Reciprocity announced that Michael Maggio has been named as the Chief Executive Officer.
Maggio, who currently serves as Chief Product Officer (CPO), will maintain his CPO role as well as join the company’s Board of Directors. Ken Lynch, founder of Reciprocity, will serve as Executive Chairman of Reciprocity’s Board of Directors.
Maggio is a serial software entrepreneur with a passion for creating new product categories, implementing creative revenue models, optimizing operations, and delighting customers. Over his 30+ year career, he has built startup companies from scratch to IPO in the automated testing and security spaces, reinvigorated enterprise product portfolios in F500 companies, such as CA Technologies and FIS, and delivered cutting-edge products in mobile and location-aware markets. While at Reciprocity, Maggio has championed the company’s pioneering approach to IT risk management, which ties an organization’s risk directly to its business strategy.
“I am honored to be taking on these new responsibilities at such a pivotal time for both our company, and for the industry as a whole,” said Maggio. “In today’s hyper-connected world, companies are struggling to identify where and when the next cyber breach or ransomware attack may occur, as simply conforming to industry compliance frameworks or building a company-wide risk register is no longer sufficient protection. Our pioneering new approach to IT risk management is a game changer that will alter the way organizations protect themselves, their employees, and their customers from sophisticated cyber attacks.”
“Reciprocity’s latest product innovation is creating an entirely new category of risk management solutions – one that will transform the cyber security industry,” said Lynch. “It has been an honor to found and lead Reciprocity through its early days in the governance, risk, and security space. I’m proud of what we’ve achieved so far and look forward to seeing what comes next for the company, and for the industry, under Michael’s guidance and vision.”
Reciprocity’s new Risk Observation, Assessment, and Remediation (ROAR) Platform breaks down the silos between compliance and risk, providing a real-time view of risk within the context of business activities. The result is InfoSec teams that are empowered with the actionable insights they need to avoid and mitigate risk and optimize security.
“This is the first time in our industry that a software solution, leveraging deep expertise, is able to directly link a company’s business activities to the related compliance requirements and associated risks and automatically connect the controls and remediation process to act on that specific risk,” added Maggio.
Reciprocity continues to experience rapid growth, driven by product innovation and customer satisfaction. The company’s customer-centric approach has led to a consistently strong customer retention rate. This positive customer sentiment has led to the company being recognized as a leader in the G2 Grid Report for GRC Solutions for 19 consecutive quarters. In addition, more than 400 organizations now leverage the Reciprocity platform for their governance, compliance, and risk (GRC) programs.