Security is one of every organization’s top priorities. To ensure the safety of their operations and data, companies often rely on security questionnaires to assess the measures implemented by their vendors. However, responding to these questionnaires is a huge conquest on its own – from determining acceptable answers, and providing suitable alternatives, to presenting relevant evidence.
More often than not, tech vendors are uncertain about which responses will satisfy the questionnaire requirements, making it challenging to provide accurate and appropriate information. This uncertainty can lead to delays and potential miscommunication between vendors and their clients.
Additionally, vendors face the challenge of providing good alternatives when their current security practices do not align with the requirements of the questionnaire. Finding suitable alternatives can be a complex task that requires careful evaluation and consideration of various factors, such as the specific needs of the client and industry best practices.
This is where Vendict steps in. Just recently, this Israel-based technology startup emerged from stealth with $9.5 million in funding to power security compliance teams by leveraging the latest advancements in linguistic generative AI. The company aims to be a business driver in the Governance, Risk, and Compliance (GRC) landscape by helping technology vendors fulfill their security requirements, and simplify the adoption of new technology.
Co-Founder and CEO Udi Cohen said, “Filling out a security questionnaire is one of the least preferred activities of any CISO, GRC specialist, or sales engineer I’ve ever spoken with. By using the GRC-specific generative language model, this is the first time that this pain is truly solved. As the CEO, I’m getting to see the astonished faces of our customers when they realize that they will not need to manually respond to questionnaires anymore. This is satisfying in a way that I can’t explain. But still, this is just an intermediate step.”
“We recognized that Vendict effectively addresses a genuine issue related to establishing trust among buyers, sellers, and regulators. Their solution innovatively combines their unique AI technology with precise utilization of generative AI techniques,” said Gadi Tirosh, Venture Partner at DisruptiveAI.
“By building the world’s first security language AI model, Verdict helps their customers reduce risks, save time, and accelerate sales cycles,” explained Gigi Levy Weiss, General Partner at NFX. “Udi and Michael have the perfect experience to deliver on this vision and streamline how security compliance is done.”
Let AI Do the Heavy Lifting
Vendict was established 2 years ago with a mission to address the challenging issue of Vendor Risk Management. Vendict addresses the challenge of responding to questionnaires by utilizing an organization’s compliance data, including previous questionnaire responses, audit reports like SOC-2, policies, and procedures. Leveraging its Generative AI stack, Vendict generates precise and professional responses for each question. Additionally, Vendict offers guidance to companies aiming to enhance their security compliance status, enabling them to expand their sales opportunities across various industries and sectors.
“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,” said Raul Zayat Galante, Head of Security at Orca Security. “Vendict has a centralized knowledge base for all of our compliance documentation. This makes it easy to find and update the information we need. In addition, Vendict has a plugin for questionnaire filling that helps us automate answers to online RFIs. As a result, 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. We highly recommend Vendict to any organization that wants to improve its RFI and security questionnaire response process.”
Through the development of the world’s pioneering AI system proficient in security language, Vendict empowers security and Governance, Risk, and Compliance (GRC) teams to mitigate risks, save time, gain a competitive edge, and expedite sales cycles. Their solution combines the specialized expertise of security and vendor assessment with the transformative power of AI.
In essence, Vendict fills the void in current solutions by providing an AI-driven security expert. By comprehending the contextual meaning of the text, their system significantly reduces the duration of security assessments from weeks to mere hours. Moreover, with each interaction, the AI model becomes more intelligent, further enhancing time efficiency and saving resources.
“The technology we are now developing will eliminate the need to send questionnaires altogether. Vendict will generate security assessment reports to the buyers, based on the sellers’ documents, and the criticality of the vendor,” Udi concluded.