TechValidate Research on Prevalent

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109 Customers Surveyed

802 Data Points Collected

78 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 Fact

Euromoney Institutional Investor also evaluated CyberGRX, OneTrust, SecurityScorecard, and ServiceNow before choosing Prevalent.

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:
  • 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.

Prevalent Case Study

Small Business Professional Services Company

Introduction

This case study of a small business professional services company is based on a June 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 scouring through disconnected sources of information to make good risk-based vendor selection decisions
  • 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)
  • No real-time insight into vendor cyber, reputational, and/or financial risks

Estimated time spent on vendor sourcing and selection:

  • Before Prevalent: 1 week+
  • Since Prevalent: 4+ hours

Estimated time spent on vendor intake and onboarding:

  • Before Prevalent: 1 week+
  • Since Prevalent: 4+ hours

Use Case

Currently assessing their vendors for the following:

  • Cybersecurity
  • Data Privacy
  • Reputation

Results

Prevalent’s level of importance on the following vendor lifecycle stages:

  • Very important for sourcing and selection of vendors
  • Essential for intake and vendor onboarding
  • Essential for scoring inherent risks
  • Essentialassessing vendors and remediating risks
  • Criticalcontinuously monitoring for vendor cybersecurity, reputational and financial risks

Agrees with Prevalent’s abilities and results:

  • Prevalent allows us to do our job more effectively
  • Prevalent’s vendor risk assessment process is invaluable to our group
  • Prevalent reduced the time and complexity required to perform vendor risk assessments:
  • They have realized major cost savings with Prevalent’s vendor risk management process
  • Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks
  • Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need

Prevalent Customer Testimonial

Prevalent Makes Third-Party Risk Assessments Repeatable

Prevalent has enabled me to perform repeatable vendor risk assessments.

IT Director, Medium Enterprise Legal Company

Prevalent Customer Research

Prevalent Delivers Significant Time Savings in Vendor Intake & Onboarding

In your best estimate, how much time do you spend on vendor intake and onboarding?

Less than 1 hour per vendor 2-4 hours per vendor 4+ hours per vendor 1 day+ per vendor 1 week or more per vendor
Before Prevalent

3%

18%

4%

14%

61%

Since Prevalent

13%

19%

13%

39%

16%

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%


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About Prevalent

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

  Prevalent Website