CyberGRX Sees Massive Success Marking First Year Down Under
by Michelle Krasniak
CyberGRX, provider of the world’s first and largest global risk exchange, is marking a year of significant progress since establishing its Australian presence. The company’s international expansion into the region last year, supported by many investors and partners, has allowed customers to mitigate the cyber risks that come as a result of sharing data and network access with essential third parties.
Following a year marked by increased regulation from the Australian Prudential Regulation Authority (APRA) and increased reliance on third parties as digital transformation continues to shape and evolve our business practices—security professionals in the region are now heavily prioritizing third-party cyber risk management (TPCRM).
Since 2019, CyberGRX’s Australian customer base has grown rapidly, continuously increasing revenue by over 100% each quarter and 435% year over year. In just one year, the Australian market represents 15% of CyberGRX’s global revenue and the number of third parties ingested from Australian customers already makes up 14% of the CyberGRX Exchange. Investors, channel partners, and Exchange participants have been the key forces driving this impact, as CyberGRX connected with some of the leading brands in the Australian market. Moving forward, the company plans to continue to invest and form partnerships locally to best serve the region.
Marcus Bartram, founder and General Partner, Telstra Ventures says,
Telstra Ventures invested in CyberGRX in mid-2019 recognizing the great team that Fred Kneip had built, the innovative way the company was helping customers assess and manage third-party supplier cyber-risk, and that we could help the company establish a presence and expand into the Asia-Pacific market.
“We have been incredibly happy with the company’s progress and how they have been able to maintain growth through these unprecedented times, which speaks volumes for the quality of the team, the product, and the importance of the problem they are solving. We are also extremely pleased that we have been able to help the company establish a presence in Australia, resulting in some major enterprise customers across the Banking, Telco, and Utility sectors, to name a few," Bartram continued.
CyberGRX built the market’s first—and thereby, Australia’s first—fully operational two-sided marketplace for enterprises’ third-party cyber risk management. With over 75,000 organizations contributing, the CyberGRX Exchange provides partners with immediate access to cyber risk data on their third-parties, advanced analytics that prioritize mitigation efforts, and fact-based insights to move their third-party cyber risk management (TPCRM) program forward with speed, accuracy, and certainty. The CyberGRX Exchange has won several industry awards. Most recently, a report published by Gartner in January 2020 showed that the CyberGRX assessment scored highest out of 16 vendor risk management providers in the market.
“Third party cyber risk management is now essential for all businesses. However, the traditional ways of managing vendor risks are cumbersome and inefficient for all concerned. The CyberGRX platform model solves for this with a unique set of tools, visualization and analytics that provides ongoing cyber risk insight, and its 2-sided marketplace benefits both the requestor and requestee, removing significant duplication and delivery challenges. It is an innovative and disruptive eco-system that Deloitte is excited to be sharing with our clients,” said Tommy Viljoen, Partner, Cyber Risk Services, Deloitte.