Calculating the Value of SecurityScorecard

By Michelle Wu

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.

Streamlining the third-party risk management process

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.

Introducing the SecurityScorecard value calculator

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:

  • Accelerating the vendor risk assessment process by 75%. Customers using SecurityScorecard are better able to prioritize high risk and low scoring vendors during the risk assessment process. Vendors designated as low risk underwent simple risk assessments, saving 12 hours per assessment.
  • Streamlined vendor procurement and onboarding from months to weeks. SecurityScorecard’s outside-in view into a vendor’s security profile shortened the customer’s onboarding timeline by 75%.
  • Productivity increase of 10% to 15% for the vendor account team. Benefits driven by SecurityScorecard extend beyond the VRM team. When organizations gave their vendor management account teams direct access to the scoring platform, it eliminated VRM’s duty as the middleman, resulting in productivity increases of 10% to 15% each year.

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

Find out how your organization can benefit from SecurityScorecard

SecurityScorecard’s calculator lets you understand how your VRM program can benefit from our ratings. Simply answer six quick questions and get your customized report.

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