AI is Finally Coming For Security and Compliance Jobs, Israeli Startup Vendict Targets the $47 Billion Industry

In the digital world, the greatest risk for any company comes in the form of poor or compromised security.

Security is the only thing that prevents companies from losing money and data to competitors, hackers, and similar threats. This is why security software was valued at $47 billion in 2022.

However, the firms can never be fully secure, as so far, each breakthrough in the security industry was matched by innovative online criminals who would find another way to endanger their targeted corporations. This forces companies to constantly innovate and purchase new security technologies.

More than that, when companies consider buying new products from vendors, their governance, risk, and compliance (GRC) experts have to read lengthy security questionnaires that the vendors submit.

These security assessments could last anywhere from hours to weeks, and handling them can often waste precious time.

According to Vendict, this part of the process can be handled by AI, which would cut down the time needed to process the security assessment from weeks to mere hours.

Verdict’s founders, Udi Cohen and Michael Keslassy, realized that this part of the security process creates a bottleneck and that generative AI is the best way to solve the problem.

They created a new model that can understand security and compliance terms, and Verdict got a brand new product, unlike anything on the market. Furthermore, they say that Verdict’s model continuously learns and gets smarter with each new user interaction.

How Buyers and Sellers can Benefit from AI

According to the company, AI can be useful to both sellers and buyers. It can provide sellers with an accurate and professional response to each question.

It would use the seller’s compliance data to provide the answers. It can even draw responses from past audits, questionnaires, policies, and procedures.

On top of that, it can also allow sellers to improve their security compliance posture by bringing their products to new markets and even whole new industries.

Ai can also help buyers, as it offers a comprehensive and fast end-to-end analysis of the vendor based on a number of aspects.

Those can include service criticality, a specific industry, as well as the sensitivity levels of data. Artificial Intelligence can further assist with tracking regulations, internal audits, or internal risk management.

Commenting on the benefits of the model, Orca Security’s Head of Security, Raul Zayat Galante, said:

We used to spend hours manually compiling and updating our responses to RFIs and security questionnaires. It was a tedious and error-prone process. But since we started using Vendict, it’s been a game-changer… We’ve been able to significantly reduce the time we spend on RFIs and security questionnaire responses. We’re also more confident that our responses are accurate and complete.

The AI Sector Continues to Grow Rapidly

Thanks to its product, Vendict is increasing the excitement of investors and business executives alike regarding the potential of generative AI technology.

The AI sector blew up so strongly that in the first six months of 2023 alone, 51 generative AI startups emerged around the world, raising over $13.8 billion.

This is ten times the amount the sector received in 2022. The market for generative AI is expanding strongly and quickly, as corporations are open to testing new models and solutions in specific domains.

Overall, estimates say that generative AI could add another $2.6 trillion to $4.4 trillion to the global economy on an annual basis.

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