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Patch Management is the process of updating the assets like applications, softwares and operating systems with missing patches. For eg - A software vendor might release security fixes. If the patch management tool does not detect that, the update would go unimplemented. Therefore, dedicated Patch Management is a must required service which organizations should invest into.
Vulnerability Management is done by our tools dedicated for the same purpose. Our tools scan the assets, list out the vulnerabilities and provide us with corrective measures to get rid of them.