Building and Implementing a Continuous Controls Monitoring

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Imagine if companies received real-time alerts whenever their operational controls were compromised. How many data breaches, operational hiccups, and costly regulatory non-compliance issues could be immediately addressed or even completely avoided?

IBM’s Cost of a Data Breach Report found that companies took an average of 277 days to identify and contain a data breach. That’s nearly 9 months of potentially catastrophic damage before an organization even realizes they’ve been compromised!

Delays in cybersecurity can cause drastic damage and significant losses.

That’s where Continuous Controls Monitoring (CCM) comes into play and becomes essential for your organization’s resilience and long-term success.

Building and implementing a CCM system requires thoughtful planning, prioritization, and a systematic approach. However, the rewards for enhanced risk management, adherence to regulatory rules, and operational efficiency far outweigh the initial efforts.

In this guide, you will understand how to build and implement a Continuous Controls Monitoring system.

Implementing Continuous Controls Monitoring

Continuous Controls Monitoring (CCM), also called ‘audit in motion’, is a key component of an effective enterprise risk management program. It ensures that your organization adheres to industry, regional, and local regulatory standards at all times. 

A CCM system also helps you set clear expectations for employees to follow, and it reduces the risk of non-compliance with laws and regulations.

But setting up a CCM system isn’t just about having control frameworks like COBIT 5 or ISO 27001; it also requires a data-driven approach to ensure you have all the information needed for effective decision-making.

Step by Step Guide to Building and Implementing a Continuous Controls Monitoring System

Here is a step-by-step guide to building and implementing your own CCM system.

Step by Step Guide to Building and Implementing a Continuous Controls Monitoring System

Let’s look at them one by one.

 

1. Identify processes

The initial step in implementing CCM involves identifying and thoroughly understanding the crucial processes within your organization that need control monitoring. This identification is vital since it helps prioritize the areas where control monitoring can provide the most value in mitigating risk and ensuring compliance.

To effectively identify these business processes, consider the following factors:

  • Alignment with objectives: Prioritize processes closely tied to strategic goals like revenue generation, expense management, or boosting operational efficiency.
  • Risk exposure: High-risk processes (financial, operational, regulatory) should be primary candidates for CCM.
  • Regulatory requirements: Processes governed by stringent compliance regulations and likely to attract penalties or fines if non-compliant are also crucial for monitoring.
  • Past issues: Consider your history of control weaknesses and errors to identify areas needing monitoring and control measures.

With these, you can prioritize the processes and controls that need to be addressed first.

 

2. Prioritize key controls

The second step in establishing your CCM is prioritizing key controls for critical processes. These controls are guidelines, actions, or procedures implemented to mitigate risks and ensure data accuracy. 

Prioritize key controls

Here’s how to do it:

  1. Risk ranking: List your processes according to their associated risks. Give higher priority to key controls that target your riskiest processes.
  2. Relevance to objectives: Analyze how each control contributes to meeting business goals. Those directly supporting essential objectives should gain precedence.
  3. Assess effectiveness: Evaluate past performance of controls. Those proven to reduce risks and uphold data accuracy should be a focus.
  4. Perform cost-benefit analysis: Weigh the cost of implementing each control against its benefits. Maximize return on investment by focusing on cost-effective controls.

Through these steps, you can prioritize key controls, effectively use resources, and create the most considerable impact on risk management and objective fulfillment.

 

3. Set control objectives or goals

After identifying and prioritizing key controls, the next step is to establish what you want those controls to accomplish. Control objectives act as reference points, enabling you to validate the performance of your selected controls in decreasing risks and upholding regulatory compliance. Ensuring these objectives align with your wider risk management strategy and business goals is essential.

 

Set control objectives or goals

To define control objectives:

  1. Identify control functions: Start by identifying the specific function each control serves. Determine if it is designed to prevent, detect, or correct losses, errors, or incidents that pose risks.
  2. Assess risk appetite: Understand your organization’s risk tolerance, including acceptable levels of risk exposure and potential impacts. Incorporate risk appetite into your control objectives to maintain a balanced approach.
  3. Link to business objectives: Your control objectives should support your strategic goals. Ensure each control objective is linked to a corresponding business objective or overarching risk management strategy.
  4. Structure the objectives: Your control objectives should be specific, measurable, attainable, relevant, and time-bound (SMART). Ensure they are clear and concise, providing a solid framework for assessment.
  5. Ensure regulatory alignment: Factor regulatory and compliance requirements into your control objectives to avoid pitfalls.

Defining well-aligned control objectives will guide the implementation and evaluation of your Continuous Controls Monitoring (CCM), helping to improve efficiency and effectiveness across your organization’s risk management and compliance efforts.

 

4. Automate tests or metrics

Once you’ve set your control objectives, you must develop automated tests or metrics. Automated tests allow you to check the effectiveness of your key controls continuously. This strategic move toward automation reduces your need for manual oversight, minimizes the potential for human errors, and speeds up your ability to spot control weaknesses. These benefits boost your risk management efforts and can lead to cost savings and improved operational efficiency.

Using these automated systems, you’ll gain real-time insights into how well your control measures are performing. These tests regularly monitor key indicators and produce quantitative evaluations, helping you make informed decisions. This is where the role of third-party solutions comes into play.

Third-party solutions are especially important when you’re dealing with a large number of data points and multiple control measures. They help ensure that the tests are conducted consistently across all channels, reducing human error risk.

With Cyber Sierra, you can streamline continuous control monitoring through automation, effortless integration into current systems, and a scalable infrastructure. The platform is purpose-built to help you achieve regulatory compliance even while it offers robust analytics for identifying risks and reporting on control performance. 

 

5. Determine the process frequency

The final step in establishing your Continuous Control Monitoring (CCM) system entails choosing the appropriate monitoring frequency and establishing a consistent review process for the results generated by your automated tests or metrics. Once the controls are in place and metrics established, continuous checks provide near real-time assurance of effectiveness.

The frequency of monitoring isn’t a one-size-fits-all solution. It’s influenced by numerous elements, such as your organization’s risk profile and industry-specific regulatory requirements. The key is to identify a balance; too frequent checks may burden your resources, while infrequent monitoring could miss out on critical early warning signs.

