14 Nov CyberGRX and Deloitte Form Strategic Alliance to Help Manage Third-Party Cyber Risk
Denver, Nov. 14, 2017 — Deloitte and CyberGRX today announced a strategic alliance designed to help organizations across the globe more efficiently and effectively manage extended enterprise cyber risks through a shared common utility model. The strategic alliance adds breadth and depth to CyberGRX’s global third-party assessment capabilities, allowing customers to conduct increasingly complex third-party assessments leveraging the CyberGRX platform, the world’s first cyber risk assessment exchange for sharing third-party risk information.
“Deloitte is one of the most trusted names in the cyber risk industry, and this alliance gives us the flexibility, resources and reach to perform assessments at a global scale,” said Tony Urbanovich, COO at CyberGRX. “We work with our customers every day to help them identify which third parties pose risks to their organization, and the addition of Deloitte’s leading assessment capabilities to our arsenal can help us do so even more efficiently and effectively.”
The alliance is designed to accelerate and transform legacy models for third-party assessments on a global scale. The CyberGRX platform, coupled with Deloitte’s leadership in extended enterprise risk management, offers organizations a scalable approach to third-party risk management informed by near real-time threat intelligence data. As a result, organizations can more effectively identify, assess, mitigate and monitor third-party cyber risks across their expanding digital ecosystems.
As the risk landscape evolves, many organizations are increasingly attuned to third-party risks throughout their extended enterprise, while at the same time increasing reliance on third parties to improve competitiveness in the market. A recent Deloitte survey found that 53 percent of respondent organizations have a high or critical level of dependence on third parties.
The CyberGRX platform enables organizations to take a risk-based approach to third-party risk management via actionable analytics and a common platform. Through the Exchange, the CyberGRX platform reduces costs and automates processes that have historically been driven by sharing spreadsheets and trusting non-validated assessments.
“Technological innovation is accelerating competition and increasing complexity of business operations and third-party ecosystems,” said Chuck Saia, CEO of Deloitte Risk and Financial Advisory, Deloitte & Touche LLP. “Managing risks in the extended enterprise is critical to an organization’s performance and reputation. Our alliance with CyberGRX allows us to provide a delivery model to organizations that can help them streamline time-consuming management of third-party risks.”