Integrated Governance, Risk, and Compliance Is Critical
Business executives in all sectors place a high premium on security in the quickly changing digital landscape of today. Security is no longer only about preventing hacks. Strong cybersecurity measures are crucial because cyber threats are growing and because a security breach can have disastrous effects. But in order to create a solid security posture, company owners, chief information security officers (CISOs), and management teams must also understand the critical role that governance, risk, and compliance (GRC) play. Businesses may be subject to dangers beyond cyberattacks if they neglect to integrate GRC, such as operational disruptions, data breaches, and regulatory infractions.
The Changing Environment of Compliance
From being a box-ticking activity to being a key company strategy, compliance has changed. Organizations now manage and secure data in a different way thanks to laws like the Payment Card Industry Data Security Standard (PCI-DSS), Health Insurance Portability and Accountability Act (HIPAA), and California Consumer Privacy Act (CCPA). In addition to carrying a high risk of fines, noncompliance harms a business’s standing with partners and customers.
For example, a small US-based e-commerce company that violated the GDPR (which affects website visitors and customers from the EU) faced harsh criticism and was fined €10 million. Sales dropped by 30% as a result of stakeholders losing faith in the brand. This is an obvious illustration of the long-term consequences of disregarding compliance. Companies nowadays must approach compliance holistically, incorporating GRC into larger cybersecurity plans.
The Importance of Risk Control
An effective GRC approach is built around risk management, which enables companies to discover growth opportunities and risks. Organizations that adopt a proactive approach are better able to identify possible hazards and take action to reduce them before they become more serious.
Consider a healthcare organization that handles sensitive patient data. If it fails to identify potential vulnerabilities, such as outdated software or weak access controls, a data breach could compromise patient information and result in severe regulatory penalties and loss of public trust. To mitigate this risk, the organization can implement comprehensive cybersecurity measures, including regular security audits, employee training on data protection, and adopting advanced encryption technologies. This proactive approach not only protects sensitive data and complies with regulations but also enhances the organization’s reputation for safeguarding patient privacy, potentially attracting more patients and partnerships.
Businesses should see security and compliance as linked parts of a comprehensive plan rather than as two distinct entities. By coordinating compliance activities with security measures, an integrated GRC approach offers a comprehensive picture of the security landscape. This partnership guarantees that sensitive data is adequately protected and facilitates the process of adapting to changes in regulations.
Any company, no matter how big or small, can not only minimize risks but also expedite its audit procedures by integrating GRC principles, for example, and make compliance checks a routine rather than an afterthought. The company improves its security posture, reduces the danger of expensive fines, and saves money on necessary audits by integrating compliance into day-to-day operations.
To fully realize these benefits, businesses should focus on several key areas:
- Threat Anticipation: Regular risk assessments assist companies in identifying weak points and foreseeing potential threats, enabling them to stay ahead of the constantly changing strategies employed by cybercriminals.
- Company growth: A strong GRC framework fosters consumer trust and guarantees adherence to industry standards, which opens doors for new company endeavors.
- Competitive differentiation: Proactive security and compliance practices set an organization apart. Businesses such as Apple stand out in a crowded market because of their reputation for protecting consumer privacy and data. particularly in light of the growing consumer concerns around their privacy and data.
As organizations increasingly recognize the importance of robust compliance and risk management frameworks, they are seeking effective solutions or services to enhance their security posture and streamline their operations. Engaging a managed Governance, Risk, and Compliance (GRC) supplier not only amplifies competitive differentiation but also provides the necessary tools and expertise. With these types of partnerships or services you can transform the overall approach, strategy, efficiency, time and cost savings allowing you to not only meet but exceed industry standards.
Benefits of a Managed GRC Supplier:
- Expertise Across Domains: Managed GRC suppliers provide industry-specific expertise that makes it easier to incorporate governance, risk, and compliance into already-existing security frameworks.
- Proactive Risk Management: By conducting ongoing risk assessments and providing easily accessible reports, these providers help your firm stay ready for both present and future risks.
- Compliance Assurance: Managed GRC companies help firms easily satisfy compliance standards by keeping an eye on regulatory developments, which minimizes operational disruptions.
- Streamlined Operations: By making GRC simpler, they free up business executives to concentrate on strategic expansion rather than becoming mired in minutiae related to regulations.
- Competitive Advantage: Businesses that manage their GRC components proactively not only safeguard themselves but also improve their standing and foster confidence among stakeholders and customers.
It is more important than ever for business leaders to integrate governance, risk, and compliance into a cohesive security plan as they negotiate the ever-changing world of security threats. A proactive approach to GRC secures a competitive edge in the market by strengthening assets, increasing operational efficiency, and cultivating stakeholder trust.
As providers of managed security and GRC services and solutions, we at Stealth-ISS are dedicated to assisting your company on its path to efficient GRC integration and administration. Our knowledge, offerings, and specially designed solutions—made for your company, its problems, and its sector—will assist in transforming security compliance into a powerful engine of development and innovation. It’s time to move decisively to secure the success and resilience of your company in the quickly changing cybersecurity environment. By working together, we can build a safe future that will enable you to prosper in this fast-paced business environment.
About the Author
As a global cybersecurity consultant/CISO, President of Stealth-ISS Group Inc., and Board Advisor on several cyber security technology and consulting service delivery companies, Dasha is an expert in cybersecurity operations, delivery risk, and compliance and a U.S. Navy veteran.
With over 25 years of experience as a technology professional, she shaped cybersecurity practices within the US Defense Industry, NATO, various national and international government agencies, and the and the commercial sector, ensuring the security of sporting events as significant as the Olympic Games and Formula 1. Her expertise is in cybersecurity, GRC, incident response, smart cities, artificial intelligence, national security/cyber warfare, and C4I services.
She has a bachelor’s degree in International Relations and Foreign Affairs, a MBA, and a MSc in Information Technology and Management and Cybersecurity, respectively, complemented by her pursuit of a Doctorate in Business and a PhD (ABD) in Cyber Warfare and National Security.
Her authority in cybersecurity is underscored by a suite of certifications such as CISSP, C|CISO, NSA/IAM/IEM, and CMMC CCA, among others, and by being honored as one of the Top 100 CISOs in 2020.
Her voice is respected at global conferences and events where she has presented on topics including cyber security, data protection, AI, and smart cities.
She is a published author of “Beyond Binary: AI and Cybersecurity,” with upcoming books on cyberwarfare/national security and “Navigating the Unknown in Cyber and AI.”
Dasha Davies can be reach at https://www.linkedin.com/in/dasha-davies/ and at Stealth-ISS website https://stealth-iss.com/