Original Research on Prevalent

Prevalent Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional services 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: 4-5 hours per vendor
Reasons they were not able to complete more assessments prior to utilizing Prevalent:
- A lack of staffing
- Not enough time
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:

Prior to utilizing Prevalent, they were able to complete 21-50 assessments per year.
Able to complete 50 or more assessments per year since they began utilizing Prevalent for managed collection and analysis services.

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: 1 hour or less per vendor
Turnaround time from assessment submission to receiving an adequately completed assessment:
- Since using Prevalent: 11-20 days per assessment
Now that they are utilizing Prevalent:
- 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: very differentiated
- Vendor Assessment & Evidence Collection: differentiated
- Program & Actionable Reporting: differentiated
They are looking to grow the number of vendors they assess in the next year by 11-25%.

Prevalent Customer Research

Customers Reduce the Hours Required to Manage Vendors Assessments by 50%

On average, how much time was/is devoted – per vendor – to sending assessments, finding and interacting with contacts, and verifying that questions were adequately answered?

	1 hour or less per vendor	2-3 hours per vendor	4-5 hours per vendor	6-8 hours per vendor	More than 8 hours per vendor
Prior to using Prevalent	12%	22%	22%	22%	22%
Since using Prevalent	38%	31%	31%	0%	0%

Prevalent Customer Statistic

Breadth of Available Survey Templates is a Differentiator for Prevalent

72% of surveyed organizations found Prevalent’s breadth of available surveys to be differentiated compared to the competition.

72%

Prevalent Customer Testimonial

Prevalent reduced time

— Chief Security Officer, Large Enterprise Professional Services Company

Prevalent Customer Research

What were the top drivers for purchasing your Prevalent third-party risk management solution?

Reduce operational burden: The process of assessing and evaluating vendors took too much time and resources	61%
Stronger cybersecurity: Ensuring that third parties do not introduce cyber risks that could negatively impact the business	53%
Compliance: Reporting against specific regulatory or industry framework requirements	50%
Risk: The need for greater risk-based intelligence	44%

Prevalent Case Study

Medium Enterprise Energy & Utilities Company

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.

“Prevalent will make it easier to visually see how vendors stack up in a single place.”

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.

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 »

About TechValidate Research

Featured Research Collections for Prevalent

Selected Research Highlights

Large Enterprise Professional Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Customers Reduce the Hours Required to Manage Vendors Assessments by 50%

Breadth of Available Survey Templates is a Differentiator for Prevalent

Medium Enterprise Energy & Utilities Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

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.