You must institute regular review processes alongside determining the appropriate monitoring frequency. This guarantees that the data collected from automated tests is analyzed thoroughly and turned into actionable insights on a scheduled basis.

With continuous monitoring and effective review processes, you’ll achieve prompt identification of control weak spots and faster resolution of any rising issues. Ensuring these issues are intercepted and rectified as soon as possible prevents them from escalating further, providing an overall safety net and boosting the efficiency of your organization’s risk and compliance management.

Wrapping Up

Building and implementing a Continuous Controls Monitoring system requires thoughtful planning, prioritization, and a systematic approach. However, the rewards for enhanced risk management, adherence to regulatory rules, and operational efficiency far outweigh the initial efforts.

Remember, CCM is not a one-off strategy; instead, it’s an ongoing commitment to designing, measuring, monitoring, and refining your controls to ensure their alignment with your evolving business objectives and the changing risk and regulatory landscapes.

 

Perform Data Protection Impact Assessment (DPIA)

 

Cyber Sierra’s platform enables enterprises to keep company policies in one central location and make them accessible to all employees. The platform also offers a comprehensive training regimen that addresses the risks posed by today’s most pressing cybersecurity issues.

To discover how Cyber Sierra can help you establish your CCM program, book a demo today.

  • Continuous Control Monitoring
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Srividhya Karthik

Srividhya Karthik is a seasoned content marketer and the Head of Marketing at Cyber Sierra. With a firm belief in the power of storytelling, she brings years of experience to create engaging narratives that captivate audiences. She also brings valuable insights from her work in the field of cybersecurity and compliance, possessing a deep understanding of the challenges and pain points faced by customers in these domains.

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CISOs Are Using This To Automate Third-Party Vendor Assessments

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Gartner polled enterprise compliance and legal execs. 

As you may guess, due to growing concerns, one of the survey questions was to uncover risks from 3rd-party vendors. What the study found? Rethinking vendor assessments has become increasingly crucial. 

According to the report:

CISOs and enterprise security managers must take this finding seriously as it tells a crucial story

CISOs and enterprise security managers must take this finding seriously as it tells a crucial story. What story does it tell, relative to third-party vendor risk management (TPRM), you ask?

Well, the answer is straightforward: 

 

One-Time Assessments Don’t Mitigate Vendor Risks

And it makes sense.

You can create a well-detailed security questionnaire that properly assesses vendors before joining your organization’s supply chain network. But detailed as your questionnaire might be, they don’t guarantee the detection and prompt mitigation of new risks after vendors get the nod. 

In short, they don’t guarantee that vendors who went the extra mile to pass your initial checks and win your company’s business are honest. Dustin Bailey, Fmr. Security Lead at Twilio, hammered on this. 

In his words

Dustin Bailey - Quote

This poses an apt question: How should proactive enterprise security executives like yourself approach vendor risk assessments today? 

I’ll answer this question by showing you how to go beyond one-time questionnaires for vendor assessments. Disclaimer: Our interoperable cybersecurity and compliance automation platform, Cyber Sierra, makes it possible and also streamlines the process.

Before we dive in…

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How Should Vendor Risk Assessments Be Done?

It should be ongoing. 

And the reasons are simple. First, CISOs can no longer afford to assess vendors once, no matter how detailed the security questionnaires used are, and go to sleep. Second, a BlueVoyant survey of top executives globally responsible for cybersecurity in their organizations supports this. 

The study saw a whopping 93% of respondents say they suffered breaches due to weaknesses in their supply chains. Considering breaches in supply chains are usually from third-party vendors, the study uncovered even more troubling data. 

These breaches are getting worse

average number of breaches

Based on this trend, here’s how we recommend going beyond one-time assessments to mitigate as much vendor risk as possible. 

 

1. Categorize Vendors Based On Risk Level 

The more access to your organization’s critical cloud and network environments a vendor has, the more they are likely to increase your risk surface area. The same goes for vendors who will rely on other vendors (4th parties) to fulfill their duties to your company.

But it doesn’t end there. 

The type of solution a 3rd party brings to your company and their geographic location also matters. For instance, companies located in jurisdictions with weak compliance regulations are less likely to have security measures in place. All this creates the need to categorize and prioritize vendors your team must pay constant attention to. 

Our recommendation? 

Do this the moment you want to start assessing them. 

With Cyber Sierra, for instance, your security team is prompted to categorize vendors based on the criteria above from the get-go. You can easily profile vendors when initiating an assessment by: 

  • Indicating if an advanced assessment is needed
  • Choosing an assessee type (service, software, etc.) 
  • Selecting the third-party vendor’s country of location: 

Selecting the third-party vendor’s country of location

 

2. Automate Uncovering Vendors Who Fail Assessments

Does this look familiar?

Manually Uncovering Vendors Who Fail Assessments

You know the drill. Send assessment questionnaires to vendors in spreadsheets, have a yes/no answer column, yet still go back and forth, chasing them to send evidence of controls. 

Do it for just a couple dozens of vendors, and you risk: 

  • Delaying the approval of compliant vendors who could be driving the business forward
  • Losing important files in the maze of too much back and forth
  • Approving vendors mistakenly whose security controls evidence aren’t verified. 

Automating vendor assessments with Cyber Sierra helps mitigate these risks effectively. Our platform streamlines the entire process by allowing vendors to answer security questions and upload evidence for the same in one place, instead of using spreadsheets. 

Your security team can filter or search vendors based on various criteria used to profile them. And you can see their progress in uploading evidence for assessment questionnaires in one view:

Automate Uncovering Vendors Who Fail Assessments

 

3. Enforce Ongoing Vendor Risk Assessments

Send assessments to 3rd parties with Cyber Sierra, and they’ll receive an email with instructions on how to complete your questionnaires. But instead of just ticking yes/no to security questions, your team can enforce uploading evidence for their answers. 

Here’s a peek into a vendor’s view: 

Enforce Ongoing Vendor Risk Assessments

As shown above, they can:

  1. Answer security questions in one click.
  2. Upload evidence for each question answered and leave comments for your security team (your team can respond, too). 
  3. Assign their teammates to answer questions or upload evidence.
  4. And more importantly, get uploaded evidence auto-verified by clicking on “Get Verified.” 

