BlueVoyant Supply Chain Defense Delivered Nearly 300% Return on Investment, According to Leading Independent Research Firm

News provided by

May 01, 2023, 09:05 ET

Total Economic Impact study finds composite client experience benefits of nearly $3 million over 3 years, and experiences a 70% reduction in suppliers above the risk threshold.

NEW YORK, May 1, 2023 /PRNewswire/ -- BlueVoyant, a cybersecurity company that illuminates, validates, and remediates internal and external risks in one platform, today announced findings from a commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting on behalf of the company. The study focused on BlueVoyant's Supply Chain Defense, a service that continuously monitors clients' vendors, suppliers, and other third parties for cybersecurity risk, and quickly mitigates any issues. The study found that Supply Chain Defense had a 292% return on investment (ROI) for a composite client over 3 years, and reduced the number of suppliers exceeding clients' risk threshold by 70%.

"Today, we have an accurate picture of impacted suppliers within days and BlueVoyant reaches out immediately," said a supplier security manager at a financial services client interviewed by Forrester Consulting for the study. Forrester Consulting interviewed eight representatives at five BlueVoyant client organizations to create a composite global enterprise with $10 billion in revenue and 30,000 employees.

Prior to using Supply Chain Defense, clients told Forrester they relied on ad hoc, inconsistent processes which limited success and visibility. In addition, clients said prior talent gaps and limited resources led to lengthy remediation processes and impacted the daily continuity of business. With BlueVoyant, the interviewees' organizations reduced the time to remediate as visibility into the supplier ecosystem drove efforts and communication with impacted suppliers.

Defending against third-party-related breaches is one of the biggest cybersecurity challenges facing enterprises today. A recent BlueVoyant survey found 98% of firms have been negatively impacted by a cybersecurity breach that occurred in their supply chain. According to Forrester's "The 2021 State Of Enterprise Breaches," the risk of an attack or incident involving a supplier is up 21%.

"For us, the Forrester study validates BlueVoyant's advanced approach to reducing vendor-related risk — Supply Chain Defense 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," said Joel Molinoff, BlueVoyant's global head of Supply Chain Defense. "We are honored that, in our opinion, Forrester and our clients recognize the unique value BlueVoyant adds to help clients improve their cyber defense posture and stop breaches."

Key Findings:

Clients see a payback from using BlueVoyant's Supply Chain Defense in less than 6 months
The estimated benefit of Supply Change Defense for 3 years is $2.99 million
The composite client saved more than $2 million using BlueVoyant compared to staffing its own internal supply chain team
A 65% increase in efficiencies monitoring and identifying supplier security risk on an ongoing basis
A 70% reduction in the number of suppliers above the risk threshold, which leads to remediation cost savings

The full Forrester Consulting study: "The Total Economic Impact™ Of BlueVoyant Supply Chain Defense," including analysis of benefits, increased efficiencies, and cost savings is available here.

About BlueVoyant
BlueVoyant combines internal and external cyber defense capabilities into an outcomes-based cloud-native platform by continuously monitoring your network, endpoints, attack surface, and supply chain, as well as the clear, deep, and dark web for threats. The full-spectrum cyber defense platform illuminates, validates, and quickly remediates threats to protect your enterprise. BlueVoyant leverages both machine-learning-driven automation and human-led expertise to deliver industry-leading cybersecurity to more than 900 clients across the globe.

BlueVoyant Press Contact:
Jennifer Schlesinger
[email protected]

SOURCE BlueVoyant