Balbix Named a Representative Vendor in Three Gartner® Hype Cycle™ reports

Recognized in both Exposure Assessment Platforms and Cyber Risk Quantification Categories

SAN FRANCISCO, Aug. 15, 2024 /PRNewswire/ -- Balbix, an AI-powered Cyber Risk and Exposure Management platform, today announced its recognition as a representative vendor in three key 2024 Gartner Hype Cycle reports, including the newly created Exposure Assessment Platforms (EAPs) and Cyber Risk Quantification (CRQ) innovation profiles.

This is a strong testament to Balbix's strategy for reducing and burning risk. The approach focuses on minimizing exposure and vulnerabilities across assets, applications, and users. Traditional vulnerability management tools are no longer adequate for this objective. Security leaders now seek solutions that not only patch vulnerabilities but also identify all exposures and prioritize them based on their impact on the business.

We are proud to have been identified by Gartner as a Representative Vendor in the Hype Cycle reports for Security Operations and Managing Operational Technology in the EAP category and the Cyber-Risk Management report for the CRQ category," stated Gaurav Banga. Balbix goes beyond visibility to offer a solution that leverages risk-based prioritization, reducing IT workloads by up to 90% while enabling customers to burn down their cyber risk quickly. Additionally, Balbix is the only solution that can help CISOs quantify risk in dollars, allowing  them to justify their budget and demonstrate  the success of current security programs."

Balbix distinguishes itself from other EAP platforms by leveraging cutting-edge AI models and algorithms. This includes:

• Comprehensive Visibility: Balbix ingests data across multiple tools and environments, providing deep insights into exposures such as vulnerabilities, misconfigurations, and application risks. By leveraging large language models (LLMs), Balbix identifies significantly more vulnerabilities than traditional methods, ensuring a complete view of an organization's attack surface.
  
  
• Risk-Based Prioritization: Balbix employs a sophisticated prioritization model that considers severity, threat intelligence, exploitation/accessibility, control effectiveness, and business impact. This approach enables security and IT teams to focus on the most pressing risks.
  
  
• GenAI-Powered Mobilization: Balbix supports a robust stack of capabilities for mobilizing vulnerabilities and exposures, including cyber risk quantification for better alignment, next best steps calculations (driven by Shapely econometric models) that are automatically dispatched into projects and tickets, risk org chart maintenance, automated workflows, exposure mitigation analytics, and integrations with SOAR and remediation tools.

With its GenAI-powered assistant, BIX, Balbix streamlines the communication and execution of remediation actions. BIX adapts its responses to the needs of different roles, ensuring that everyone, from CISOs to IT staff, receives the information they need in a format they can act on.

As the demand for EAPs and CRQ grows, Balbix remains at the forefront of risk and exposure management. Visit balbix.com for more information on Balbix's recognition in the Gartner Hype Cycles and to explore its platform's capabilities.

Gartner disclaimers:

Gartner, Hype Cycle for Security Operations, 2024, 29 July 2024, Jonathan Nunez, Andrew Davies

Gartner, Hype Cycle for Cyber-Risk Management, 2024, 22 July 2024, Michael Kranawetter, Jie Zhang, Pedro Pablo Perea de Duenas

Gartner, Hype Cycle for Managing Operational Technology, 2024, 5 August 2024, Kristian Steenstrup, Jo-Ann Clynch

About Balbix

Balbix is revolutionizing cyber risk management by providing businesses with the tools to effectively identify, prioritize, and mitigate their most critical security exposures. By integrating data from across the organization and leveraging advanced AI technologies, Balbix offers a unified platform for exposure assessment and risk quantification. Fortune 500 companies trust Balbix to protect their operations and ensure compliance in an ever-evolving threat landscape. Balbix was recognized in Forbes America's Best Startup Employers 2024 by CNBC in their 2022 Top 25 Startups for the Enterprise and ranked #32 on the 2021 Deloitte Fast 500 North America.