Denver, CO -- September 27, 2022 – CyberGRX, provider of the world’s first and largest global risk exchange, today announced that Frost & Sullivan named the company the 2022 North America Market Leader in the cyber risk management industry. Frost & Sullivan’s Market Leadership Awards recognize the companies that achieve the greatest market share resulting from outstanding performance, products, and services. Selecting CyberGRX as the recipient involved a detailed evaluation of best practices criteria such as growth strategy, implementation excellence, and brand strength. In 2019, Frost & Sullivan also recognized CyberGRX with its Competitive Strategy & Leadership Award.
“CyberGRX is honored to be recognized by Frost & Sullivan as a Market Leader in the cyber risk management industry. Our platform provides members with unique and extensive cyber risk data that empowers them to take ownership of their cyber risk profile and confidently manage and mitigate third-party risk,” said Fred Kneip, CEO of CyberGRX. “We continue to develop innovative features that address member needs and propel the market forward, and we’re excited to continue serving as a leader in the industry.”
Frost & Sullivan notes that CyberGRX embodies its definition of a market leader by addressing needs other solutions have not. While other companies may still follow labor-intensive processes that are expensive and not scalable, CyberGRX analyzes the data collected from the companies on the Exchange to help customers identify where risks lie in their vendor ecosystem. Advantages experienced while using the Exchange include:
- An unparalleled depth and breadth of data with more than 200,000 companies on the Exchange and 12,000 completed assessments. This means that more than 80% of the top 500 third parties requested by customers are already on their Exchange.
- The incorporation of numerous data sources provides timely and actionable cyber risk intelligence that drives efficient decision-making.
- The power of Predictive Risk Profiles, which help customers understand how individual vendors impact their overall cyber risk while predicting how their own customers view them as a third party.
“Since the first quarter of 2022, the company has experienced a 196% year-on-year growth in new customer recurring revenue (with 30% deriving from multi-year contracts) and a 100% increase in new customers. Also, the Exchange enlarged its risk assessment library by 6,000% in the past three years, enabling the company to have unmatched depth and breadth of cyber risk data, proving its market leadership,” said Clare Walker, Industry Principal at Frost & Sullivan.