Original Research on Prevalent

Prevalent Case Study

Large Enterprise Retail Company

Introduction

This case study of a large enterprise retail 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.

“With Prevalent, my organization has been able to redirect resources previously dedicated to collecting and analyzing vendor-submitted questionnaires and evidence to other activities.”

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 or 3GRC 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

Use Case

Regulations or industry frameworks they must regularly report against:
- GDPR
Looking to grow the number of vendors they assess in the next 12 months by more than 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: differentiated
- Assessment scheduling and automated chasing reminders: very differentiated
- Automated risk and compliance register: very differentiated
- Centralized document/evidence management: very highly differentiated
- Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
- In-solution communication with suppliers on remediating risks: differentiated
- Scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: differentiated
- User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated
How long it took to complete an assessment:
- Before deploying Prevalent: 1-2 weeks
- After deploying Prevalent: less than 1 week
Saved more than 1 week per assessment on average by utilizing the Prevalent Platform.

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 Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional services company is based on a July 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.

“It helps us to validate the vendor risks.”

Challenges

Their primary vendor risk assessment pain points were:
- Lack of visibility into the baseline risks with a new vendor
- No real-time insight into vendor cyber, reputational and/or financial risks
Estimated time spent on vendor sourcing and selection:
- Before Prevalent: 1 week or more
- Since Prevalent: 1 day+
Estimated time spent on vendor intake and onboarding:
- Before Prevalent: 1 week+
- Since Prevalent: 1 day+

Use Case

Currently assessing their vendors for the following:
- Business Resilience
- Cybersecurity
- Data Privacy

Results

Level of agreement:
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
- Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need: agree
- Prevalent provides a programmatic process to offboard vendors that reduces risk: agree
Prevalent is critical on the following vendor lifecycle stages:
- Sourcing and selection of vendors: important
- Intake and vendor onboarding: important
- Scoring inherent risks: important
- Assessing vendors and remediating risks: important
- Continuously monitoring for vendor cybersecurity, reputational and financial risks: important
- Managing ongoing vendor performance and SLAs: important
- Offboarding and termination of vendors: important
Level of agreement:
- Prevalent allows us to do our job more effectively: agree
- Prevalent’s vendor risk assessment process is invaluable to our group: strongly agree
- Prevalent reduced the time and complexity required to perform vendor risk assessments: agree
- We have realized major cost savings with Prevalent’s vendor risk management process.: agree

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 Statistic

Prevalent Delivers Visibility into Risks

72% of surveyed organizations found Prevalent’s automated risk and compliance register to be differentiated compared to the competition.

72%

Prevalent Customer Statistic

Prevalent Delivers Risk Visibility

97% of surveyed IT organizations consider Prevalent’s ability to score inherent risks as important to their business.

97%

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 Retail Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Large Enterprise Professional Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

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

Prevalent Delivers Visibility into Risks

Prevalent Delivers Risk Visibility

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.