On your team’s side, Cyber Sierra enables continuous risk assessments through two effective approaches. First, our platform automatically verifies uploaded evidence and flags unverified ones: 

our platform automatically verifies uploaded evidence and flags unverified ones

Second, you can mandate vendors to click on the “Get Verified” button, say monthly, and it triggers an auto-verification process in the background. This way, you can even enforce ongoing assessments. 

To see all this in action:

Automate Third-Party Risk Assessments

Streamline sending and management of security questionnaires. Continuously enforce and auto-verify uploaded vendor assessment evidence, all in one place.

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Do I Still Need Vendor Risk Assessment Questionnaire Templates?

A recent article in CSO Online by Andy Ellis, Advisory CISO at Orca Security, lays the foundation for answering this question. 

Andy wrote

Andy Ellis - Quote

 

In other words, vendor risk assessment questionnaire templates still have a place. However, simply adding more questions to templates and scoring vendor risks based on their answers is insufficient. As Andy observed, it won’t help your team understand the actual risks 3rd parties pose to your organization. 

We recommend the following.

Begin the process by using appropriate security questionnaire templates. But don’t rely on them blindly. Instead, select questions relevant to a specific vendor and focus on getting them to upload verifiable evidence of having crucial security controls. 

Cyber Sierra simplifies the process of doing this. Your team can choose from our prebuilt assessment questionnaire templates (or upload any custom one). More importantly, when doing so, you can select specific questions a vendor must answer and upload evidence: 

More importantly, when doing so, you can select specific questions a vendor must answer and upload evidence

 

Streamline Vendor Risk Assessments

Managing third-party risks is a necessity. 

The only other way around it is to do away with vendors completely. But this isn’t possible, as your organization also needs them to extend its capabilities and stay competitive. In short, effective and efficient third-party vendor management (TPRM) processes can unlock the highest value for the effort expended. 

Dustin Bailey corroborates:

Dustin Bailey - Quote-1

The question then is: How do you ensure your organization’s TPRM processes are effective and efficient? Your team can do this by streamlining the process, starting from the vendor assessment step. 

And that’s where Cyber Sierra comes in: 

Automate Third-Party Risk Assessments

Streamline sending and management of security questionnaires. Continuously enforce and auto-verify uploaded vendor assessment evidence, all in one place.

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  • Third Party Risk Management
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Pramodh Rai

Meet Pramodh Rai, a technology aficionado and Cyber Sierra's co-founder, whose zest for innovation is fuelled by a cupboard stacked with zero-sugar Redbull. With a nimble footwork through the tech tulips across Asia Pacific, he's donned hats at Hmlet (the proptech kind) and Funding Societies | Modalku, building high-performing teams and technologies. A Barclays prodigy with dual degrees from Nanyang Technological University, Pramodh is a treasure trove of wisdom, dad jokes, and everything product/tech. He's the Sherpa in sneakers you need.

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Top 10 Sprinto Alternatives in 2023 that You Must Try

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Cloud compliance software solutions, nowadays, play a transformative role in empowering businesses through digital expansion while ensuring security practices conform to global data regulations. 

Sprinto is one such platform that has made significant strides in this space.

However, before you finalize your purchase decision, it is prudent to explore other competing options to ensure you choose the most suitable solution for your business needs. 

For this reason, we have curated a list of 10 alternatives to Sprinto that warrant your consideration. In our comprehensive overview, you will find essential details such as key features, pricing plans, and additional information about each alternative, empowering you to make an educated decision.

Let’s dive in.

Top 10 Sprinto Alternatives: Key Features, Pricing Plans, and More

Here are the top 10 alternatives to Sprinto that we have shortlisted for you:

  1. Cyber Sierra
  2. Scrut Automation
  3. Secureframe
  4. Vanta
  5. Drata
  6. AuditBoard
  7. Wiz
  8. Acronis Cyber Protect Cloud
  9. Druva Data Resiliency Cloud
  10. Duo Security

Let’s look at them one by one.

 

1. Cyber Sierra

 

Cyber Sierra is an enterprise-grade cybersecurity platform designed to empower security professionals by streamlining security controls, risk assessment, and vendor relationships. By leveraging artificial intelligence and machine learning, Cyber Sierra offers comprehensive insights into risks, vulnerabilities, and compliance, enabling proactive decision-making. 

Cyber Sierra
https://cybersierra.co/

 

Cyber Sierra solves the complexity of having multiple governance, cybersecurity, and insurance solutions by integrating them into interoperable modules in one platform to optimize performance and efficacy.

 

Key features

  • Unified governance: Comply with globally recognized compliance standards like ISO 27001, SOC 2, HIPAA, GDPR, and PDPA.
  • Cybersecurity: Identify and assess security risks in the context of your assets.
  • Employee awareness programs: Train your employees to recognize and avoid phishing attempts.
  • Third-party risk management: Seamless filling of security questionnaires for your vendors and continuous risk monitoring.

 

Strengths 

  • Holistic solution: Combines governance, risk, cybersecurity compliance, cyber insurance, threat intelligence and employee training in one platform.
  • Continuous controls monitoring: Provides continuous controls monitoring, risk assessment and proactive threat management.
  • Effective vendor risk management: Streamlines the process of managing third-party vendors and mitigating third-party risks.

 

Weaknesses

  • The platform is relatively new in the market.

 

Best for

Cyber Sierra is best for established enterprises and mid-to-late-stage startups dealing with regulatory compliance, data security and compliance issues.

The platform is also immensely effective for enterprises looking to streamline their cybersecurity, governance, and insurance processes from multiple vendors to one intelligent platform. 

 

2. Scrut Automation

 

Scrut Automation
https://www.scrut.io/

 

Scrut Automation is a cloud security platform that strongly focuses on automating cloud configuration testing. It’s designed to provide robust layers of cloud-native defense for AWS, Azure, GCP, and more.

 

Key features

  • Automated cloud configurations testing: Scrut Automation automatically tests your cloud configurations against 150+ CIS benchmarks.
  • Historical records: It builds a historical record of your security state to track improvement over time.
  • Integration: Seamless integration with popular cloud platforms, including AWS, Azure, and Google Cloud.

 

Strengths

  • In-depth security coverage: Able to protect your cloud environment with over 150 CIS benchmarks.
  • Time-efficient: Automates time-consuming tasks and prioritizes remediations to speed up your information security progression.

