Navigating TPCRM Challenges: Visibility, AI Risks, and Resource Strain
Third-Party Cyber Risk Management (TPCRM) is increasingly complex, burdened by limited visibility into vendors’ security postures, inconsistent assessment processes, and a lack of real-time monitoring. The rise of generative AI offers efficiency gains but introduces new risks to sensitive data and intellectual property, requiring security teams to adopt it cautiously. A major hurdle remains the validation and accuracy of third-party responses during assessments. Additionally, TPCRM is notoriously resource-intensive, making it difficult for organizations to scale effectively while maintaining compliance and minimizing cyber risk exposure.
Panorays AI: Purpose-Built for Third-Party Cyber Risk Management
To address the growing complexity and resource demands of Third-Party Cyber Risk Management, Panorays offers an in-house AI solution designed with privacy, accuracy, and efficiency at its core. Unlike generative AI models like ChatGPT that may expose sensitive data and raise privacy concerns, Panorays’ self-hosted and self-trained AI engine ensures your organization’s data remains secure. Trained on millions of third-party use cases, our domain-specific AI leverages both Natural Language Processing (NLP) and Machine Learning (ML) to deliver accurate, scalable assessments. This enables security teams to validate third-party responses more effectively, adopt AI safely, and significantly reduce the manual burden of risk management, ultimately improving cyber resilience and operational efficiency.
TPCRM Stages and How AI Solves Key Challenges
Here’s how Panorays AI streamlines third-party cyber risk management at every stage:
Supply Chain Discovery
- Detection: Identify hidden or uncovered third, fourth or Nth parties using AI-enhanced domain discovery within the digital supply chain.
- Profiling: Map AI-based third parties and tier them based on criticality, providing comprehensive insights into the supply chain risk landscape.
- Business Snapshot: Pull basic third-party information from available public data to build a business information profile including multiple criteria such as: number of employees, industry, certifications, and attestations.
Risk Assessments
- Precise Asset Discovery/Precise Cyber Posture Rating: Detect supply chain digital assets accurately, displaying relevant relationships with minimal false positives
- Accurate Rating: The AI assessment engine normalizes company scores using trusted companies’ performance, breaches, and past cyber incidents, predicting the likelihood of supplier breaches./ By benchmarking industry performance, breaches, and past cyber incidents, Panorays’ ML model predicts the likelihood of supplier breaches.
- Accurate Assessments/Questionnaire filling: Get faster evaluations by trusting Panorays’ suggested answers, which are based on two main sources: internal data scanning, leveraging previously answered questionnaires, and external intelligence, powered by Gemini, which double-searches public data to identify relevant answers. This dual-source approach delivers accuracy and confidence while dramatically reducing the time and effort required.
- Automated Validated Answers: Validate third-party responses as NLP parses their documents, certifications, and attestations. Also, Correlated Insights validates answers with External Attach surface findings. This streamlines the assessment process and reduces the time and effort required for verification.
- Governance: Send AI-specific questionnaires to help implement governance programs effectively, streamlining compliance with regulations.
Continuous Threat Detection
- Threat Intelligence: Reduce third-party cyber risk with AI-driven detection, classification, and mapping of vulnerabilities and breaches.
- Contextual Cyber Events detection: Get rapid threat alerts based on third-party criticality and risk level, so you are not wasting time on inaccurate assessments and false alarms.
Seamless Workflow
- Workflow Automation: Panorays’ AI-powered platform automates the manual work to streamline the third-party cybersecurity process. Set triggers and conditions to automatically approve or decline suppliers, send low-risk remediation tasks, or assign who should review questionnaires based on their bottom-line risk rating.
Ready to see it in action? Book a personalized demo to explore how our in-house AI can help you excel at managing third-party cyber risk.
