Posted on Jul 8, 2020
How much time and money can your organization save with SecurityScorecard?
Our new calculator, which is based on research generated by a leading research firm, as well as our existing customers, allows you to determine the economic benefit of our ratings platform before your organization invests in SecurityScorecard’s tools to manage third-party risk.
Verifying the risk that is associated with third-parties can be an onerous task. If you are relying on point in time assessments like questionnaires, you’re not getting the full picture when it comes to your third parties’ security. A vendor might be in compliance when they submit the questionnaire, but out of compliance shortly after. Questionnaires also come with their own challenges associated with having to send out, fill out, and go through questionnaires. There is also the need for additional evidence exchange, which can be a cumbersome tasks via email.
SecurityScorecard can help streamline that process. By allowing both you and your vendors to have access to vendors' scores, you now have the means to implement continuous monitoring. This outside-in view on your third parties' security controls eliminates the need for a back and forth between you and the vendors.
Using SecurityScorecard, our clients have reported reducing their review and analysis time from several days to one day, decreasing the human error in the analysis stage of your third-party risk management (TPRM) program, and feeling as though they had another vendor risk management (VRM) team member on board when they use SecurityScorecard.
Exactly how much time and money can be saved, however? If you want to better understand exactly how much SecurityScorecard can streamline your TPRM process, that’s where our calculator comes in.
Our calculator is based on a Forrester Consulting study quantifying the total economic impact and benefits of SecurityScorecard. Four of SecurityScorecard's customers were interviewed to obtain data with respect to costs, benefits, and risk and the study found that SecurityScorecard produces several key benefits for its customers, including:
All in all, the study found that organizations using SecurityScorecard can experience benefits of $7.8 million over three years versus costs of $1.8 million, adding up to a net present value (NPV) of $6.0 million and 325% return.
Sample ROI Report
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