Telstra’s investment arm Telstra Ventures has bought a stake in US-based cyber risk exchange firm CyberGRX.
CyberGRX allows customers to view how their vendors, partners or customers are addressing their security requirements and automates the process of performing risk assessments.
A report from The Australian said the investment is in the ballpark of $US5 million to $US10 million.
“With cyber security being a hot topic in the past decade and 63 percent of data leaks coming from third party providers, Telstra Ventures has decided to invest in CyberGRX to acknowledge and help resolve this feat,” Telstra said.
The decision to invest in CyberGRX was made due to a growing market in automating third-party cyber risk management.
“Currently cyber-risk assessment resources and teams are only scratching the surface of the supplier base, but CyberGRX’s automated process enables enterprises to begin to understand their third-party supplier risk at scale and also allowing suppliers to scale how they respond to third-party risk assessments,” Telstra added.
Telstra Ventures made investments in other US-based tech startups, including US$330 million on video platform Ooyala and $8 million on web engine vendor NGINX.
Ooyala was eventually written down in 2018, while F5 Networks acquired NGINX for US$670 million.