MOUNTAIN VIEW, Calif., Oct. 27, 2015 /PRNewswire/ -- Based on its recent analysis of the market for information technology governance, risk, and compliance (GRC), Frost & Sullivan recognizes TraceSecurity with the 2015 North American Frost & Sullivan Award for Customer Value Leadership. TraceSecurity is a pioneer in the GRC space with its flagship solution, TraceCSO—a software-as-a-service (SaaS), cloud-based IT GRC solution that aids organizations to manage their data security and comply with industry and government regulations. TraceCSO can be tailored to meet the specific needs of various vertical markets and reduce customers' existing GRC processes by as much as 80 percent.
"TraceSecurity has distinguished itself for developing TraceCSO, a dynamic, cloud-based IT GRC platform," said Frost & Sullivan Industry Analyst Christopher Kissel. "It has already been implemented by more than 2,000 customers and is an ideal solution for medium-sized enterprises that manage vast amounts of regulated sensitive data."
TraceCSO acts as a compliance control center, harmonizing security policies, vendor profiles, and risk analysis. It achieves this by aggregating the organization's various security functions, threat vectors, and overlapping regulatory mandates to provide an integrated platform for systems security administrators (SSAs). This holistic view is powerful because it minimizes the chances of SSAs implementing conflicting group policies and security profiles that can expose an organization to security risks.
TraceCSO enables SSAs to automate and manage security functions across all eight of the primary IT GRC domains: vulnerability, risk, vendors, incident response, regulatory change/compliance, policy, audit, and training. In addition to compliance control, it assists SSAs with ongoing risk assessments by identifying risks, managing controls, gauging changes, delivering security management, and automating compliance.
The product uses its vendor risk management feature to resolve issues regarding the sharing of data and managing third parties. It employs a prebuilt security questionnaire to aid SSAs in evaluating the risks that the organization will potentially be exposed to when each new vendor is granted access to sensitive information.
"Medium and large-sized enterprises stand to gain the most from TraceSecurity's cloud-based solution," observed Kissel. "Medium-sized enterprises can leverage the scalability of the cloud platform without requiring additional personnel to handle the increasing IT GRC demand. Meanwhile, small- to medium-sized enterprises that only experience specific threats such as credit card fraud can customize TraceCSO with risk assessment templates to help SSAs prioritize threats."
The scalability and design of TraceCSO enable it to address the security needs of industries such as financial services, healthcare, retail, legal services, and many more—any industry that manages sensitive information and/or is subject to regulation. Furthermore, it offers incentives to B2B clients by inviting value-added resellers, managed service providers, consultants or other organizations looking to implement GRC in their portfolio as a value addition to join the TraceSecurity Partner Program.
TraceSecurity recorded a customer retention rate of 96 percent in 2014. The company's commercial success is validation that cloud-based security administration is not only possible but also highly profitable.
"TraceCSO allows organizations to realize significant cost and time savings because of its integrated information architecture delivered through the cloud," said Peter Stewart, chairman and CEO of TraceSecurity. "TraceCSO empowers our customers to be proactive in their security initiatives while automating and streamlining how day-to-day processes are managed. TraceSecurity customers and this prestigious award are proof that we are on the right track to completely disrupt the IT GRC market by finally providing a solution that simplifies information security and compliance management for not only the largest enterprises but also small and medium-sized enterprises."
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on increasing the return on the investment that customers make in its services or products. The award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and, ultimately, customer base expansion. Click here to download the full Frost & Sullivan analyst report about TraceSecurity.
"In the highly competitive IT GRC space, the key to the long-term success of solution providers is their ability to continuously enhance the value of their products to their customers," said Frost & Sullivan Global President & Managing Partner Krishna Srinivasan. "As such, Frost & Sullivan is excited to recognize TraceSecurity for its industry-leading focus on improving customer ROI and impact with its cloud-based SaaS solution."
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
TraceSecurity is a leader in cloud-based cybersecurity solutions that help organizations of all sizes reduce the risk of cyber breaches and demonstrate compliance. TraceSecurity's award-winning TraceCSO is a revolutionary solution that dramatically streamlines the management of IT governance, risk and compliance (GRC) programs. It accomplishes this by tightly integrating and automating all eight critical IT GRC components: Risk Management, Compliance Management, Audit Management, Vendor Management, Incident Response Management, Vulnerability Management, Policy Management and Training Management. Most important, it provides built-in security and compliance expertise that most organizations lack. Because of its unique architecture and cloud delivery, TraceCSO deploys rapidly and reduces the cost of GRC management by as much as 80%.
With market experience that spans over 2,000 customers, TraceSecurity offers the insight, products, professional services and partners to support the security and risk management efforts of organizations of all sizes across all industries. TraceSecurity certified partners leverage TraceCSO as a discovery tool to identify additional security solutions and services to offer their customers. Founded in 2004, the company has executive offices in Silicon Valley and offices in Baton Rouge, La. For more information, call (225) 612-2121 or visit www.tracesecurity.com.
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SOURCE Frost & Sullivan