Launched in February 2022, the cyber third-party risk management solution by Agnostic Intelligence is coming on well among customers. The Zug-based startup is currently serving more than 20 customers, including well-known banks and insurance companies and growing with a fast adoption rate.
Many organisations rely on third parties, with some working with over 1000s of them - yet very few conduct thorough due diligence to evaluate the security sturdiness of their third party. In the current era of unexpected cyberattacks, this recklessness exposes organisations to major cyber threats. A 2021 study by the Ponemon Institute reported that 74 percent of organizations experienced a cybersecurity breach in the previous 12 months because they gave “too much privileged access” to third parties. Moreover, 54 percent do not assess third parties’ security practices prior to granting them access to their confidential data and a whopping 63 percent is uninformed about which third parties have access to their networks and what permissions they have. Existing solutions to support organisations in this due diligence process are not only limited, but they also involve many manual processes, and are time-consuming and costly.
An experienced team with a combined 70 years of experience in cybersecurity has established Agnostic Intelligence in response to the global market gap. The startup developed an agnostic platform to provide cyber and company risk analytics by automating and connecting tools, information, and data to create a holistic and transparent overview of supplier/ company cyber risks. Key customers are large, established organisations in highly regulated fields. As part of the Microsoft for Startups program, the startup benefits from Microsoft’s Azure service for supply chain security, and the marketplace.
Since launching the Software-as-a-Solution platform in mid-2022, the startup has attracted more than 20 established companies, including two of Switzerland’s critical infrastructure banks, other financial institutions, insurance companies and biotech, chemical and consumer goods companies. The company reached already break-even after 9 months in business and investing funds from a private investor and the founders, which continues to drive the company’s growth. Currently, 30 employees work at Agnostic.
Moving forward, the startup and its team will focus on further sales growth and product development to enhance the solution with artificial intelligence and additional features.
(RAN)
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