Prevalent GDPR Case Studies

Introduction

This case study of a large enterprise retail company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top driver for purchasing their Prevalent third-party risk management solution:
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
• Challenges that deploying Prevalent solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • Having no centralization of TPRM functions
  • An inconsistent methodology for vendor risk management
• Vendors evaluated before choosing Prevalent:
  • OneTrust
  • Riskonnect

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • PCI
  • CIS CSC Top 20
• Looking to grow the number of vendors they assess in the next 12 months by 0-10%.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: differentiated
  • Centralized document/evidence management: differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
  • Identify key controls and apply reporting to the most critical relevant risks: differentiated
  • In-solution communication with suppliers on remediating risks: differentiated
  • Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: differentiated
  • Identify and visualize relationships between entities to demonstrate dependencies and flows of information: differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated

Introduction

This case study of a large enterprise media & entertainment company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top driver for purchasing their Prevalent third-party risk management solution:
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
• Challenges that deploying Prevalent solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • A lack of insights to make risk-based decisions
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
• Vendors evaluated before choosing Prevalent:
  • BitSight
  • SecurityScorecard

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • PCI
• Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: differentiated
  • Assessment scheduling and automated chasing reminders: differentiated
  • Automated risk and compliance register: differentiated
  • Centralized document/evidence management: differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
  • Identify key controls and apply reporting to the most critical relevant risks: differentiated
  • In-solution communication with suppliers on remediating risks: differentiated
  • scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: differentiated
  • Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: differentiated
  • Identify and visualize relationships between entities to demonstrate dependencies and flows of information: differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated
• Saved 1 day per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of Euromoney Institutional Investor is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top driver for purchasing their Prevalent third-party risk management solution:
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
• Challenges that deploying Prevalent solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • Having no centralization of TPRM functions
• Vendors evaluated before choosing Prevalent:
  • CyberGRX
  • OneTrust
  • SecurityScorecard
  • ServiceNow

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • ISO 27001
  • PCI
• Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: differentiated
  • Assessment scheduling and automated chasing reminders: differentiated
  • Automated risk and compliance register: very differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
  • Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: very differentiated
  • Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: 2-3 weeks
  • After deploying Prevalent: 1-2 weeks
• Saved 1 day per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a Global 500 insurance company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top driver for purchasing their Prevalent third-party risk management solution:
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
• Challenges that deploying Prevalent solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
• Vendors evaluated before choosing Prevalent:
  • BitSight
  • Dell RSA Archer
  • OneTrust
  • SecurityScorecard
  • ServiceNow

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • ISO 27001

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: differentiated
  • Assessment scheduling and automated chasing reminders: very differentiated
  • Automated risk and compliance register: very differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
  • Identify key controls and apply reporting to the most critical relevant risks: differentiated
  • In-solution communication with suppliers on remediating risks: differentiated
  • Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: 3-4 weeks
  • After deploying Prevalent: 2-3 weeks

Introduction

This case study of an S&P 500 pharmaceuticals company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
• Challenges that deploying Prevalent solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
  • Having no centralization of TPRM functions
  • An inconsistent methodology for vendor risk management

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • HIPAA
  • ISO 27001
  • NIST 800-53
• Looking to grow the number of vendors they assess in the next 12 months by 0-10%.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: very highly differentiated
  • Assessment scheduling and automated chasing reminders: very differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: very highly differentiated
  • In-solution communication with suppliers on remediating risks: very differentiated
  • Scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: very highly differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very highly differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: 3-4 weeks
  • After deploying Prevalent: 1-2 weeks
• Saved about 1 week per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a medium enterprise energy & utilities company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
  • Greater risk-based intelligence
• Challenges that deploying Prevalent solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • A lack of insights to make risk-based decisions
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
  • An inconsistent methodology for vendor risk management
• Vendors evaluated before choosing Prevalent:
  • BitSight
  • CyberGRX

