Company receives highest score in VRM Solution and Vendor Risk Assessment Data use case in Critical Capabilities Report for second year in a row
DENVER–(BUSINESS WIRE)–CyberGRX, provider of the world’s first and largest global risk exchange, today announced it has been named a Niche Player in the 2020 Gartner Magic Quadrant for IT Vendor Risk Management Tools. For the second year in a row, CyberGRX was recognized for its ability to execute and completeness of vision for its VRM solution.
The company was also named in Gartner’s 2020 Critical Capabilities Report for IT Vendor Risk Management Tools. Here, CyberGRX tied for first in scoring the highest points total for its assessment in the VRM Solution and Vendor Risk Assessment Data use case. This also marks the second year in a row that CyberGRX has ranked highest for this use case.
“We are excited to be part of both the Gartner IT VRM Magic Quadrant and Critical Capabilities reports again this year. We believe CyberGRX’s exclusive focus on cyber risk means we have the best cyber data available for organizations building and managing their third-party cyber risk,” said Fred Kneip, CEO of CyberGRX. “As more companies embrace digital transformation their reliance on third parties, such as cloud and IoT providers, continues to grow—and so does their cyber risk. We are encouraged to see more TPCRM solutions in the market, as evolving third-party cyber risks necessitate increasingly innovative answers for businesses.”
With thousands of validated assessments, and a growing dataset from over 85,000 vendors, CyberGRX is committed to helping organizations effectively reduce third-party cyber risk with a data-first approach. The company’s focus on cyber risk enables organizations to specifically address a growing attack vector that is often second tier in broader VRM solutions. CyberGRX’s data-first approach challenges traditional approaches by arming users with the ability to identify, prioritize and benchmark risk, so they can actually reduce it. By delivering these insights CyberGRX enables organizations to confidently evolve with the modern digital era.
In addition, CyberGRX has also experienced significant growth milestones in 2020:
- Surpassed 85,000 companies on the Exchange to include top technology and cloud solution providers, as well as legal, consulting, private equity, retail, and healthcare organizations
- Marked their first year of presence in Australia with a rapidly growing customer base, increasing revenue by over 100% each quarter and 435% year over year; the number of third parties ingested from Australian customers makes up 14% of the CyberGRX Exchange
- Demonstrated significant growth of Global Partner Program with the onboarding of 33 partners in the United States, Canada, United Kingdom and Australia; received a 5-star rating in the 2020 CRN®, Partner Program Guide, and named a CRN Emerging Vendor
- Named a finalist in the 2020 Black Unicorn Awards by Cyber Defense Magazine and a Best Workplace for 2020 by Inc. Magazine
To download a copy of Gartner’s 2020 Magic Quadrant for IT Vendor Risk Management Tools, please click here.
Gartner, Critical Capabilities for IT Vendor Risk Management Tools, Joanne Spencer, Edward Weinstein, 24 August 2020.
Gartner, Magic Quadrant for IT Vendor Risk Management Tools, Joanne Spencer, Edward Weinstein. 24 August 2020.
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CyberGRX is on a mission to modernize third-party cyber risk management. Built on the market’s first third-party cyber risk exchange, CyberGRX’s dynamic and scalable approach is innovating TPCRM for enterprises and third parties. Armed with fast and accurate data and a proven and innovative approach, CyberGRX customers make rapid, informed decisions and confidently engage with partners. Based in Denver, CO, CyberGRX was designed with partners including Aetna, Blackstone and MassMutual.