TechValidate Research on Prevalent

These pages present data that TechValidate has sourced via direct research with verified customers and users of Prevalent. TechValidate stands behind the authenticity of all published data. Learn more »



109 Customers Surveyed

802 Data Points Collected

79 Published TechFacts

15 Published Charts

50 Published Case Studies



Featured Research Collections for Prevalent

Curated collections and slideshows of TechValidate research data on Prevalent.



Selected Research Highlights


Prevalent Customer Research

By how much are you looking to grow the number of vendors you assess in the next 12 months?

0-10%: 38%
11-25%: 29%
More than 25%+: 25%
We are not planning to grow the number of vendors we are assessing in the next 12 months.: 8%

Prevalent Case Study

Medium Enterprise Financial Services Company

Introduction

This case study of a medium enterprise financial services company is based on a July 2021 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

  • Their primary vendor risk assessment pain points were:
    • Too much time spent manually onboarding new vendors
    • Lack of visibility into the baseline risks with a new vendor
    • Complex, manual assessment processes (e.g., using spreadsheets)
  • Estimated time spent on vendor sourcing and selection:
    • Before Prevalent: 1 week or more
    • Since Prevalent: 4+ hours
  • Estimated time spent on vendor intake and onboarding:
    • Before Prevalent: 1 day+
    • Since Prevalent: 2-4 hours

Use Case

  • Currently assessing their vendors for the following:
    • Cybersecurity
    • Data Privacy

Results

  • Level of agreement:
    • Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
    • Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need: agree
    • Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
    • Prevalent provides a programmatic process to offboard vendors that reduces risk: agree
  • Prevelant is critical on the following vendor lifecycle stages:
    • Sourcing and selection of vendors: very Important
    • Intake and vendor onboarding: critical
    • Scoring inherent risks: essential
    • Assessing vendors and remediating risks: essential
    • Continuously monitoring for vendor cybersecurity, reputational and financial risks: very Important
    • Managing ongoing vendor performance and SLAs: very Important
  • Level of agreement:
    • Prevalent allows us to do our job more effectively: strongly agree
    • Prevalent’s vendor risk assessment process is invaluable to our group: agree
    • Prevalent reduced the time and complexity required to perform vendor risk assessments: strongly agree
    • We have realized major cost savings with Prevalent’s vendor risk management process.: agree

Prevalent Customer Statistic

57% of organizations agreed with the following statement:

“With Prevalent, my organization has been able to redirect resources previously dedicated to collecting and analyzing vendor-submitted questionnaires and evidence to other activities.”

Prevalent Case Study

Euromoney Institutional Investor

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:
  • 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.

Prevalent Customer Testimonial

Prevalent provides an automated approach to issuing, tracking and ensuring completion of questionnaires.

Chief Security Officer, Medium Enterprise Professional Services Company

Prevalent Customer Research

87% of Customers Reduce Time Spent per Assessment with Prevalent – With Most Saving More than 26% of Their Time

By what percentage have you been able to reduce time spent per assessment since using Prevalent?

0-10%: 13%
11-25%: 19%
26-50%: 29%
51% or more: 26%
Other: 13%


More to Explore



About Prevalent

Prevalent is helping global organizations manage and monitor the security threats and risks associated with third and fourth-party vendors.

  Prevalent Website