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Industry Landscape
The cybersecurity and risk management industry is experiencing rapid growth driven by increasing digital transformation and the escalating threat landscape. Organizations are facing complex regulatory demands and a surge in sophisticated cyber attacks, pushing the demand for advanced, automated solutions. AI and machine learning are becoming critical for proactive risk identification and mitigation, moving away from traditional manual processes. The focus is shifting towards continuous monitoring and real-time intelligence for comprehensive risk posture management.
Total Assets Under Management (AUM)
Third-Party Risk Management Market Size in United States
~Approximately 7.2 billion USD (2023)
(15.0% CAGR)
- Driven by increasing regulatory compliance needs.
- Rise in supply chain attacks.
- Demand for automated assessment tools.
Total Addressable Market
7.2 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI can automate the creation of sophisticated threat intelligence reports and highly customized vendor assessment questionnaires, improving efficiency and relevance.
Homomorphic Encryption (HE)
HE allows for data processing in an encrypted state, enabling secure collaboration on sensitive vendor risk data without decryption, enhancing privacy and trust.
Decentralized Identity (DID)
DID offers self-sovereign digital identities for vendors, streamlining secure and verifiable access to shared assessment data and reducing identity fraud risks.
Impactful Policy Frameworks
NIST AI Risk Management Framework (AI RMF 1.0) (2023)
The NIST AI RMF 1.0 provides a framework for managing risks associated with artificial intelligence, including guidelines for trustworthy AI system development and deployment.
This framework will guide VISO TRUST in developing and demonstrating the trustworthiness and responsible use of its AI-powered assessment tools, potentially impacting product development and compliance strategies.
Cybersecurity and Infrastructure Security Agency (CISA) Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA) (2022)
CIRCIA mandates covered critical infrastructure entities to report significant cyber incidents and ransomware payments to CISA within specific timeframes.
This policy increases the pressure on VISO TRUST's clients to ensure their third-party vendors also adhere to robust cybersecurity practices, driving demand for VISO TRUST's continuous monitoring and rapid assessment capabilities.
SEC Cybersecurity Disclosure Rules (2023)
The SEC adopted new rules requiring public companies to disclose material cybersecurity incidents within four business days and annually report on their cybersecurity risk management, strategy, and governance.
These rules significantly heighten the need for VISO TRUST's clients (and by extension, their vendors) to have robust, auditable third-party risk management programs, increasing demand for VISO TRUST's transparent reporting and compliance features.
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