VISO TRUST has issued its “2024 State of Third Party Risk Management: AI’s Impacts and Future Trends” which codifies that longstanding Third-Party Risk Management (TPRM) methods are increasingly inadequate in today’s digital business environment.
The report leverages VISO TRUST Platform-derived data, which includes profiles of more than 2.4 million companies, and insight from CISOs, security, and TPRM professionals across various industries.
Among key findings on legacy TPRM:
- Inadequate responses: Approximately 75% of vendors responding to legacy questionnaire approaches requiring manual input either ignore or delay crucial risk assessments.
- False positives: Conventional cyber risk ratings yield a 90% false positive rate, undermining their reliability.
AI-driven transformation of TPRM findings:
- Efficiency gains: AI-assisted modern TPRM programs reduce vendor and partner assessment timelines from months to days.
- Near-complete coverage: AI and automation achieve almost 100% coverage of third-party networks.
- Significant increase in true positives: data analysis revealed a 500% rise in accurate risk identifications.
- Faster assessments: Risk evaluation times have decreased from 60 to 90 days to just five to eight days.
- Enhanced accuracy: AI-driven methods refine risk assessment precision.
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This entry was posted on May 17, 2024 at 1:19 pm and is filed under Commentary with tags VISO TRUST. You can follow any responses to this entry through the RSS 2.0 feed.
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AI Increases True Positives On Vendor Risk 500%: VISO TRUST
VISO TRUST has issued its “2024 State of Third Party Risk Management: AI’s Impacts and Future Trends” which codifies that longstanding Third-Party Risk Management (TPRM) methods are increasingly inadequate in today’s digital business environment.
The report leverages VISO TRUST Platform-derived data, which includes profiles of more than 2.4 million companies, and insight from CISOs, security, and TPRM professionals across various industries.
Among key findings on legacy TPRM:
AI-driven transformation of TPRM findings:
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This entry was posted on May 17, 2024 at 1:19 pm and is filed under Commentary with tags VISO TRUST. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.