 

Weaknesses

  • Learning curve: Navigating and understanding certain functionalities may take time, especially for users new to cloud security settings.
  • Limited customization: While Scrut Automation offers a capable cloud security platform, there might be limited options for customization and personalization according to specific user requirements.

 

Best for

Scrut Automation is ideal for organizations utilizing cloud computing services from AWS, Azure, GCP, and other similar platforms. They provide extensive security and compliance coverage, making it apt for large enterprises that require robust cloud security.

However, medium and smaller businesses that aim to fortify their cloud security and prefer an automated process would benefit.

 

3. Secureframe

 

Secureframe
https://secureframe.com/

 

Secureframe is a compliance platform that allows companies to streamline SOC 2 and ISO 27001 compliance. Their solution focuses on providing effective, continuous monitoring across various services, such as AWS, GCP, and Azure.

 

Key features

  • Compliance monitoring: Allows for continuous compliance across a range of services.
  • Automation: Streamlines security compliance tasks to reduce the time and resources necessary.
  • Integration capabilities: Works seamlessly with popular cloud services like AWS, GCP, and Azure.

 

Strengths

  • Time efficiency: Greatly reduces the time spent documenting and monitoring compliance, which often takes weeks.
  • Integration: Seamlessly integrates with popular cloud services, which may benefit companies utilizing these platforms.

 

Weaknesses

  • Limited customization: Some users have mentioned a need for more advanced customization options, meaning it may not be as flexible as some companies might need.

 

Best for

Secureframe is best for companies of any size that need to streamline their SOC 2 and ISO 27001 compliance. The platform is especially useful for businesses that use AWS, GCP, and Azure for their cloud services due to its advanced integration capabilities.

 

4. Vanta

 

Vanta
https://www.vanta.com/

 

Vanta is a security and compliance management platform that simplifies SOC 2 compliance. Vanta helps automate security and compliance processes by continuously monitoring a company’s technology environment, reducing the time and resources necessary to achieve SOC 2 certification.

 

Key features

  • Continuous monitoring: Vanta offers continuous security monitoring to ensure real-time compliance.
  • Automation: Streamlines and automates compliance efforts for a faster and more efficient SOC 2 certification.
  • Integration: Seamless integration with commonly used services and platforms, such as AWS, GCP, Azure, etc.

 

Strengths

  • Time efficiency: Reduces the time and effort required to achieve SOC 2 compliance, saving companies valuable resources.
  • Integration: Integrates easily with numerous popular platforms, making it adaptable to various technology environments.

 

Weaknesses

  • Limited scope: Vanta specializes in SOC 2 compliance, meaning it may not cover other security frameworks or standards that some businesses might require.
  • Customization: Limited customization options may make it less flexible for businesses with unique compliance needs.

 

Best for

Vanta is an ideal solution for mid-sized to large businesses, particularly those operating in industries where stringent security compliance standards are necessary. These could include the Tech, Healthcare, or Finance sectors – where adherence to security compliance standards like SOC 2, ISO 27001, HIPAA, PCI and GDPR is required.

 

5. Drata

 

Drata
https://drata.com/

Drata is a security and compliance management platform that helps companies to achieve and maintain SOC 2 compliance. Drata automates the process of tracking, managing, and monitoring the technical and operational controls required for SOC 2 certification, streamlining the overall audit experience.

 

Key features

  • Asset management: Drata helps companies identify and track all their assets (servers, devices, applications) making it easier to manage them effectively.
  • Policy & procedure templates: Drata provides pre-built templates for policies and procedures that a company can use to quickly create their internal compliance documentation.
  • User access reviews: Drata further provides capabilities to ensure that access controls are observed, with recurrent user access reviews. 
  • Security training: Drata also provides regular employee training and phishing simulations to ensure that the entire team is aware of the latest security threats and practices.

 

Strengths

  • Automated evidence collection: Drata automates evidence collection, lessening manual effort and reducing the risk of human error.
  • Strong customer support: A responsive and knowledgeable support team provides valuable guidance throughout the compliance process.

 

Weaknesses

  • Onboarding process: Some users find Drata’s onboarding process lengthy or complex, which might lead to a slower initial setup..
  • Broad functionality might make it complicated for non-technical users.
  • Scalability: As a relatively new platform, Drata may experience challenges scaling up to accommodate larger enterprises with complex compliance needs.
  • Pricing: Drata’s pricing structure might be difficult for smaller businesses on a limited budget.

 

Best for

Drata is an excellent choice for organizations looking to achieve and maintain SOC 2 compliance while minimizing manual work. Its automation capabilities are valuable for businesses seeking a streamlined audit experience.

 

6. AuditBoard

 

Auditboard
https://www.auditboard.com/

 

AuditBoard is a complete, user-friendly audit, risk, and compliance management platform. It aids companies in managing detailed audits, compliance, and risk management operations, featuring seamless accessibility and collaboration capabilities.

 

Key features

  • Integrated control management: AuditBoard facilitates comprehensive audit management, including risk assessment, control test management, issue tracking, and reporting.
  • Operational auditing: It provides an integrated tools suite for performing internal and operational audits efficiently and easily.
  • Risk assessment: The platform enables effortless identification and management of risks throughout all the organization’s sectors.
  • Real-time reporting: AuditBoard provides real-time insights and custom reports for auditing progress tracking and issue resolution.

 

Strengths

  • Ease of use: AuditBoard is recognized for its user-friendly interface, simplifying audit and risk assessment activities.
  • Collaboration: With its effective collaboration tools, AuditBoard enhances communication between internal teams and external auditors.

 

Weaknesses

  • Customer Support: Some customers have expressed dissatisfaction with the effectiveness and responsiveness of AuditBoard’s customer support.
  • Less intuitive navigation: Some users find the system navigation somewhat complex, specifically when handling multiple projects simultaneously.
  • Expensive: The available features come with a notable price tag, which might not be affordable for small or medium-sized enterprises.

 

Best for

AuditBoard is ideally suited for large corporations seeking a robust, comprehensive audit and risk management solution. It’s an outstanding tool for firms conducting regular internal and operational audits and those requiring real-time insights into their audit and risk processes.

