WARREN, N.J., Dec. 9, 2015 /PRNewswire/ -- Prevalent today announced the findings of its December 2015 commissioned Total Economic Impact (TEI) Study, conducted by Forrester Consulting on its behalf. "The Total Economic Impact of Prevalent's 3rd Party Risk Management Solutions" study demonstrates and measures how enterprises using Prevalent solutions can and do dramatically reduce costs and improve efficiencies to minimize 3rd and 4th party vendor risk.
As part of the commissioned study, Forrester Consulting interviewed several Prevalent executives, Forrester industry analysts, and an established and experienced Fortune 500 enterprise organization currently using Prevalent solutions. Forrester concluded the total cost savings and value creation for the enterprise customer totaled more than $1.6 million. In addition, the enterprise earned a net benefit of more than $1.25 million and reported a three-year return on investment (ROI) exceeding 360%. When asked by Forrester about the value and costs of doing business with Prevalent, the global manufacturer answered:
"We don't often have questions come up on the value [of Prevalent] because the quality output is shared openly with our business leaders and it helps them make better decisions," said the CISO. "Quite frankly, the cost of a Prevalent license is pennies on the dollar, if that, versus a contract deal."
The TEI Study found many quantitative benefits for enterprises using Prevalent's Vendor Risk Management (VRM), Vendor Threat Monitor (VTM), and Vendor Assess (VA) solutions. These include:
- Reduction in effort to produce and complete assessments
- Reduction in full-time employee effort to review, report, and audit assessments
- Reduction in full-time employee effort to monitor vendors for new risk elements
- Faster time-to-benefit with vendor relationships
- Value of business continuity enabled by quicker detection/remediation of risk
Beyond these segments of quantified value, Forrester identified an inherent value to brand reputation protection. "As this can vary dramatically between organizations, we have chosen to not quantify this benefit, but remain firm in the position that organizations can derive significant value from deploying Prevalent's 3rd Party Risk Management solutions to avert devastating events like several recent, well-documented breaches at Fortune 50 organizations.", stated the study. "The benefit is like that of an insurance policy against the long-lasting, potentially catastrophic, brand-affecting ramifications of a breach."
Prevalent Co-Founder and CEO Jonathan E. Dambrot agreed. "It has been a great experience working with Forrester on this study. The TEI methodology provides the perfect framework to not only showcase our customer's results by leveraging our solutions, but to also identify additional benefits for our customer, such as brand protection."
Dambrot continued, noting that Prevalent's solutions are proven to help enterprises secure data in the cloud, comply with industry regulations and simply make better business decisions. "Businesses who want to stay in business and be successful in the digital era must take action to ensure they are protected against 3rd & 4th party vendor risk," concluded Dambrot. "This Forrester Consulting TEI Study makes it easy for enterprises to make the business case for investing in Prevalent's vendor risk management solutions and clearly shows the costs, the gains and the short and long-term business value."
To download a complimentary copy of "The Total Economic Impact of Prevalent's 3rd Party Risk Management Solutions" study, visit: http://www.prevalent.net/resources/forrester/tei/study/2015
Prevalent is a vendor risk management and cyber threat intelligence analytics innovator with a reputation for developing cutting-edge technologies and highly-automated services that are proven to help organizations reduce, manage and monitor the security threats and risks associated with 3rd & 4th party vendors.
SOURCE Prevalent Inc.