TechValidate Research on Prevalent

15 Charts


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%

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

Prevalent Delivers Significant Time Savings in Vendor Sourcing & Selection

In your best estimate, how much time do you spend on vendor sourcing and selection?

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

0%

9%

8%

25%

58%

Since Prevalent

0%

35%

15%

31%

19%

Prevalent Customer Research

What were your primary vendor risk assessment pain points before working with Prevalent?

Complex, manual assessment processes (e.g., using spreadsheets)
68%
Too much time spent manually onboarding new vendors
56%
Too much time spent scouring through disconnected sources of information to make good risk-based vendor selection decisions
53%
Lack of visibility into the baseline risks with a new vendor
41%
No real-time insight into vendor cyber, reputational and/or financial risks
38%
Lack of insight into vendor success (e.g., measuring whether they live up to their contractual commitments)
6%
No defined vendor offboarding process
3%

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%

Prevalent Customer Research

58% of Customers Report Growing the Number of Assessments Up to 25% Next Year Due to the Value Prevalent Provides

If you are looking to grow the number of vendors you assess in the next year, by how much?

We are not planning to grow the number of vendors we are assessing in the next year.
43%
1-10%
29%
11-25%
29%
More than 25%
0%

Prevalent Customer Research

Using Prevalent Accelerates Assessment Completion by 8 Days on Average

What was/is the typical turnaround time from assessment submission to receiving an adequately completed assessment?

1 day or less per assessment 2-5 days per assessment 6-10 days per assessment 11-20 days per assessment More than 20 days per assessment
Prior to using Prevalent

0%

0%

0%

25%

75%

Since using Prevalent

0%

8%

54%

38%

0%

Prevalent Customer Research

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

How much time on average 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 Research

Prevalent Customers Get More Done with the Same – or Fewer – Resources

Which of the following statements below do you agree with now that you are utilizing Prevalent?

With the same resources, we are now able to spend time mitigating risks as opposed to validating information. We are focused on the right things.
64%
We require fewer resources dedicated to collecting and analyzing questionnaires and vendor-submitted evidence.
29%
My organization has been able to redirect resources previously dedicated to collecting and analyzing vendor-submitted questionnaires and evidence to other activities.
14%

Prevalent Customer Research

By how much are you looking to grow the number of vendors you assess in the next 12 months?

0-10%: 38%
11-25%: 29%
More than 25%+: 25%
We are not planning to grow the number of vendors we are assessing in the next 12 months.: 8%

Prevalent Customer Research

66% of Customers Report Saving at Least Several Days on Assessments Using the Prevalent Platform

How much time per assessment has your team saved on average by utilizing the Prevalent Platform?

More than 1 week: 22%
About 1 week: 22%
Several days: 22%
1 day: 9%
Other: 26%

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 Research

Which regulations or industry frameworks must you regularly report against?

GDPR
77%
ISO 27001
70%
PCI
33%
HIPAA
27%
NIST 800-53
20%

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 Customer Research

What challenges did deploying Prevalent solve for your organization?

A lack of automation in collecting and analyzing vendor surveys
61%
A limited ability to continuously monitor vendors
58%
An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
48%
An inconsistent methodology for vendor risk management
39%
A lack of insights to make risk-based decisions
33%
Having no centralization of TPRM functions
33%
A lack of guidance in addressing industry standards or third-party regulatory compliance requirements for cyber risk, InfoSec, or data privacy
21%



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