Inside the Briefcase
VISO TRUST Delivers 3rd Party Cyber Risk Assessments in Minutes
October 25, 2023 No CommentsNew updates to VISO TRUST’s patented AI-driven third-party risk management (TPRM) platform promise to fundamentally transform the reach, effectiveness, operational efficiency and economics of TPRM programs.
The Company said its VISO TRUST platform now identifies high-risk vendors with 500% greater accuracy, advancing TPRM program effectiveness and eliminating bottlenecks, while delivering near real-time cybersecurity control detection/analysis. It lets organizations identify high-risk vendors with new speed and precision, providing substantial market agility advantages.
James Nelson, VP of Information Security at Illumio, said: “VISO TRUST has enabled us to bring the security staff time per relationship down from more than 8 hours to only 30 minutes—for us that’s gold.”
New VISO TRUST features include:
– Rapid Risk Analysis: Assessment time is reduced to minutes, allowing organizations to make swift, informed decisions with 5x more relevant findings than are typically found with manual and alternative automated approaches.
– Infinite Potential Risk Network Ecosystem: The VISO TRUST Risk Network fosters collaboration and information sharing among organizations, strengthening collective security and resilience across growing third and Nth party relationships.
– Expansion of New Controls Detection: VISO TRUST’s “Risk Dimensions” extends coverage across various risk areas, including AI trust, cyber insurance, resilience, privacy, relevant regulatory compliance and product security, providing a comprehensive view of vulnerabilities. This next-level visibility empowers organizations to proactively identify and mitigate risks across a wide spectrum of security domains.
– Expansion of Artifact Intelligence: The platform leverages generative AI to enable unprecedented use cases, seamlessly translating security control information between questionnaires and diverse source artifacts and evidence.
– Cumulative Impacts: The impacts of these technological advancements is staggering. Organizations can now achieve a reduction in third-party security risk exceeding 95%, spend less than 5 minutes to assess a vendor, and are 5 times more likely to identify high-risk vendors, setting a new industry standard for security, risk management and compliance teams and leaders.
VISO TRUST’S patented Artifact Intelligence TPRM process translates security control information, and is backed by an exceptional assurance and risk modeling accuracy rate exceeding 98%. It derives information from an extensive range of public and private sources, including policies, standards, trust portals, trust reports (such as SOC, ISO, and PCI reports), penetration test reports, and automated compliance platforms.
The Company notes that the mass migration of data onto third and Nth party SaaS, PaaS, and IaaS platforms has put sensitive data at unprecedented risk. VISO TRUST’s accuracy and near real-time vendor risk analysis sharply lowers risk assessment costs and improves accuracy of cyber threat detection.
Paul Valente, CEO of VISO TRUST, said: “VISO TRUST’s AI-driven breakthrough heralds a paradigm shift that will redefine third-party risk management effectiveness. By translating complex security information into actionable insights sourced from diverse artifacts and evidence, we empower organizations to make informed decisions with unparalleled precision and timeliness.”
“VISO TRUST’s continued innovation represents a quantum leap in third-party risk management,” said Enrique Salem, Partner at Bain Capital Ventures. “The ability to harness AI for synthesizing information from diverse sources into actionable insights is a game-changer for third-party and cyber risk.”
A self-guided interactive demo of VISO’s AI platform and free AI cyber risk assessment are available.
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