Risk management has been a top priority among organizations owing to increase in cyber-attacks and breach during the industrial revolution. Cyber invasion has increased since companies have started outsourcing elements of their business module. This increased frequency of outsourcing has augmented the probability of attacks and breaches, resulting in heightening demand for vendor risk management tools. For instance, in 2019, a cyber-attack was discovered on an American debt collection firm American Medical Collection Agency, which impacted more than three dozens of its client and more than 0.5 billion patients, making this incident the largest health data breach of the year, which has resulted in the rising need of adoption of vendor risk management market across the globe.
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Artificial intelligence helps in preventing any breaches that might occur within a network without the need for human intervention. An American based software firm Oracle is proving an AI-powered solution to enterprises that aid them in managing risk associated within their network. Most of the risk management…
