UpGuard launches AI tools for quick cyber risk assessment

The cybersecurity firm UpGuard has launched new artificial intelligence-powered tools to enhance third-party risk assessments for its users.

UpGuard's newly launched features, AI-Powered Security Profiles and Instant Risk Assessments, aim to significantly reduce the time taken for cyber risk management processes. Users of the UpGuard platform now have the capability to conduct comprehensive vendor risk assessments in under 60 seconds, compared to the traditional weeks-long process.

Dan Bradbury, Head of Product at UpGuard, commented on the development: "This is an exciting enhancement of UpGuard's leading cybersecurity platform, signalling a big step forward in ensuring cybersecurity teams are able to keep up with the pace of emerging risk to deliver a more secure supply chain. Our new AI-Powered Security Profile means customers no longer need to depend on outdated security questionnaires or time-consuming manual reviews, instead they're able to share critical information and insights in minutes."

By eliminating the reliance on cumbersome manual risk management, UpGuard's platform allows for real-time visibility into vendor security. This facilitates proactive risk management and remediation opportunities that are essential in modern cybersecurity practices.

The AI-driven capabilities of UpGuard's Security Profile help users by combining automated scans, access to pre-scanned public data, vendor-provided evidence, along with AI-generated insights. Upon identification of risks and control deficiencies, clients can take appropriate risk management actions, such as asking vendors for remediation or choosing to waive specific risks. These steps can culminate in the generation of a detailed AI-derived risk report within a minute.

The implementation of these new tools is expected to enhance the efficiency and effectiveness of cybersecurity operations by improving vendor analysis, reducing manual effort, and enabling data-driven decision-making. Users will be able to manage cybersecurity risks by adopting an organisation-wide strategy and scale operations with repeatable assessment tools.

Bradbury further remarked on UpGuard's strategic direction: "With a track record of innovation, being the first to combine cybersecurity ratings with security questionnaires back in 2017, we remain focused on delivering transformative features that simplify how businesses proactively manage and reduce cyber risk. The AI-Powered Security Profiles and Instant Risk Assessments are the start of a long and exciting AI journey for UpGuard."

Gartner has forecasted that by 2028, AI will be in use by 50% of IT vendor risk management initiatives, reducing necessary staffing by more than 25%. As part of its continued expansion, UpGuard plans to extend its assessment features to align with additional compliance frameworks and standards, including custom controls.

All UpGuard Vendor Risk customers now have access to these new AI-powered tools, with additional platform updates and integrations expected throughout the year.