 

7. Wiz

 

WIZ
https://www.wiz.io/

 

Wiz is a cloud security solution that offers businesses a comprehensive view of security risks across their entire cloud environment. This next-generation Cloud Security Posture Management (CSPM) tool goes beyond agent-based solutions by scanning the entire cloud stack for potential vulnerabilities configuration issues, and identifying hidden threats.

 

Key features

  • 360-degree visibility: Wiz provides all-round visibility of entire multi-cloud environments, giving a centralized view of security issues.
  • Intelligent remediation: It identifies vulnerabilities and offers actionable insights to mitigate security risks.
  • Collaborative: Wiz promotes collaboration among DevOps, cloud infrastructure, and security teams through a single platform.
  • Continuous security monitoring: Wiz monitors cloud environments in real-time to identify and alert users of any security issues or misconfigurations.

 

Strengths

  • Comprehensive: Wiz offers a holistic security assessment covering all major cloud platforms.
  • Effective automation: Role automation and easy-to-read dashboards promote effective security processes.
  • Easy to set up and use: Users report that Wiz is simple to execute, with minimal configuration requirements.

 

Weaknesses

  • Limited documentation: Some users have noted that Wiz’s documentation could be more comprehensive and detailed.
  • Lack of clarity on pricing: A few reviewers have mentioned that pricing information is not readily available, making it difficult to determine the cost of implementing Wiz.
  • Possibly overwhelming notifications: As Wiz monitors cloud environments, some users may find the notifications’ frequency overwhelming.

 

Best for

Wiz is ideally suited for businesses operating in multi-cloud environments and those who value a comprehensive, holistic view of their cloud security posture. Its ability to provide a centralized security view benefits companies with complex cloud infrastructure.

 

8. Acronis Cyber Protect Cloud

 

acronis
https://www.acronis.com/en-us/products/cyber-protect/

 

Acronis Cyber Protect Cloud is a comprehensive cybersecurity solution that integrates backup, disaster recovery, AI-based malware, ransomware protection, remote assistance, and security into one platform. It’s designed to offer a multi-layered approach to protect data across various devices and environments.

 

Key features

  • Backup and disaster recovery: Acronis ensures your data is always safe with its backup solution, offering disaster recovery options if a major issue arises.
  • Cyber security: The platform employs AI and machine learning techniques to detect and respond to new threats.
  • Patch management: It identifies and automatically updates outdated software versions to reduce vulnerability risks.
  • Remote assistance: Acronis provides remote assistance, allowing users and administrators to address issues from any location quickly.

 

Strengths

  • Comprehensive Protection: Provides multi-layered protection by integrating backup, security, and disaster recovery.
  • Ease of Use: The platform is praised for its user-friendly interface and straightforward navigation.
  • Reliable Backup and Recovery: Acronis is reliable for data backup and recovery, with many users expressing satisfaction with its performance in this area.

 

Weaknesses

  • Potential performance issues: Some users have reported that the application can become sluggish, especially during heavy backup processes.
  • Technical support: Some customers have reported delays and less satisfactory experiences with the support team.
  • Lack of detailed reports: Some clients have highlighted that the reporting feature could be more robust, offering greater detail for comprehensive analysis.

 

Best for

Acronis Cyber Protect Cloud is especially recommended for businesses prioritizing a strong holistic cybersecurity posture. Considering its comprehensive nature, it is a beneficial solution for businesses across various sectors like IT, retail, healthcare, finance, and any other industry where data security is paramount.

 

9. Druva Data Resiliency Cloud

 

Druva
https://www.druva.com/solutions/

 

Druva Data Resiliency Cloud is a SaaS-based data protection and management solution that offers secure backup, disaster recovery, and information governance across various environments, such as endpoints, data centers, and cloud applications.

 

Key features

  • Unified data protection: Druva delivers reliable, integrated backup and recovery solutions for endpoints, data centers, and SaaS applications.
  • Disaster recovery: It provides a simple, fast, cost-effective method for on-demand disaster recovery.
  • Global deduplication: Druva’s global deduplication allows efficient storage and bandwidth usage, reducing costs and speeding up backups.
  • Security and compliance: The solution ensures data protection in compliance with various regulations like GDPR by providing encryption, access control, and audit trails.

 

Strengths

  • SaaS deployment: As a SaaS-based solution, Druva is easy to deploy, maintain, and scale, reducing the burden on IT teams.
  • Efficient data management: Druva provides a centralized console for managing data protection tasks across various environments, simplifying data management processes.
  • Cost-effective: It eliminates hardware and infrastructure costs, resulting in a more cost-effective solution.
  • Customer support: Druva receives positive reviews for its responsive and helpful customer support.

 

Weaknesses

  • Performance on large data sets: There are reports of decreased performance when handling massive data sets, suggesting it may not be ideal for businesses with large-scale data processing.
  • Complex pricing structure: Users have noted that the pricing structure can be difficult to understand and might not be transparent.

 

Best for

Druva Data Resiliency Cloud is an excellent solution for businesses of all sizes that seek a SaaS-based, cost-effective, and straightforward data protection service. It suits businesses with distributed environments, including endpoints and various data center applications.

However, businesses with large-scale data sets or specific customization needs may want to evaluate other options or test Druva’s performance before committing.

 

10. Duo Security

 

Duo
https://duo.com/

 

Duo Security, now part of Cisco, is a cloud-based access security platform protecting users, data, and applications from potential threats. It verifies users’ identities and the health of their devices before granting them access to applications, ensuring that they meet business security compliance requirements.

 

Key features

  • Two-factor authentication (2FA): Duo ensures secure access to networks and applications by requiring a second form of authentication besides the primary password.
  • Device trust: Duo provides insight into every device accessing your applications, ensuring they meet your security standards before granting access.
  • Adaptive authentication: It uses adaptive policies and machine learning to secure access based on user behavior and device insights.
  • Secure single sign-on (SSO): Users have seamless and secure access to all applications through Duo’s SSO feature.

 

Strengths

  • Ease of use: Duo is praised for its user-friendly interface and straightforward deployment.
  • Strong security: Duo’s two-factor authentication significantly reduces the risk of unauthorized access.
  • Wide range of integration: Duo integrates easily with various existing VPNs, cloud-based applications, and other network infrastructure.
  • Customer support: Duo’s customer support is known for being responsive and effective.

