TechValidate Research on Prevalent

Introduction

This case study of a medium enterprise legal company is based on a June 2020 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:

• Time on average devoted to sending assessments, finding and interacting with contacts, and verifying that questions were adequately answered:
  • Prior to using Prevalent: more than 8 hours per vendor
• Reasons they were not able to complete more assessments prior to utilizing Prevalent:
  • A lack of staffing
• Turnaround time from assessment submission to receiving an adequately completed assessment:
  • Prior to using Prevalent: More than 20 days per assessment

Use Case

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

• Vendors evaluated before ultimately choosing Prevalent:
  • CyberGRX

Results

The surveyed company achieved the following results with Prevalent:

• Time on average devoted to sending assessments, finding and interacting with contacts, and verifying that questions were adequately answered:
  • Since using Prevalent: 4-5 hours per vendor
• Turnaround time from assessment submission to receiving an adequately completed assessment:
  • Since using Prevalent: 6-10 days per assessment
• Able to complete 11-20 assessments per year since they began utilizing Prevalent for managed collection and analysis services.
• Now that they are utilizing Prevalent:
  • They require fewer resources dedicated to collecting and analyzing questionnaires and vendor-submitted evidence
  • Confirmed that with the same resources, they are now able to spend time mitigating risks as opposed to validating information. They are focused on the right things
• Prevalent capabilities in terms of how differentiated they are compared to the competition:
  • Vendor Onboarding: highly differentiated
  • Vendor Assessment & Evidence Collection: highly differentiated
  • Vendor Evidence Review & Analysis: highly differentiated
  • Vendor Remediation & Recommendations: differentiated
  • Program & Actionable Reporting: differentiated
• They are looking to grow the number of vendors they assess in the next year by We are not planning to grow the number of vendors we are assessing in the next year.

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.