Prevalent: Prevalent HIPAA Case Studies

Prevalent Case Study

Large Enterprise Pharmaceuticals Company

Introduction

This case study of a large enterprise 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.

“We now have a way to automate our assessments. We can now create detailed reports on each vendor and track our remediation efforts much more easily and in one place. The automated system saves us a lot of time with communications and completed assessment reminders.”

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 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
Vendors evaluated before choosing Prevalent:
- ServiceNow
- ThirdPartyTrust

Use Case

Regulations or industry frameworks they must regularly report against:
- HIPAA
- 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: very highly differentiated
- Assessment scheduling and automated chasing reminders: differentiated
- Automated risk and compliance register: very highly differentiated
- Centralized document/evidence management: 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 highly 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: 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 highly 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.

Prevalent Case Study

S&P 500 Pharmaceuticals Company

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.

“Very positive impact. Speeded up assessments. Nice for the eye. Good reporting and nice dashboards.”

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.

Prevalent Case Study

State & Local Government

Introduction

This case study of a state & local government 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.

“Prevalent enables us to know what risks there are with vendors hosting our data.”

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
- Greater risk-based intelligence
Challenges that deploying Prevalent solved for their organization:
- 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
Vendors evaluated before choosing Prevalent:
- CyberGRX

Use Case

Regulations or industry frameworks they must regularly report against:
- HIPAA
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:
- Breadth of available surveys: very differentiated
- Assessment scheduling and automated chasing reminders: differentiated
- Automated risk and compliance register: very differentiated
- Centralized document/evidence management: 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
- User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated
Saved about 1 week per assessment on average by utilizing the Prevalent Platform.

Prevalent Case Study

Medium Enterprise Financial Services Company

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.

“Prevalent is providing a more automated and interactive feature set that allows me to analyze the most important areas.”

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.

Prevalent Case Study

Medium Enterprise Professional Services Company

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.

“We’ve built Prevalent into our internal processes as it pertains to vendor on-boarding. If the new vendor meets certain criteria, then they will undergo Prevalent assessment.”

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.

Prevalent Case Study

S&P 500 Financial Services Company

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.

“We have risk reporting on time when we need to report to the authorities. Consistent reporting metrics is another key benefit.”

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.

Prevalent HIPAA Case Studies

Read examples of customers that utilized Prevalent to meet the third-party risk management requirements of HIPAA.

Large Enterprise Pharmaceuticals Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

S&P 500 Pharmaceuticals Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

State & Local Government

Introduction

Challenges

Use Case

Results

Organization Profile

About Prevalent

Medium Enterprise Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Medium Enterprise Professional Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

S&P 500 Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent