Original Research on CyberGRX

CyberGRX Case Study

SurveyMonkey

Introduction

This case study of SurveyMonkey is based on an April 2022 survey of CyberGRX customers by TechValidate, a 3rd-party research service.

“CyberGRX requests are the best thing to receive because it takes me 15 seconds to authorize and send the information.”

Challenges

Prior business challenges that led the profiled company to evaluate and ultimately select CyberGRX:

Too much time spent completing bespoke assessments.
Urgent and unplanned bespoke assessment requests for presale procurement.
A lack of control over cyber reputation and risk posture due to the use of security ratings and outside-in scanning tools.
Too much time needed to address customer follow-up questions or requests post-assessment share.

Use Case

The key features and functionalities of CyberGRX that the surveyed company uses:

Completing self-assessments requested by a customer.
Assessing their own third-party vendors as part of the procurement and/or risk management process.

Activities on the CyberGRX Exchange they anticipate they’ll leverage to improve their risk posture in the next 6-12 months:

Update their CyberGRX profile & refreshing their assessment.
Use CyberGRX to manage their organization’s own third-party ecosystem (request assessments from others).

Results

The surveyed company achieved the following results with CyberGRX:

Rated the CyberGRX Assessment as “Best in Class” in comparison to other tools.
Said that CyberGRX’s Framework Mapper is better in comparison to other tools.
Rated the following CyberGRX features as “Significantly Better” in comparison to other tools: Threat Profiles, Validation Upload, and Sharing, Third Party Intelligence Score, and Data and Predictive Risk Profile.
Said that the CyberGRX Framework Mapper feature has been important in allowing them to respond to their customers’ varied requests.
Reduced the time spent completing bespoke assessments.
Helped to reduce the lack of control over cyber reputation and risk posture due to the use of security ratings and outside-in scanning tools.
Significantly reduced unplanned bespoke assessment requests for presale procurement.
Significantly reduced challenges concerning the lack of program success metric data or benchmarkable data to share with the C-suite and/or the Board.
Significantly reduced the amount of time needed to address questions or requests post-assessment share.
Said that CyberGRX has saved time within their third-party cyber risk program.

CyberGRX Case Study

Fortune 500 Retail Company

Introduction

This case study of a Fortune 500 retail company is based on an August 2022 survey of CyberGRX customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“CyberGRX Predictive Risk Profiles provide me dynamic and immediate data on my third parties that I previously did not have with assessments alone.”

“CyberGRX is helping me improve my third-party cyber risk management program through the ability to continuously monitor and analyze my third-party risk data beyond assessments and workflows.”

Challenges

What were the key pain points experienced prior to using CyberGRX:

Procurement-focused third-party process without security involvement
Process was focused on assessment completion and not data analysis
A lack of visibility against current cyber threats involving third parties

Use Case

What do you use CyberGRX for:

Assessing third party vendors as part of the procurement process (vetting and onboarding)
Assessing third parties as part of a compliance program (assessment audits)
Continuously monitoring third parties as part of a cybersecurity program
Aligning third party control gaps to common and recent cyberattacks

Results

The surveyed company achieved the following results with CyberGRX:

Realized a return on their investment with CyberGRX within the first 3 months.
Said that due to the Exchange model and Predictive Risk Profiles that CyberGRX provides, “I have visibility to data on more than 25% of my third parties under management.”
Reported that CyberGRX platform is very important to their overall third-party cyber risk management program.

CyberGRX Customer Statistic

58% of surveyed IT organizations said that CyberGRX improved their ability to make informed decisions regarding third-party cyber risks by over 50%.

58%

CyberGRX Customer Testimonial

CyberGRX has allowed our organization to make faster, informed, and consistent decisions with our existing and potential third-party relationships. In the first year, our organization increased the number of assessments performed annually by 150%.

— IT Analyst , Small Business Hospitality Company

CyberGRX Customer Research

How quickly did you realize a return on your investment with CyberGRX?

Immediately: 14%

Within the first 3 months: 12%

Within the first 6 months: 14%

Within the first year: 28%

Within 1-2 years: 33%

CyberGRX Customer Research

What were the key pain points experienced prior to using CyberGRX?

Lack of visibility against current cyber threats involving third parties	53%
Completed assessments took too long to receive	51%
Process was focused on assessment completion and not risk data analysis	42%
No benchmarkable data to share with C-suite and/or Board	40%
Procurement-focused third-party process without security involvement	29%

TechValidate Research on CyberGRX

These pages present data that TechValidate has sourced via direct research with verified customers and users of CyberGRX. TechValidate stands behind the authenticity of all published data. Learn more »

About TechValidate Research

Selected Research Highlights

SurveyMonkey

Introduction

Challenges

Use Case

Results

Company Profile

About CyberGRX

Fortune 500 Retail Company

Introduction

Challenges

Use Case

Results

Company Profile

About CyberGRX

How quickly did you realize a return on your investment with CyberGRX?

What were the key pain points experienced prior to using CyberGRX?

More to Explore

About CyberGRX

With 360-degree correlated data and rich, diverse analytics to support real-time decision-making, you have more insight into your third-party cyber risk surface than ever before.