DENVER & CAMBRIDGE, Mass.–(BUSINESS WIRE)–CyberGRX, the provider of the most comprehensive third-party cyber risk management platform, and BitSight, the Standard in Security Ratings, today announced a technology partnership to embed BitSight’s proprietary security rating capabilities within the CyberGRX Exchange, the world’s first marketplace for sharing third-party cyber risk security information.
Integrating BitSight’s objective, quantitative measurements of companies’ security performance into the CyberGRX Exchange provides a unique 360-degree view of third-party cyber risk. The combination of BitSight’s Security Ratings, generated through externally observable data, with CyberGRX’s validated third-party cyber risk assessments, allows customers to make more informed decisions and scale their third-party risk programs.
“BitSight is a leader of the security ratings market, and their ability to continuously rate the security performance of third parties from an outside-in perspective will strengthen the CyberGRX Exchange,” said Fred Kneip, CEO, CyberGRX. “Combining their proven non-intrusive approach to evaluating risk and security performance with the inside-out view our platform provides is a powerful proposition for customers: a comprehensive, continuous, 360-degree view of third-party cyber risk exposure.”
As digital ecosystems continue to expand, the number of vendors, partners, contractors and customers with access to a large enterprise’s network can easily run into the tens of thousands. According to research from Gartner, “By 2020, 75 percent of Fortune Global 500 companies will treat vendor risk management as a board-level initiative to mitigate brand and reputation risk.”1The integration between CyberGRX and BitSight enables customers to get the most comprehensive view of the real risk posed by their third parties.
“Enterprises today require access to accurate, continuous and actionable information about third-party cyber risk,” said Jacob Olcott, Vice President of Strategic Partnerships at BitSight. “CyberGRX helps to solve that problem for companies across the world, and our security ratings provide the unique, objective data that organizations need to scale their third-party risk programs and make more informed business decisions.”
For information on the CyberGRX Exchange, visit https://www.cybergrx.com/our-platform/. For information on BitSight Security Ratings for Vendor Risk Management, visit https://www.bitsighttech.com/security-ratings-vendor-risk-management.
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, the CyberGRX platform applies advanced analytics to eliminate waste and streamline the assessment process to help entire partner ecosystems effectively manage, monitor and mitigate risk. Based in Denver, CO, CyberGRX was designed with partners including ADP, Aetna, Blackstone and Mass Mutual, and is backed by Allegis Capital, Bessemer Venture Partners, Blackstone, ClearSky, GV (formerly Google Ventures), MassMutual Ventures, Rally Ventures and TenEleven Ventures. For more information, visit www.cybergrx.com or follow @CyberGRX on Twitter.
BitSight is transforming how companies manage information security risk with objective, verifiable and actionable Security Ratings. Founded in 2011, the company built its Security Ratings Platform to continuously analyze vast amounts of external data on security issues and behaviors in order to help organizations manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. Seven of the top 10 cyber insurers, 80 Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsighttech.com, read our blog or follow @BitSight on Twitter.