Telstra Ventures has invested in risk assessment service CyberGRX, the VC fund revealed today.
CyberGRX says it operates a global risk exchange and third-party risk-assessment-as-a-service: Essentially its customers can request a rating of the risk associated with a vendor and if CyberGRX’s exchange doesn’t already have a rating the company will conduct a standardised assessment.
“CyberGRX provides a comprehensive third-party cyber risk management platform to cost-effectively identify, assess, mitigate and monitor an enterprise’s risk exposure across its entire partner ecosystem,” said Marcus Bartram, lead investor and partner at Telstra Ventures.
“Through automation and advanced analytics, the CyberGRX Exchange enables enterprises to collaboratively mitigate threats presented from their increasing interdependency on vendors, partners and customers.”
CyberGRX has close to 30,000 companies on its risk exchange, Bartram said.
“When we invest in companies and founders, we think about a number of things including market opportunity, product and team,” he said.
“The market CyberGRX is leaning into is huge as they help to automate the entire business of third-party cyber risk management.”
Since it launched in 2011, Telstra Ventures has made investments in more than 60 companies.
In February this year, Telstra CEO Andy Penn said the telco had restructured Telstra Ventures as part of its “active program of portfolio management, to monetise up to $2 billion of assets by the financial year 2020,” which is a component of the company’s T22 strategy.