 

Weaknesses

  • Limited granular control: Users seeking specific controls or advanced customization options may find Duo Security lacking granularity, especially in configuring policies.
  • Software updates: Occasionally, users have reported difficulties or temporary disruptions after implementing software updates.
  • Cost: Duo’s price structure may seem high for small businesses or startups.
  • User interface: While user-friendly, some users feel the interface could be modernized and visually more appealing.

 

Best for

As Duo works seamlessly with multiple applications and devices, organizations with diverse software portfolios will find value in its flexibility.

 

Top 10 Sprinto Alternatives: Comparative Analysis

Here’s a comparative analysis of the top 10 Sprinto alternatives, which should help you find the right software for your needs.

 

Top 10 Sprinto Alternatives: Comparative Analysis

 

Choosing The Best

Selecting the best software solution for your business can be a daunting task. However, you can easily find the right fit for your organization by evaluating the options based on key features, price points, and user experience.

While many enterprise-grade solutions are on the market today, Cyber Sierra is one of the few that converges a strong balance of functionality and security to a single platform. The platform is easy to use and offers a number of features that simplifies security processes even as it enables you to add layers of protection against cyber threats.

Book a demo to see how Cyber Sierra can help your business.

 

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Srividhya Karthik

Srividhya Karthik is a seasoned content marketer and the Head of Marketing at Cyber Sierra. With a firm belief in the power of storytelling, she brings years of experience to create engaging narratives that captivate audiences. She also brings valuable insights from her work in the field of cybersecurity and compliance, possessing a deep understanding of the challenges and pain points faced by customers in these domains.

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Data Sharing and Third Parties - Risks and Benefits Unveiled

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Have you ever wondered about the risks your business could face whenever data is shared with a third party?

As businesses operate in an ever more interconnected landscape, third-party data sharing has become a common facet of routine operations. Despite the numerous benefits it brings, sharing data with external entities is not without its risks.

And you need a robust strategy to manage those risks.

This guide will help you understand everything about data sharing and offer strategies to mitigate them.

Let’s dive in.

What is a Third-Party Data Sharing Vendor?

A third-party data-sharing vendor is a business entity that functions as a bridge between your company and disparate sources of information that are otherwise disconnected from your direct operations. These vendors do not have a direct relationship with your customers, unlike your company, which is considered the first party in this context.

They harvest data from many web platforms—information that may not be directly accessible or usable by your company. This raw data can have varying degrees of complexity and is often unstructured or semi-structured.

 

Data Sharing and Third Parties - Risks and Benefits Unveiled

 

The vendors then clean this data, removing any inaccuracies or redundancies that might compromise its reliability. This cleaned data is then consolidated and structured to align with your business’s specific data analytical needs.

What is an example of a Third Party?

Generally, a third party refers to any person, entity, or organization indirectly involved in dealings or interactions that primarily involve two other parties. Third parties often enable or facilitate specific processes or transactions between the two primary parties in business contexts.

 

Data Sharing and Third Parties - Risks and Benefits Unveiled

 

Here are some examples:

  • Suppliers: Provide necessary goods or raw materials for smooth business operations.
  • Distribution Channels, Partners, and Resellers: Aid in sales, extend the company’s reach, and contribute to revenue generation.
  • Network Security Tools: Strengthen the company’s cybersecurity measures, safeguarding sensitive data.
  • Monitoring Solutions: Provide real-time analytics, improving decision-making and overall efficiency.
  • CRM Tools: Streamline customer data management and personally tailored marketing, leading to better retention.
  • Digital Marketing Systems: Enhance marketing efforts with automation and tracking to improve outreach and revenue growth.
  • Screening and Reputation Services: Assist with background checks and reputation management, maintaining a safe business environment.
  • Media Agencies: Oversee a company’s branding, ads, and public relations, influencing perception and success

What is Third-Party Data Sharing?

Third-party data sharing is a process where data about individuals, typically collected through various platforms and websites, is procured, compiled, and exchanged by entities distinct from the original users and data collectors. An example could be a Data Management Platform (DMP) aggregating this information.

This exchange process provides companies with rich, diverse data sets yielding valuable insights about consumer habits, behaviors, and preferences. It is broadly used in targeted advertising, social media marketing, and predictive analytics.

DMPs, as intermediaries, accumulate vast amounts of structured and unstructured data from disparate sources, sort it into usable segments, and make this data available so businesses can make data-informed decisions.

Despite its benefits, third-party data sharing raises potential issues concerning data privacy and security. As such, companies involved with third-party data sharing must remain compliant with all relevant data protection regulations (like GDPR) and focus on safeguarding user information.

What is a Data Sharing Agreement?

A Data Sharing Agreement (DSA) is a legally binding document established between parties to define the terms for sharing data. The main components of a DSA often include:

 

 

  1. Data Description: Specifics about the shared data, such as data type, source, and purpose of sharing.
  2. Terms and Conditions: Defines each party’s usage rights, confidentiality requirements, and responsibilities.
  3. Limitations on Use: Stipulates the scope of data usage, forbidding misuse or overuse.
  4. Security Measures: Outlines necessary protection measures to prevent unauthorized access, breaches, or data loss.
  5. Privacy Guidelines: Specifies how shared data should comply with relevant privacy regulations to safeguard user identity and personal information.

DSAs are critical to ensure accountability, maintain data integrity, protect sensitive information, and legitimize data exchange between parties. They help mitigate legal risks and provide a framework for resolving disputes, facilitating safe and responsible data sharing.

The Pros and Cons of Data Sharing

 

pros and cons of data sharing

Pros of Data Sharing

  1. Enhanced insights and innovation: Sharing data between different organizations can help generate valuable insights. Pooling data can lead to collaborative problem-solving, innovation, and better decision-making.
  2. Improved understanding of customer behavior: Businesses can gain a competitive advantage by understanding their customers better through external data.
  3. Unearth potential opportunities: Shared data can potentially reveal new market trends, business opportunities, and unexplored customer segments.

 

Cons of Data Sharing

  1. Data Breaches: Sharing data increases the chances of data breaches. Cybersecurity measures must be in place to safeguard sensitive information during transfer or storage. However, companies like Cyber Sierra offer solutions that integrate all aspects of governance, cybersecurity, and compliance into interoperable modules, reducing this risk.
  2. Loss of Control: Once data is shared, control over who has access and how the data is used can be lost, potentially leading to misuse.
  3. Traceability issues: It can be challenging to track who has accessed shared data, when, and for what purpose – particularly crucial for sensitive information.
  4. Third-Party risks: Sharing data with third parties entails risk, as their security protocols and handling practices may not align with the original data owner’s standards.

