One of the key reasons SecurityScorecard commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) Study was to help the market move on from using spreadsheets as a Vendor Risk Management (VRM) tool. The primary reason for IT teams to look at SecurityScorecard or any other VRM automation platform is simple. IT (Information Technology) will help IT teams get better leverage on their two rarest commodities in the security world, time and talent.
This Forrester study examines, not just the potential return on investment (ROI) enterprises may realize by deploying SecurityScorecard Ratings and Atlas; but how this impacts security teams and helps them scale to meet increasing demands with greater efficiency and so they can stop using manual processes and spreadsheets to manage VRM.
In building the composite organization that has implemented the SecurityScorecard Ratings and Atlas platforms they spoke with major accounts from banking, energy, healthcare, and consulting to define and quantify the results listed below:
- Achieve a 198% ROI over three years based on the Forrester Total Economic Impact study.
- Scale SecOps resources and expanded the number of monitored organizations for TRPM programs.
- Reduce the time spent on security assessments by 83% with automated surveys.
- Scale their TPRM programs by automating ratings and security assessments.
5 benefits of automating VRM
We live in a competitive world that requires that we create efficiency wherever we can in every organization. We don’t just compete for business, we compete for talent, we compete for customers and we compete against threat actors. The Forrester TEI study lays out in simple math how your security team can be more competitive, meet compliance regulations and maximize your team:
1. Automate and stop using spreadsheets
Surveys no longer need to live in large, convoluted spreadsheets. Automated resulted in a reduction of 83% in preparation time needed to conduct surveys for NIST, ISO, PCI, and dozens of other compliance standards.
2. Scale security team resources
As one customer (Information security advisor, global energy company) said “Over the past three years, our IT services have tripled, and technology vendor contracts increased by 35% last year. At the same time, we haven’t hired anyone new in the past three years to support TPRM.”
3. Manage third-party issues faster
According to a Deputy CISO for a regional financial services provider, “[One customer] had 10 to 15 vendors related to a major industry breach last year. SecurityScorecard helped us save a week in discovery time and shortened the cycle to survey and follow up with vendors.” We at SecurityScorecard can help you see risk, solve problems and report results faster.
4. On-board new vendors faster
We help you invite, verify and validate the security status of new vendors faster and make it simpler for them. This saves time, money and can help drive new customer acquisition.
5. Lower overall budgets
Automating your VRM ratings and surveys can provide 198% ROI over three years with a payback time under 3 months.
The Forrester TEI study provides more details and the math behind these efficiency gains, cost savings, and payback timeline.