BlueVoyant has announced the findings from a commissioned Total Economic Impact (TEI) study conducted by Forrester Consulting on its behalf.
The cybersecurity company commissioned the research, which focuses on its Supply Chain Defence solution. The service continuously monitors clients' vendors, suppliers, and other third parties for cybersecurity risks and quickly mitigates any issues.
The results of the study found that BlueVoyant's Supply Chain Defense had a 292% ROI for a composite client over three years. It also reduced the number of suppliers exceeding clients' risk threshold by 70%.
One supplier security manager interviewed by Forrester Consulting said that their client now has an accurate picture of impacted suppliers within days, and BlueVoyant reaches out with support immediately.
"For us, the Forrester study validates BlueVoyant's advanced approach to reducing vendor-related risk — Supply Chain Defence replaces inconsistent third-party monitoring and delayed mitigation, with 24x7 monitoring that not only greatly increases visibility but also enables quick remediation of threats in a cost-effective manner," says Joel Molinoff, Global Head of Supply Chain Defence, BlueVoyant.
"We are honoured that, in our opinion, Forrester and our clients recognise the unique value BlueVoyant adds to help clients improve their cyber defence posture and stop breaches."
One of the biggest cybersecurity challenges facing enterprises today is defending against third-party-related breaches. BlueVoyant recently surveyed firms and found that 98% have been negatively impacted by a cybersecurity breach that occurred in their supply chain.
What other findings did the TEI produce?
Forrester Consulting's research had a number of other findings. Namely, clients that use BlueVoyant's Supply Chain Defense solution saw a payback in less than six months of use. It also found that by implementing Supply Chain Defense for three years, the estimated benefit was $2.99 million.
As part of the research, Forrester Consulting also created a composite global enterprise with $10 billion in revenue and 30,000 employees. This was determined by interviewing eight representatives at five BlueVoyant client organisations.
The research showed that the composite client saved more than $2 million by using BlueVoyant compared to staffing its own internal supply chain team.
The TEI also showed a 65% increase in efficiencies monitoring and identifying supplier security risks on an ongoing basis and a 70% reduction in the number of suppliers above the risk threshold, which leads to remediation cost savings.
This news comes after BlueVoyant was recently awarded the Security MSSP (Managed Security Service Provider) of the Year award in the Microsoft Security Excellence Awards 2023.
The company's achievements and track record have helped it rise to the top of the Microsoft Intelligent Security Association (MISA), an ecosystem of independent software vendors (ISVs) and managed security service providers (MSSPs) that have integrated their security products and services with Microsofts security technology.