The results of a Total Economic Impact study conducted by Forrester Consulting on behalf of ReliaQuest have shown that for a composite organisation, investments with ReliaQuest produced a return of investment (ROI) of 350% over three years, while increasing risk coverage and reducing the likelihood of a breach by 20%. Additionally, the composite ReliaQuest customer realised a payback on their investment in less than six months and negotiated lower insurance premiums, with investments in ReliaQuest causing brokerage firms to look more favourably on their organisational security.
Overall, the study found the three-year benefits include $2.7M in Increased risk coverage; $1.3M Headcount Savings; $2.2M in incident response time savings; $448K in saving by retiring legacy tools $124K in reduced need to review legacy MSSP alerts.
To ensure a comprehensive analysis, ReliaQuest worked with Forrester to engage with multiple customers to generate an accurate composite organisation regarding the benefits, costs, and risks associated with ReliaQuest solutions. These organisations have experience using the ReliaQuest cloud-native Open XDR platform, GreyMatter backed by ReliaQuest security services. Forrester aggregated the interviewees’ experiences and combined the results into a single composite organisation. The composite organisation is representative of a multibillion-dollar global organisation with 20,000 employees, including a team of 20 security analysts dedicated to incident monitoring and response.
Prior to using ReliaQuest, security leaders noted limitations that led to untenable rates of false positive alerts and the need to increase headcounts to monitor security systems and correlate security relevant data from cloud and on-premises applications across the business. After partnering with ReliaQuest, the interviewees’ organisations have been able to transition threat detection and response responsibilities to ReliaQuest security experts and automate many of their processes from detection, investigation, response, and controls validation through ReliaQuest.
“ReliaQuest is providing more coverage, which lets us focus less on constantly testing and validating to see if our service provider is doing their job and just trusting the process and working with what they find,” said the Chief Information Security Officer in retail participating in this study.
An associate vice president of cybersecurity working in the retail industry commented: “As the manager of the team, I don’t have to hire new analysts and then train them up. We’re using ReliaQuest to do those things. They’re hiring the new analysts and they’re going to train them.”
Additional key findings from the interviewees’ organisations included favourable position for negotiating with cyber insurers; the reduction in the number of incidents requiring analyst response by 90%; a decrease in false positives by 90% with the improved incident accuracy provided by ReliaQuest; a reduced need to review legacy Managed Service Security Provider (MSSP) and Managed Detection Response (MDR) incidents; the rise in effectiveness of security controls tools; an expansion of use cases to incorporate additional cloud-based sources of telemetry; easier onboarding of new tools.
“What this study demonstrates is with the right blend of technology and services, ReliaQuest can measurably improve our customers’ security programs and optimise their security spend at the same time,” said Joe Partlow, CTO of ReliaQuest.