When a company thinks about sharing data, they should carefully weigh the benefits of doing so, like gaining valuable insights, against the need to make sure the data is kept safe from unauthorized access or misuse.

What is Third-Party Risk?

Third-party risk refers to the potential hazards of third parties, such as service providers or vendors, who can indirectly impact an organization’s stability or security. This risk broadly falls into operational, cyber-security, legal, financial, or reputational threats.

One significant aspect of third-party risk is data breaches. As a company shares data with third parties, vulnerabilities may emerge if the external entity doesn’t take sufficient precautions, exposing sensitive data to unauthorized access.

Rapid response complications represent another facet of third-party risk. An organization may struggle to respond promptly in crises due to limited control over third-party operations.

Additionally, businesses may experience risks when collaborating with third parties that have weak data governance practices. This could potentially endanger data security, compromise its quality, or lead to misuse.

What Is Third-Party Risk Management?

Third-party risk management involves identifying, evaluating, and mitigating risks associated with working with third-party vendors. It often involves conducting due diligence, establishing data-sharing agreements, monitoring vendor performance, and implementing data privacy and security controls.

How to mitigate Third-Party Risk and why it is important

You can mitigate third-party risk by establishing a robust third-party risk management program. This includes:

mitigate the third party risks

Let’s take a look at each of these steps in more detail.

 

1. Risk assessment

Start by conducting a comprehensive risk assessment of any potential third-party vendor. Explore every dimension of their business operation, from financial stability and ability to comply with agreed terms and conditions to reputation and history related to any security incidents.

You should also consider your degree of outsourcing to the third party, their geographic location, and whether tumultuous political or economic landscapes impact their business operations.

 

2. Due diligence

A due diligence process helps ensure that the third parties you engage with have stringent procedural, technical, and administrative safeguards. Take your time to thoroughly evaluate their policies, certifications, and service level agreements (SLAs).

Do they have the necessary certifications that pertain to their industry and yours, such as ISO 27001 or SOC 2? Do they conduct regular security audits and make the results available? Do the terms of their SLAs align with your expectations?

Thoroughly scrutinize their contracts for any hidden liabilities or responsibilities.

Cyber Sierra automates the entire process and gives you one-stop access for managing and mitigating your third party risks.

 

3. Define clear contract terms and conditions

When drafting contracts, be explicit about your expectations from the third party. This includes your data protection standards, penalties applicable for non-compliance, and the milestones they are expected to meet.

Your contracts should also outline any regulatory standards you must comply with, like GDPR, CCPA, or HIPAA, and reinforce the third party’s obligation to uphold these standards.

 

4. Continuous monitoring

Once a third party is onboarded, the job doesn’t end there. Monitoring their operational performance, adherence to the contract terms, and key performance indicators (KPIs) is necessary.

You should regularly conduct audits and assessments to ensure third parties stay compliant and their performance is congruent with your expectations. Don’t be afraid to revise your business strategies as the market changes.

Again, Cyber Sierra can be your ally, providing seamless monitoring and timely recommendations to address potential threats and risks.

 

5. Implement a vendor management system

To effectively manage multiple third-party vendors, consider investing in a robust vendor management system (VMS). A good VMS will allow you to keep a detailed record of all third-party relationships, track their performance, and monitor any potential risks.

Technological advancements, such as AI and Big Data, have enabled more automated, efficient systems that can offer real-time risk monitoring and send alerts when a deviation is from the normal pattern.

Cyber Sierra’s TPRM program allows you to monitor the security posture of all your vendors and helps you score them based on their risk potential.

 

6. Develop an incident response plan

In the unfortunate scenario that a third party causes a security incident, you must have a well-prepared incident response plan. This plan should include the steps to contain and remediate the situation, how you would notify any affected parties, and address any related regulatory obligations.

Predefine communication protocols educate all stakeholders about their responsibilities and detail the steps for escalation to minimize damage caused by the incident.

Wrapping Up

The above six steps will help you to create a solid cybersecurity program and reduce the risks associated with third-party vendors. However, it’s important to remember that this is an ongoing process; you’ll need to continue monitoring your vendor relationships, ensuring they’re up-to-date on security best practices and keeping them accountable for their compliance.

Given the complexity of third-party data sharing, a well-rounded, professional solution is crucial. That’s where Cyber Sierra comes in. With a suite of tools to help you keep your data secure and up-to-date on the latest security standards, we provide the resources to make decisions that will keep your business safe.

If you’re interested in learning more about how Cyber Sierra can help you manage your third-party data sharing, book a free demo today.

  • Third Party Risk Management
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Srividhya Karthik

Srividhya Karthik is a seasoned content marketer and the Head of Marketing at Cyber Sierra. With a firm belief in the power of storytelling, she brings years of experience to create engaging narratives that captivate audiences. She also brings valuable insights from her work in the field of cybersecurity and compliance, possessing a deep understanding of the challenges and pain points faced by customers in these domains.

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HIPAA Compliance Checklist Guide for Automating the Process

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US$25 billion with a ‘b:’


25 billion dollars lost by healthcare sector

 

The healthcare sector lost all that to cyberattacks from 2020 to 2022 alone. To curb such losses, the Health Insurance Portability and Accountability Act (HIPAA) emerged in 1996. Unfortunately, almost two decades later, cybercriminals have only gotten smarter. 

So responding to the growing threat landscape, the Office for Civil Rights (OCR) continues to tighten enforcement with heftier fines. As a result, it no longer ends at attaining initial HIPAA compliance. 

Security officers must now also automate the gruesome post-HIPAA compliance process to stay compliant and avoid fines.

And a good starting point is to…

 

Know the HIPAA Compliance Requirements

Being a US federal law, the HIPAA regulation has many requirements grouped under five main components or HIPAA rules. 

As illustrated below:

 

HIPPA compliance

 

Correct implementation of requirements under each rule demonstrates that a company directly or indirectly accessing protected health information (PHI) is keeping it safe and secure. However, as earlier noted, you must continuously implement them to (1) become and (2) stay HIPAA-compliant.

