CyberGRX Named a Niche Player in 2019 Gartner Magic Quadrant for IT Vendor Risk Management Tools
Company’s assessment receives highest score in VRM Solution and Vendor Risk Assessment Data use case in Critical Capabilities Report; Focus on third-party cyber risk management establishes much needed alternative to IT VRM
DENVER–(BUSINESS WIRE)–CyberGRX, provider of the world’s first and largest global cyber risk exchange, today announced it has been named a Niche Player in the 2019 Gartner Magic Quadrant for IT Vendor Risk Management Tools. CyberGRX was recognized for its ability to execute and completeness of vision.
This is the first time CyberGRX has been included in the quadrant, which evaluated 16 providers based on VRM capabilities. The company was also named in Gartner’s 2019 Critical Capabilities Report for IT Vendor Risk Management Tools, scoring the highest point total of all companies for its assessment in the VRM Solution and Vendor Risk Assessment Data use case.
“We are excited to be recognized by Gartner, especially given our precise focus,” said CyberGRX CEO, Fred Kneip. “We believe our inclusion acknowledges how critical TPCRM is and underscores the need for a new approach that properly transitions third-party cyber risk ambiguity and inertia into prioritized and effective risk management.”
CyberGRX is addressing a growing cyberattack vector, where organizations are breached through the vulnerabilities of their third parties, with an alternative approach to traditional VRM solutions. Placing much needed focus on TPCRM, CyberGRX’s cloud-based risk exchange and assessment enables security executives and professionals to make rapid, informed decisions about third-party cyber risk, so they can confidently engage with their partners. The company’s proven assessment strategy is used around the globe to ingest and evaluate third parties in order to diminish the ripple effect of third-party breaches. Additionally, third parties proactively share CyberGRX’s assessment with customers and partners, thus advancing a unique approach to managing vendor risk through prioritizing, assessing, and mitigating cyber risks.
In addition to these latest recognitions, CyberGRX experienced significant milestones in 2019, including:
- Raising $40 million in Series D funding led by ICONIQ Capital; bringing the total equity financing to $100 million
- Surpassing 56,000 companies on the Exchange, to include, top technology and cloud solution providers, and legal, consulting, private equity, healthcare and retail organizations
To download a copy of Gartner’s 2019 Magic Quadrant for IT Vendor Risk Management Tools, please click here.
Sources: Gartner, Critical Capabilities for IT Vendor Risk Management Tools, Christopher Ambrose, Joanne Spencer, 19 December 2019. Gartner, Magic Quadrant for IT Vendor Risk Management Tools, Christopher Ambrose, Joanne Spencer, 25 November 2019.
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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.