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 »



410 Data Points Collected

32 Published TechFacts

11 Published Charts

25 Published Case Studies



Featured Research Collections for Prevalent

Curated collections and slideshows of TechValidate research data on Prevalent.



Selected Research Highlights


Prevalent Case Study

Medium Enterprise Legal Company

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.

“Prevalent’s Legal Vendor Network (LVN) has enabled me to perform repeatable vendor risk assessments.”

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.

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 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:
  • 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 Customer Research

Which vendors did you evaluate before choosing Prevalent?

BitSight
27%
OneTrust
27%
SecurityScorecard
23%
ServiceNow
23%
RiskRecon
18%
CyberGRX
14%
Dell RSA Archer
14%
ProcessUnity
5%
ThirdPartyTrust
5%

Prevalent Customer Testimonial

Prevalent Helps Get Results Faster

Helps enable quicker conversation between us and the vendor. Helps quantify the risk.

Risk Manager, Large Enterprise Automotive & Transport Company

Prevalent Customer Research

Lack of Adequate Staffing Resources and Time Prevent Organizations from Completing More Assessments

Why was your organization not able to complete more assessments prior to utilizing Prevalent?

A lack of staffing
62%
Not enough time
46%
Limited team expertise
23%
A limited budget
15%
It wasn't a priority
15%
Other
23%


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