London-based cybersecurity firm, BlueVoyant, has broadened the capabilities of its Supply Chain Defence (SCD) function by introducing an AI-driven Business Risk Monitoring solution. It expands beyond third-party cyber risk management (TPRM) to include risk events that could disrupt a third party's service or product delivery or present reputational or regulatory hazards to the client via its third-party relationships.

The new service leverages artificial intelligence (AI) and machine learning (ML) to surveil over 50,000 data sources in the detection of risk events across eight categories. These themes of risk include legal/regulatory issues, foreign influence, financial and operational problems, governance, market/economic factors, and corporate social responsibility (CSR).

Joel Molinoff, the global head of BlueVoyant’s Supply Chain Defence, explained, “With the addition of Business Risk Monitoring, clients will now be able to manage business risks attributed to third parties through validated and prioritised risk findings according to client-specific thresholds.” This response addresses the developing needs of clients who are looking to amalgamate cyber and business operation-linked third-party risk management programmes.

The fresh solution is tactfully integrated into BlueVoyant's existing SCD platform. The SCD platform is recognised as a market leader in rapidly pinpointing and resolving critical cybersecurity issues within clients' third-party ecosystems. It enhances the SCD's efficiency in maintaining robust security across the different links in clients' supply chains.

BlueVoyant's primary strength lies in its adeptness in mitigating supply chain cyber risks, distinguishing it from other TPRM providers. These vendors typically commence with a business risk offering and only later extend it to cyber risk through partnerships and integrations. On the other hand, BlueVoyant delivers a harmoniously integrated service in business and cyber risk reduction. This allows its clients to operate with competence and assurance across the entire range of third-party risk.

The innovative offering is set to be a valuable addition to BlueVoyant's portfolio. It reinforces the firm's commitment to delivering both business and cyber risk reduction, thereby providing organisations with outstanding protection in an increasingly digital and interconnected business landscape.