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • ISO 27001
  • PCI
• Looking to grow the number of vendors they assess in the next 12 months by 11-25%.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: very differentiated
  • Assessment scheduling and automated chasing reminders: very differentiated
  • Automated risk and compliance register: very differentiated
  • Centralized document/evidence management: very differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: very differentiated
  • Identify key controls and apply reporting to the most critical relevant risks: very differentiated
  • In-solution communication with suppliers on remediating risks: very differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: 3-4 weeks
  • After deploying Prevalent: 2-3 weeks
• Saved several days per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a medium enterprise insurance company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Compliance – reporting against specific regulatory or industry framework requirements
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
• Challenges that deploying Prevalent solved for their organization:
  • A limited ability to continuously monitor vendors
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
  • Having no centralization of TPRM functions
• Vendors evaluated before choosing Prevalent:
  • BitSight
  • OneTrust
  • RiskRecon

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • NIST 800-53
  • NYDFS and CCPA
• Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Automated risk and compliance register: differentiated
  • Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated
• How long it took to complete an assessment:
  • After deploying Prevalent: 3-4 weeks
• Saved several days per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a medium enterprise financial services company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Compliance – reporting against specific regulatory or industry framework requirements
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
• Challenges that deploying Prevalent solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
  • Having no centralization of TPRM functions
  • An inconsistent methodology for vendor risk management

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • HIPAA
  • ISO 27001
  • NIST 800-53
  • PCI
• Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: differentiated
  • Assessment scheduling and automated chasing reminders: differentiated
  • Automated risk and compliance register: differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: very differentiated
  • Identify key controls and apply reporting to the most critical relevant risks: very differentiated
  • Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: very differentiated
  • Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: more than a month
  • After deploying Prevalent: 3-4 weeks
• Saved several days per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a non-profit is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled organization asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled organization to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Compliance – reporting against specific regulatory or industry framework requirements
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
  • Greater risk-based intelligence
• Challenges that deploying Prevalent or solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • A lack of insights to make risk-based decisions
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
  • Having no centralization of TPRM functions
• Vendor evaluated before choosing Prevalent:
  • AdaptiveGRC

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • ISO 27001
  • NIST 800-53
  • PCI
• Looking to grow the number of vendors they assess in the next 12 months by 0-10%.

Results

The surveyed organization achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • In-solution communication with suppliers on remediating risks: differentiated
  • Scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: more than a month
  • After deploying Prevalent: 2-3 weeks
• Saved more than 1 week per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a medium enterprise professional services company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
  • Greater risk-based intelligence
• Challenges that deploying Prevalent or 3GRC solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • A lack of insights to make risk-based decisions
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
  • An inconsistent methodology for vendor risk management

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • HIPAA
  • ISO 27001
• Looking to grow the number of vendors they assess in the next 12 months by 0-10%.

Results

The surveyed company achieved the following results with Prevalent:

• Saved more than 1 week per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a small business educational institution company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Compliance – reporting against specific regulatory or industry framework requirements
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
• Challenges that deploying Prevalent or 3GRC solved for their organization:
  • Having no centralization of TPRM functions
• Vendor evaluated before choosing Prevalent:
  • NCC Group, Zoonou

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • ISO 27001

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Identify key controls and apply reporting to the most critical relevant risks: differentiated
  • In-solution communication with suppliers on remediating risks: very differentiated
  • Scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: differentiated

Introduction

This case study of a large enterprise retail company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
  • Greater risk-based intelligence
• Challenges that deploying Prevalent or 3GRC solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • A lack of insights to make risk-based decisions

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
• Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: differentiated
  • Assessment scheduling and automated chasing reminders: very differentiated
  • Automated risk and compliance register: very differentiated
  • Centralized document/evidence management: very highly differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
  • In-solution communication with suppliers on remediating risks: differentiated
  • Scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: 1-2 weeks
  • After deploying Prevalent: less than 1 week
• Saved more than 1 week per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a large enterprise automotive & transport company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Challenges that deploying Prevalent or 3GRC solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • A lack of insights to make risk-based decisions
  • A lack of guidance in addressing industry standards or third-party regulatory compliance requirements for cyber risk, InfoSec, or data privacy
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
  • Having no centralization of TPRM functions
  • An inconsistent methodology for vendor risk management

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
• Looking to grow the number of vendors they assess in the next 12 months by 11-25%.

