Organizations seeking a platform to mature their security operations center (SOC) and reduce risk to the business must make monumental decisions when choosing a security solution.
IT security leaders need to understand the benefits, costs, and risks associated with implementing a technology, as well as forecast their return on investment (ROI) to gain board-level support when pitching to executives.
To help companies evaluate the potential financial impact of the LogRhythm NextGen SIEM Platform, Forrester Consulting conducted a Total Economic Impact™ (TEI) study.
Forrester’s Total Economic Impact™ Methodology
The Total Economic Impact™ of The LogRhythm Platform, is an independently commissioned study that uses Forrester’s industry-standard framework to evaluate the cost, benefits, flexibility, and risk of LogRhythm’s platform. Forrester interviewed several organizations ranging from large multi-nationals to mid-size enterprises that use the LogRhythm platform in cloud or on-premises environments.
We’re very excited to announce that the TEI study revealed LogRhythm customers attained an average of 258 percent ROI using the SIEM solution and the investment paid for itself in less than six months!
Let’s explore key highlights from the study and learn how LogRhythm was able to help organizations overcome challenges, streamline operations, mature security posture, and gain quick ROI.
Security Team Challenges
The cybersecurity challenges organizations face today are more complicated than ever with a rapidly evolving security landscape. If organizations lack the security maturity to properly detect and defend against cyberthreats, then a damaging breach could be imminent.
The Forrester TEI study referenced pain points that security teams faced before utilizing LogRhythm. These challenges included:
- Lack of visibility to the full security picture
- Inability to prioritize investigation and resolution
- Difficulty becoming and remaining compliant with security standards
“Reducing the time to detect and respond to a security incident, in order to reduce the damage, was our top challenge. During an incident, time is of the essence. Many bad things can happen, and you can’t go back in time after the damage is done.” – VP information security, healthcare
Key Highlights from the Forrester TEI Report
At LogRhythm, we aim to address these challenges and more. Our mission is to protect our customers by enabling security teams to monitor, analyze, and respond to cyberthreats.
For years, our customers have expressed the value that the LogRhythm NextGen SIEM Platform has brought to their organization and security program. Mostly reflected through our net promoter scores (NPS), customer reviews, and renewal rates, we now have the ability to quantify these benefits into tangible customer savings.
Forrester’s TEI study provides several key takeaways that LogRhythm is proud to share:
- Average of 258% three-year ROI and net present value (NPV) of $2.24 million
- Faster investigation and resolution, valued at more than $1.7 million
- 90% reduction in investigation and resolution time
- Improved ability to prioritize investigations and resolution, valued at $816,827
- Reduced risk of a security breach, valued at $504,447
“Our chance of being compromised has been reduced, and we are more confident that if a malicious attacker did get in, we would detect the activity.” – IS security director, healthcare
LogRhythm Customer Feedback
In Forrester’s TEI report, customers indicated that LogRhythm helped reduce their overall number of alerts, decreased the percentage of false positives, and reduced the amount of time their security analysts spent on investigations.
With many of our customers in highly regulated industries, the platform’s ability to help them comply with regulatory standards and changing compliance mandates were of particular value.
“One of the things LogRhythm does particularly well is to map their alerting and their rules directly to the different regulatory standards. It’s done the homework for us, and that’s provided tremendous value.” The VP of information security at a healthcare company said. “For instance, if I know we need to be PCI compliant, I can go into LogRhythm and identify the rules that indicate how we get PCI compliant in terms of monitoring and alerts.”
LogRhythm customers also stated several unquantified benefits, such as deploying LogRhythm helped them procure cyber risk insurance and do so at a lower cost. Additionally, customers can promote their security program as a brand enabler to attract more end customers.
We see the relationship with our customers as a partnership and honored to empower their security program. Download the Forrester Total Economic Impact™ study and learn more about how LogRhythm can help your organization be security first with a quick return on investment.