CyberGRX, provider of the world’s first and largest global cyber risk exchange, is bringing their partner programme to the UK to help them scale efficiently and meet demand.
With more than 60% of all breaches linked to a third party, organisations across the globe are looking for solutions to better manage third-party cyber risk. Current third-party cyber risk management (TPCRM) practices are difficult to manage at scale, draining human and financial resources, and providing limited value in return. CyberGRX’s innovative approach brings a much-needed change to TPCRM, uniting organisations and their third parties via a cost-effective and efficient cyber risk exchange. The CyberGRX Exchange arms organisations with a validated and standardised data set so they can make rapid, informed decisions and reduce risk in their shared ecosystems.
CyberGRX’s Global Partner Programme will come in the form of a four-tiered channel programme that incentivises partners based on their level of commitment to CyberGRX. Resellers, systems integrators, consultancies, MSSPs and distributors can all receive a guaranteed margin structure which is not only lucrative for their own business, but also helps drive a predictable revenue stream. Under the programme, partners are able to take advantage of many growth or business development programmes such as joint marketing campaigns, market development funds, internal comp neutrality, easy deal registration, co-selling, sales incentives, and many others.
Partners will initially be able to take advantage of training from CyberGRX on risk management so that they understand the TPCRM components that create an effective risk management strategy to protect businesses. The programme will then guide partners through the sales process and provide guaranteed margin on every sale allowing for a more predictable revenue stream.
“First and foremost, we bring an award-winning partner programme packed with performance and non-performance-based benefits” said Walter Specht, Director of Worldwide Channel Development & Alliances at CyberGRX. “In addition, we bring a unique and market-leading third-party cyber risk management (TPCRM) platform that partners can bring to their customer base to help reduce risk and increase security posture while simultaneously increasing the partners trusted advisor status within their customer base.
“Third-Party Cyber Risk Management is something every company is talking about today. We bring relevance to every potential discussion our partners are having with every one of their customers and prospects. As we bring partners on, we continually evaluate their coverage ability, the number of partners in a region and the addressable market now and over time. We want to make sure we balance that effective coverage without diluting revenue for those partners who invest precious time and resources in CyberGRX. Business models are different from region to region, those unique business models will also help drive the fluidity of our recruiting targets.”
CyberGRX has recently announced a strategic partnership with RiskRecon, a Mastercard company, to provide organisations with a complete, contextual view of their third-party cyber risk posture. As a result, CyberGRX customers and partners can now view RiskRecon ratings for every vendor in the CyberGRX Exchange based on continuously updated data.
The customisable interactive widget enables users to drill down for detailed information on the ratings, which are uniquely risk prioritised based on a combination of issue severity and asset value. In addition, joint customers can easily login to the RiskRecon console through the widget.
“There are many sectors in the UK that have strong regulatory requirements around managing third-party supplier and vendor risk,” said Max Dalziel, EMEA Director of Strategic Account at CyberGRX. “For large corporate enterprises that can span hundreds of thousands of businesses which can all pose a risk in terms of bribery and corruption, business continuity, corporate responsibility and, in a lot of cases, cyber security and data privacy.
“Given the regulatory requirements, organisations conduct initial and ongoing third-party risk management traditionally on a one-to-one basis which is incredibly inefficient, expensive and difficult to scale. At CyberGRX, we realised that everybody’s asking the same questions in a slightly different fashion, and it takes a huge amount of time to chase people for answers. In response, we have created a robust risk exchange, populated with a standardised set of data, that allows customers to quickly identify and reduce risk while enabling suppliers to respond to one comprehensive cyber risk and privacy assessment that can be shared with many, reducing the time they spend on assessments and allowing them to spend more time on risk mitigation.”