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Mastercard’s RiskRecon, Openly launch AU-first partnership to address cyber risk

Adelaide, Australia RiskRecon, a security assessment provider under Mastercard, has entered into an Australian-first partnership with Openly, a privacy-tech startup based out of the Stone & Chalk innovation hub in Adelaide’s Lot Fourteen, to provide organisations with a complete view of their supply chain privacy and cyber risk posture.

As a part of Mastercard’s Global Cybersecurity Alliance Program, Openly has integrated RiskRecon cyber risk data into its platform. Openly Vendor Monitor customers can now view RiskRecon cyber risk ratings for every vendor in the platform based on continuously updated data.

Openly Co-Founder Jay Gilden said “As we see progress toward significant privacy law reform in Australia, senior business leaders are placing more weight upon the importance of privacy for long term business health… this is driving up the appetite for investment in innovation.” He also mentioned that the announcement, which comes at the start of Privacy Awareness Week, highlights that Australia can lead the way in global privacy innovation.

Gilden said the catalyst for partnering with Mastercard was the uptake of its new product, Openly Vendor Monitor, across global markets.

“When we launched Openly Vendor Monitor in mid-April, we saw more than 200 businesses join in 72 hours. We planned to launch softly into the Australian market, and suddenly we had customers in 37 countries.”

Openly’s ‘Vendor Monitor’ bolsters transparency between buyers and suppliers through continuous privacy risk monitoring. The platform watches and updates more than 19,000 vendor profiles daily, and can detect changes to key business information, privacy documentation, terms of service agreements and public records.

Kelly White, founder at MasterCard RiskRecon said that the addition of RiskRecon’s cyber risk ratings into Openly Vendor Monitor provides an added layer of critical information for buyers when assessing and managing supply chain risk.

“By combining Openly’s innovative approach to continuous privacy risk monitoring with RiskRecon’s cyber risk ratings, organisations now have access to enhanced visibility of their risk profile across their supplier relationships. We are excited about partnering with Openly to simplify an increasingly complex supply chain risk landscape,” White said.