Empowering Cybersecurity Using Governance Risk and Compliance

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Empowering Cybersecurity Using Governance Risk and Compliance

Empowering Cybersecurity Using Governance Risk and Compliance

Governance risk and compliance (GRC) is essential in strengthening organizational cybersecurity procedures. GRS directly relates to a company’s risk and compliance processes. It is also associated with cybersecurity directly. Before understanding the intersection between GRC and cybersecurity, it is essential first to understand what GRC is and how companies use it to ensure compliance and manage security risks.

GRC consists of a combined approach towards compliance, risk management, and governance of information and information systems. The approach combines the factors to enable organizations to keep up with changing technologies and business dynamics. GRC security is a crucial part of ensuring conformance with current and new regulations to strengthen data protection for the customer, employee, and business data. GRC comprises of three main components:

  1. Governance: A process of aligning various organizational activities, such as network and IT operations, with the set business goals and objectives. It is a framework that provides businesses with a formal structure for ensuring the efficient and effective use of IT resources to realize business goals. It is responsible for ascertaining that an enterprise moves incrementally towards realizing its business goals.
  2. Risk: Risk is regarded as a formal process used to identify and measure IT risks and potential impacts on the management of organizational business goals. It assists in risk detection, mitigation, and prevention to protect a business from attacks. Risk management is crucial to protecting IT assets deemed critical to accomplishing business objectives from adverse security incidents.
  3. Compliance: Compliance is a process for ensuring that all company data and systems contain proper security and satisfy existing regulatory requirements. Most businesses usually overlook compliance despite being an essential process for strengthening cybersecurity processes. Compliance permits entities to implement industry security standards concerning data and IT infrastructure protection. Satisfying regulatory requirements gives businesses access to the best and industry-recommended standards for enhancing security.

Prioritizing GRC in organizational cybersecurity

Although most businesses perceive GRC components as separate and independent functions, it is vital to note they share a symbiotic relationship. As such, they tend to regard GRC as a second thought in their cybersecurity processes. However, the essence of GRC in realizing a robust cybersecurity defence cannot be underestimated. A focused and holistic GRC program enables companies to establish a foundation for meeting various compliance and security objectives. If taken seriously, a proactive GRC approach towards cybersecurity can help reduce reactive security incidents affecting business operations and objectives.

Furthermore, failing to incorporate GRC frameworks leads to incomplete cybersecurity programs. Cybersecurity consists of three primary components – processes, technology, and people. A large percentage of organizations focus more on the technology component since it is arguably easy to enact and implement. However, focusing more on one part than others leaves a business exposed to numerous threats. Companies, therefore, need to consider all three components with a scalable, flexible, and programmatic approach if they are to meet their cybersecurity goals.

An effective GRC program is pertinent to reaching the stipulated business and security goals due to various reasons. For instance, GRC processes enable enterprises to adopt a holistic view when tackling cybersecurity issues and problems. GRC programs assist in identifying critical IT infrastructural assets crucial to business goals, risks impacting them and the realization of business objectives in extension, and compliance requirements for achieving strong security. The symbiotic relationship of GRC components assists organizations to effectively manage IT and compliance risks to achieve robust cybersecurity for achieving business goals.

It is also worth noting that while GRC has for long been regarded as a framework for meeting compliance requirements, it provides valuable data that offers insights into a company’s technologies and processes. GRC programs document the available assets and define the relationships between business operations and technologies. Such information provides security teams with visibility into various company risks, such as servers running old software. GRC fosters effective risk management as an organization can quickly identify risks, evaluate its security posture, and manage detected threats.

Organizations should also leverage GRC’s inventory functions and asset management. Numerous compliance regulations require companies to identify and document their assets and define who uses which and for what reasons. The documentations comprise information regarding the software or hardware needed to run business processes and operations. Mapping the technologies to specific business operations enables businesses to detect cybersecurity risks and the impacts to business processes. Furthermore, inventory and asset management assists companies in identifying all technologies within the organization. Security teams use the information to develop and implement security procedures to secure all IT assets.

Lastly, GRC enhances cybersecurity by enhancing information sharing across the company, thus streamlining incident response and controls. For instance, GRC identifies the business operations dependent on specific IT assets. The documentation provides a clear communication channel as security teams know who to notify in case there is an adverse security incidence. Incident response team members can also investigate related processes to identify other affected assets. Incident response is business continuity since it enables businesses to contain a malicious security incident and maintain the availability and integrity of information and information systems. GRC programs foster information sharing, which is a crucial aspect of incident response procedures.

Getting Started with Cyber Security Agency

At Cyber Security Agency, we have expert consultants who boast of extensive experience in GRC processes. Our experts utilize best-practice strategies to ensure clients realize a quality result. Cyber Security Agency tailors GRC services to meet our client needs and provide them with a unique approach for securing their businesses. We strive to account for our clients’ compliance obligations, current information security strategies, and operating context. We assist companies in achieving robust cybersecurity strategies by helping them various GRC processes in four main steps:

  1. Assess the business risk profile to establish risks to achieving business goals
  2. Determine the key drivers that affect a business’s security performance to recommend remediation measures
  3. Prioritize cybersecurity issues to address those that pose the highest threat and impact to business operations
  4. Eliminate various costs related to low-risk activities