In today’s complex digital world, companies are eager to integrate the latest enterprise technology into their own IT ecosystems for greater ease and operating efficiency. However, these interactions with vendors and partners through which data is shared, dramatically increase the scale and complexity of their risk surface.
While companies are reliant on these third and fourth parties to do business at heightening speeds, these relationships pose a risk to the organization’s sensitive data. Because of this, companies need smarter, faster, and easier ways of understanding, monitoring, and acting on their security risk posture.
According to findings of an independently commissioned Total Economic Impact™ (TEI) study conducted by Forrester Research, RiskRecon enables up to 150% higher productivity for analysts, amongst other leading-edge benefits in the detection and correction of cybersecurity risks.
Why Continuous Cyber Risk Monitoring?
Traditional risk assessments are difficult to validate, take a lot of time for both the vendor and the organization to process, and are often pinned to a single point in time.
“We would assess vendors on either one, two, or three-year cycles depending on their risk. So, the assessments wouldn’t get refreshed for at least one year, which meant the information was very dated. A lot can happen in a year.” – VP, Third-Party Cyber Risk, Financial Services, on TPRM challenges before using RiskRecon from TEI Study Interview.
However, RiskRecon’s continuous monitoring solution enables TPRM programs to quickly understand and act on cybersecurity risks that threaten their organization, third-party relationships, and subsequent supply chain.
How Does RiskRecon Drive Third-Party Risk Management (TPRM) Efficiency?
- RiskRecon helps analysts measurably improve risk hygiene and prioritize cyber vulnerabilities - allowing them to focus efforts where it matters most.
- Analyst efficiency improvements Up to 150%
- Targeted efforts and automation drive an increase of 56% in efficiency for routine assessments
- RiskRecon provides organizations with the ability to save on traditional TPRM associated costs - offering greater investment opportunities back into the business.
- Return on investment (ROI) 147%
- Payback <6 Months
- RiskRecon enables analysts to decrease the amount of time spent issuing a wide array of risk assessments – providing more time to address critical vendors and vulnerabilities.
- Merger and acquisition use case saves 80 Hours of manual due diligence efforts per M&A event
- Targeted audit efforts on critical vendors eliminated 70% of external audits
“The bottom-line justification for RiskRecon is it improves your risk governance. It improves your cyber risk assessment and, therefore, improves your ability to do better risk governance.” — Partner, Strategic Risk, Professional Services on the post-investment value of RiskRecon from TEI Interview.
Download an infographic from the study here to read more customer uses cases, including benefits and drivers that led organizations to RiskRecon.