GRC in Cyber Security: 5 Reasons to Consolidate Cyber Security, Governance, Risk, Compliance, and Insurance
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Cybersecurity is an indispensable requirement for businesses today. With the uptick of cybercrimes due to the pandemic, there is an apparent need to secure computer networks and data from hackers. Unfortunately, it has even been predicted that global cybercrime damages will amount to $10.5 trillion annually by 2025.
Given the plethora of threats and attacks, it stands to reason that the GRC framework in cyber security is needed now more than ever.
What is GRC in Cybersecurity?
CIO explains that the GRC in cybersecurity is a strategy for managing an organization’s overall governance, enterprise risk management, and compliance with regulatory requirements. It aligns information technology (IT) with business goals to effectively manage cyber risk.
Breaking it down further:
- Governance: This relates to the organizational plan for cyber and information security.
- Risk management: Any gaps, vulnerabilities, and security risks will be identified and strengthened through a comprehensive IT risk management process.
- Compliance: Following the industry’s cybersecurity rules and requirements, such as the NIST Framework or ISO 27001.
To ensure the implementation of the GRC, organizations utilize some form of cyber insurance. Cyber insurance offers a safety net for businesses against cybercrimes. Likewise, it ensures data security and cybersecurity compliance, by requiring these to be in place.
Unfortunately, there is a problem.
Since managing cybersecurity is getting more difficult because of reasons such as the digitalization of businesses and the increasing number of Internet of Things (IoT) devices being connected to the business’ network, around 47% of enterprise organizations use 11 or more cybersecurity technology vendors and 25 or more different cybersecurity products.
This unbundled governance, security, compliance, and insurance offerings from different vendors make people and organizations waste time and energy weathering problems like interoperability issues and high costs.
As such, it would be better to take a consolidated approach to cybersecurity by limiting the number of cybersecurity vendors an organization does business with.
5 Reasons to Take a Consolidated Approach to Your Security:
Consolidating your approach to security would not only limit cybersecurity problems but also ensure that your GRC framework is implemented and you are insured. Thus, here are 5 reasons to take a consolidated approach.
- Ease of Use
Choosing certain vendors that would provide the best possible security to your business will increase its ease of use as interoperability issues are curbed. In addition, having fewer vendors/products can simplify the end-user experience. As such, buying from vendors like Cyber Sierra would be beneficial as they have a solution for interoperability issues. Thus, simplifying the end-user experience.
- Threat Detection Will Be Much More Efficient
An IBM study found that companies that utilize more than 50 cybersecurity tools scored 8% lower in their ability to mitigate threats and 7% lower in their defensive capabilities. As such, by consolidating your approach to security, reporting security incidents would be streamlined, and threat detection would be much more efficient. In addition, you would increase your organization’s overall security as you limit the chances of exploitable vulnerabilities.
- Faster Response to Threats and Attacks
In a 2018 study, an average enterprise handles at least 174,000 weekly threat alerts. Unfortunately, they can only respond to 12,000, rendering at least 90% to be left uninvestigated. This can cause serious harm to the organization. As such, organizations can better respond to risks, threats, and attacks by limiting and choosing security vendors that encompass a broad range of tools.
- Lower the Cost of Security
Paying for too many security vendors can accumulate and raise the cost of security. Unfortunately, it fails to provide businesses with the best protection against attacks. IBM reported that data breaches on businesses could amount to $3.92 million per attack. As such, having your cybersecurity streamlined and integrated can lower the products’ costs and mitigate breaches/attacks.
- Tighter Protection
Overall, through a consolidated approach, you can be assured that your system and data privacy are protected as vulnerabilities are exposed, threats are contained, and attacks are dealt with. Fortunately, vendors like Cyber Sierra champion a consolidated approach to security. As such, you will receive optimal protection to safeguard your business from costly breaches.
Given the volatility of the threat landscape, organizations must maintain a high level of cyber resilience. Through GRC in cybersecurity, organizations can ensure that their data and systems are secure from threats and attacks. That said, given the state of how companies tackle their cyber security, it poses some problems. As such, it is key to take an integrated approach to security to maximize its protection.
This is where Cyber Sierra comes in. With its consolidated approach to cybersecurity, GRC in cybersecurity is assured. Given that Cyber Sierra tailors its products to suit your organization’s needs, you can be assured that all compliance regulations will be met, employees will be trained, risks will be mitigated, and data will be protected. Essentially, with Cyber Sierra, all your key security needs will be looked out for.