TechValidate Research on Prevalent

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:

• Turnaround time from assessment submission to receiving an adequately completed assessment:
  • Prior to using Prevalent: 11-20 days per assessment
• Reasons they were not able to complete more assessments prior to utilizing Prevalent:
  • A lack of staffing

Use Case

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

• Prior to utilizing Prevalent, they were able to complete 1-10 assessments per year.
• Able to complete 21-50 assessments per year since they began utilizing Prevalent for managed collection and analysis services.

Results

The surveyed company achieved the following results with Prevalent:

• Turnaround time from assessment submission to receiving an adequately completed assessment:
  • Since using Prevalent: 6-10 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: differentiated
  • Vendor Assessment & Evidence Collection: very differentiated
  • Vendor Evidence Review & Analysis: very differentiated
  • Vendor Remediation & Recommendations: very differentiated
  • Program & Actionable Reporting: highly differentiated
• They are looking to grow the number of vendors they assess in the next year by 1-10%.

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.

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.