the Exchange are initiated, managed and returned by CyberGRX. Our assessments are provided in 3 tiers, covering high to low-risk vendors. Each tier features a corresponding level of validation.
What We Do
- Dynamic, up-to-date assessments managed as an end-to-end service
- Structured and delivered in a smart format, with skip level logic
- 3 tiers with 4 levels of validation - on-site, remote, rules-based & self-attested
- Based on NIST 800-53 and ISO 27001 frameworks
- Structured format
- Always up-to-date
- Actionable dashboards
Global Cyber Risk Information Exchange
- Pre-Assessment Insights
- Ongoing Monitoring
- Risk-Based Approach
CyberGRX replaces static assessment processes with a dynamic illustration of third-party risk – arming customers with ongoing third-party cybersecurity data and advanced analytics to turn that data into actionable insights.
Benefits of CyberGRX
Quickly identify & prioritize risk
The CyberGRX Exchange features dynamic third-party risk data and advanced analytics, so enterprises and third parties always have a current, and prioritized view of critical risk.
- Simply load your vendors and quickly get pre-assessment insights on the potential likelihood and impact of a cyber event
- Prioritize your assessment strategy with informed insights on where the greatest risk lie
- Identify critical control gaps within and across your portfolio with in-depth risk assessments
For Third Parties
- Stop filling in shared spreadsheets and complete one, easy-to-use standardized assessment
- Quickly identify, understand and prioritize your biggest risks and implement a cost-effective mitigation strategy
- Proactively share your assessment to help reduce the burden of redundant assessment requests and start focusing on reducing risk
Reduce risk while reducing cost
The advanced analytics on the CyberGRX Exchange help organizations identify and implement a mitigation strategy with the most yield. In addition, the Exchange delivery model mutualizes assessment costs across the Exchange community while arming all participants with collective bargaining rights around remediation and mitigation efforts.
- Spend more time mitigating risk and less time collecting and managing data
- Always have access to the latest information including threat intelligence, mitigation updates and dynamic risk assessments
- Leverage the Exchange to easily collaborate with your third parties and vendors to reduce risk and inefficiencies that come with shared spreadsheets and email
For Third Parties
- Communicate risk mitigation activities across your customer ecosystem using our Exchange
- Strengthen your relationship with your customers by working together on risk mitigation strategies
- Proactively manage and communicate your mitigation efforts via the Exchange with your upstream partners
Make rapid, informed risk-based decisions
CyberGRX assessments and analytics were designed to help enterprises and third parties shift third-party programs from a compliance to a risk-based approach. The Exchange presents the data in an actionable dashboard format, so enterprises and third-parties know how to prioritize and focus their efforts.
- Leverage the analytics to identify critical risk areas and improve security across your vendor ecosystem
- Browse and order assessments on the Exchange to review existing and potential new vendors
- Share trends and insights with your board and other areas of your organization to collaborate and proactively mitigate risk
For Third Parties
- Use the CyberGRX assessment and advanced analytics to create a roadmap for remediation and help improve your security
- Identify the most effective controls to help improve security based on your industry and the specific threats that could affect your organization
- Proactively update existing or potential upstream partners on your mitigation strategy to enhance business opportunities
Implement a scalable and cost-effective solution
Whether you are an enterprise or a third party, the CyberGRX Exchange will act as a force multiplier for your third-party risk management program. The efficient and shared cost model of the exchange helps organizations identify and prioritize risk, in the most cost-effective way.
Blackstone Case Study
See how CyberGRX Helped Blackstone Assess 3x As Many Vendors