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Scaling Third-Party Cyber Risk Management Post-Merger with CyberGRX
Applicable Industries
- National Security & Defense
Applicable Functions
- Human Resources
Use Cases
- Tamper Detection
Services
- System Integration
The Challenge
A technology company faced a significant challenge after merging with another organization, which resulted in the doubling of their third-party ecosystem. Prior to the merger, the company had an efficient third-party program that included an in-house assessment working in tandem with a GRC tool. However, the merger put a strain on this system as the number of third parties in their ecosystem doubled. The company's team was unable to scale their current program to effectively manage their new vendors due to a lack of increase in human resources. The company was in need of a solution that could seamlessly integrate with and scale their process, enabling them to apply the right level of due diligence across their new and expanded ecosystem efficiently.
The Customer
Not disclosed
About The Customer
The customer in this case study is a technology company that had recently undergone a merger with another organization. This merger resulted in a significant expansion of their third-party ecosystem, doubling the number of third parties they had to manage. Prior to the merger, the company had an efficient system for managing their third-party ecosystem, which included an in-house assessment working in tandem with a GRC tool. However, the merger put a strain on this system, and the company found themselves unable to scale their current program to effectively manage their new vendors without an increase in human resources.
The Solution
The technology company partnered with CyberGRX to address their challenge. CyberGRX worked closely with the company to ensure that their solution was integrated seamlessly into the company's process, enabling it to quickly scale to accommodate their needs. The CyberGRX assessment mapped closely to the company’s key security controls, and the CyberGRX Exchange facilitated the execution of the assessment process across the expanded ecosystem. Several of the company’s third parties had already completed an assessment on the CyberGRX Exchange, which saved the company time and effort in assessing them. For any assessment that wasn’t already on the Exchange, CyberGRX managed the requests as an end-to-end service. As the assessment results were returned, CyberGRX facilitated the remediation requests between the technology company and their vendors. The ability for third-parties to renew their assessments or make updates on the Exchange eliminated the need for the company to re-assess third parties annually.
Operational Impact
Quantitative Benefit
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