CyberGRX raises $30 million for collaborative risk auditing service
CyberGRX, a firm that helps companies assess the risk stemming from their third-party vendors, announced that it raised $30 million in a Series C funding round on Wednesday. The Denver-based company runs an “exchange” whereby its customers — larger enterprises and the smaller firms they do business with — share data meant to help in assessing and managing cyber risk. A number of recent data breaches occurred because of security shortfalls in products like web applications or point-of-sale systems, only to spread to corporate partners’ networks. The service is akin to a credit rating agency that assesses the risk of lending money to a particular entity. The company says it “unites third parties and their customers in the fight against cyber threats,” and that their ability to mitigate supply chain risks improves as more entities join CyberGRX’s exchange. “Rather than reacting to breaches after they occur, companies need to take […]
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