Independent Study Shows SecurityScorecard Accelerates Vendor Risk Assessment Process by 75%
New York, NY - April 05, 2019 – SecurityScorecard, the leader in security ratings, today released a new commissioned Forrester Consulting study quantifying the Total Economic Impactand benefits of the SecurityScorecard security ratings platform. The study found that SecurityScorecard allows risk professionals to communicate security posture to regulators, C-suites, and board members in a manner that is easily digestible and one that creates a security-centric organization.
By using its research to create a composite organization representative of the four customers interviewed, Forrester calculated both the quantifiable and unquantifiable benefits from using the SecurityScorecard security ratings platform. The study shows that a composite of these interviewed organizations experienced 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 an ROI of 325%.
- Accelerated the vendor risk assessment process by 75%. Customers using SecurityScorecard were 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 customer’s onboarding timeline by 75%.
- Productivity lift of 10% to 15% for the vendor account team. Benefits driven by SecurityScorecard extend beyond the vendor relationship management (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.
“From self-assessment to vendor risk management to M&A, organizations around the world are realizing the very real cost and resource saving benefits of a comprehensive security ratings platform to measure security posture on a continuous basis,” said Sam Kassoumeh, Co-Founder & COO, SecurityScorecard. “The validation of the ROI of the platform is not new to our existing global customer-base, who rely on SecurityScorecard to not only keep a pulse on risk but communicate security posture throughout the entire organization. As we engage new prospects, we now have impressive metrics, including 325% ROI to cite in terms of cost-benefit and overall impact on the business.”
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To receive a free SecurityScorecard assessment and consultation for your business, visit instant.securityscorecard.com.
Headquartered in the heart of New York City, SecurityScorecard's vision is to create a new language for measuring and communicating security risk. The company was founded in late 2013 by Dr. Aleksandr Yampolskiy and Sam Kassoumeh, two former cybersecurity practitioners who had served, respectively, as Chief Information Security Officer and Head of Security and Compliance. With cloud solutions becoming an increasingly integral part of the security technology stack Yampolskiy and Kassoumeh recognized the need to address third- and fourth-party risk as well as better understand the security capabilities of their business partners. Since its founding, the company has grown dramatically and now counts hundreds of leading brands as customers. SecurityScorecard is backed by leading venture capital investors including Sequoia Capital, GV, NGP Capital, Evolution Equity Partners, Boldstart Ventures, AXA Venture Partners among others. For more information, visit securityscorecard.com.
The Total Economic Impact™ Of SecurityScorecard, a March 2019 commissioned study conducted by Forrester Consulting on behalf of SecurityScorecard