Results

The surveyed company achieved the following results with Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
  • Greater risk-based intelligence

Introduction

This case study of a Global 500 retail company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
• Challenges that deploying Prevalent solved for their organization:
  • A lack of automation in collecting and analyzing vendor surveys
  • A limited ability to continuously monitor vendors
  • An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
  • An inconsistent methodology for vendor risk management
• Vendor evaluated before choosing Prevalent:
  • Synergi

Use Case

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • ISO 27001
  • PCI
• Looking to grow the number of vendors they assess in the next 12 months by 11-25%.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: differentiated
  • Centralized document/evidence management: differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
  • In-solution communication with suppliers on remediating risks: differentiated
  • Identify and visualize relationships between entities to demonstrate dependencies and flows of information: differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: 1-2 weeks
  • After deploying Prevalent: less than 1 week
• Saved about 1 week per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of an S&P 500 financial services company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Compliance – reporting against specific regulatory or industry framework requirements
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
  • Greater risk-based intelligence
• Challenges that deploying Prevalent solved for their organization:
  • A limited ability to continuously monitor vendors
  • A lack of guidance in addressing industry standards or third-party regulatory compliance requirements for cyber risk, InfoSec, or data privacy
  • An inconsistent methodology for vendor risk management

Use Case

The key features and functionalities of Prevalent that the surveyed company uses:

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • HIPAA
  • ISO 27001
  • PCI

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Breadth of available surveys: very differentiated
  • Assessment scheduling and automated chasing reminders: very differentiated
  • Automated risk and compliance register: very differentiated
  • Centralized document/evidence management: very differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: very differentiated
  • Identify key controls and apply reporting to the most critical relevant risks: very differentiated
  • In-solution communication with suppliers on remediating risks: very differentiated
  • Scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: very differentiated
  • Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: very differentiated
  • Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: more than a month
  • After deploying Prevalent: 2-3 weeks
• Saved about 1 week per assessment on average by utilizing the Prevalent Platform.

Introduction

This case study of a medium enterprise professional services company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

• Top drivers for purchasing their Prevalent third-party risk management solution:
  • Compliance – reporting against specific regulatory or industry framework requirements
  • Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
  • Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
  • Greater risk-based intelligence
• Challenges that deploying Prevalent solved for their organization:
  • A limited ability to continuously monitor vendors
  • A lack of guidance in addressing industry standards or third-party regulatory compliance requirements for cyber risk, InfoSec, or data privacy
  • Having no centralization of TPRM functions

Use Case

The key features and functionalities of Prevalent that the surveyed company uses:

• Regulations or industry frameworks they must regularly report against:
  • GDPR
  • ISO 27001
• Looking to grow the number of vendors they assess in the next 12 months by 11-25%.

Results

The surveyed company achieved the following results with Prevalent:

• The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Assessment scheduling and automated chasing reminders: differentiated
  • Automated risk and compliance register: differentiated
  • Centralized document/evidence management: very differentiated
  • Create tasks, flags, and risks based on results of assessment responses in risk register: very differentiated
  • Identify key controls and apply reporting to the most critical relevant risks: differentiated
  • In-solution communication with suppliers on remediating risks: very differentiated
  • Scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: very differentiated
  • Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: very differentiated
  • Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
  • User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very differentiated
• How long it took to complete an assessment:
  • Before deploying Prevalent: 2-3 weeks
  • After deploying Prevalent: 1-2 weeks
• Saved about 1 week per assessment on average by utilizing the Prevalent Platform.