This checklist guide walks you through how to achieve both. As we proceed, you’ll also see how Cyber Sierra automates implementation of crucial HIPAA rules and requirements.

Download your copy to follow along:

HIPAA Compliance Checklist

Become and stay HIPAA – compliant with our continuous HIPAA implementation checklist.

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The 8-Step HIPAA Compliance Checklist

From determining HIPAA rules to developing policies and implementing safeguards, HIPAA compliance can be overwhelming. To help, we’ve broken the many moving parts into eight actionable steps in this checklist. 

But before diving in, there are two company types —Covered Entities and Business Associates— that must comply with HIPAA regulations. 

This infographic illustrates:

 

covered entities

 

As you’ll see throughout this checklist guide, where you fall into is crucial for gauging your company’s HIPAA compliance readiness.

Let’s dive in. 

 

1. Determine What HIPAA Rules Applies to You

HIPAA’s Privacy Rule and Security Rule details what companies must do to protect PHI and electronic protected health information (ePHI). The Breach Notification Rule, on the other hand, details remediation steps organizations must take in response to a breach. 

But not all companies must comply with them.  

Covered Entities, for instance, must implement all safeguards dictated by the Privacy Rule and Security Rule. They are also mandated to protect both PHI and ePHI. This isn’t the case for Business Associates, even though some Privacy Rule requirements apply to them. 

So the first step towards HIPAA compliance readiness is knowing what HIPAA rules apply to your organization. 

Three things you should do are: 

  1. Understand the intention of each rule’s requirements. 
  2. Review the technical specifications required for each rule.
  3. Outline the correct procedures, safeguards, and policies you should create and implement for your organization.

 

2. Appoint a HIPAA Compliance Officer

If that first step looks complex, it’s because it is. 

Hence, the need to appoint someone on your security team to spearhead your company’s HIPAA compliance process. Some things this appointed officer (or consultant) will oversee include: 

  • Determining applicable HIPAA rules and regulations
  • Ensuring the right controls and policies are in place
  • Conducting risk assessment to detect vulnerabilities
  • Training employees on HIPAA implementation
  • Enforcing the implementation of security controls and policies
  • Investigating incidents and data breaches
  • Developing action plans for remediating breaches
  • Implementing continuous monitoring to ensure that your organization stays HIPAA-compliant always. 

Before we proceed…

Imagine your appointed HIPAA compliance officer (or maybe, you) could do most things highlighted above from one place. Imagine you had an interoperable cybersecurity platform that brings all the features for achieving the things above from one platform. 

That’s where software like Cyber Sierra comes in: 

Become ( and Stay) HIPAA – Compliant From One Place

Conduct risk assessments, train employees, implement controls, automate HIPAA compliance, and much more.

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3. Develop Your HIPAA Compliance Policies 

All HIPAA rules have mandatory requirements. 

So for each rule that applies to your company, you need policies and procedures to show you meet those requirements. In other words, you must develop documentation that will prove your employees are handling PHI and ePHI data safely.

Across the three main HIPAA rules, some compulsory policies are:

 

develop your HIPAA compliance

 

Managing all these policy documents through email threads or spreadsheets can be draining. 

But imagine a central place where you can:

  1. Create policy documents 
  2. Upload evidence easily, and
  3. Assign the implementation of each policy.

 You can do all three things and more to automate most HIPAA compliance processes with Cyber Sierra: 

 

HIPAA compliance dashboard

 

4.  Manage Business Associates with Access to PHI

The HIPAA Security Rule mandates that Covered Entities working with a Business Associate or vice versa have a legally binding agreement. Known as a business associate agreement (BAA), this is to ensure the protection of PHI and ePHI accessed by both parties. 

A BAA should cover all relevant topics. Examples of topics include permitted uses of PHI and ePHI, reporting unauthorized disclosures and uses, processes to return or remove PHI when terminating, etc. 

We created a template to help with this. 

Download (and customize) it to start creating your own BAA below: 

Grab our customizable business associate agreement (BAA), free.

5. Implement HIPAA Security Rule Safeguards

Only the HIPAA Security Rule has over 50 implementation specifications. This makes complying with the rule a complex hurdle, requiring necessary safeguards. And the HIPAA groups these safeguards into three —administrative, physical, and technical. 

Implementing them is a must. Without this, you can’t demonstrate your company protects PHI properly or become HIPAA-compliant. 

So let’s briefly discuss each. 

Administrative safeguards

These safeguards are needed to: 

  • Train employees about PHI protections.
  • Resolve security incidents that may threaten PHI.
  • Protect PHI or ePHI during emergency situations.

Physical safeguards

These are safeguards to protect physical points of access to PHI. They outline how employees should manage their devices and workstations to keep sensitive health info secured. Company-wide, this safeguard enforces the use of surveillance technology and other measures for protecting physical access to PHI. 

Technical safeguards

These are safeguards mandated to protect against unauthorized access or alteration to stored PHI or ePHI. Antivirus, data encryption, and multifactor authentication software are some common technical safeguard enforcement tools. 

 

6. Conduct HIPAA Risk Assessments 

This step of the HIPAA compliance process ensures the proper implementation of the HIPAA Security Rule safeguards —administrative, physical, and technical. It’s also how to identify vulnerabilities across your cloud and network environments. 

Follow these steps to conduct a HIPAA risk assessment:

 

steps to conduct HIPAA assessment

 

Again, doing all these manually can be daunting, if not impossible. But with an interoperable cybersecurity platform like Cyber Sierra, you can breeze through the steps above from one place. 

Connect your cloud assets, Kubernetes, repository, and network systems to Cyber Sierra, and our software will: 

  • Automatically scan all connected tools and assets.
  • Detect risks and vulnerabilities to PHI data in real-time 
  • Prioritize critical risks based on their likely threat levels. 
  • Enable you to assign remediation tasks to members of your security team with tips on how they are to remediate risks: 

 

assign remediation tasks to members of your security team with tips on how they are to remediate risks

 

7. Train Employees on HIPAA Risk Mitigation & Procedures

It takes a team to become HIPAA-compliant. 

First, from implementing procedures to mitigating and remediating risks, you’re better off collaborating with a team of specialists. Also, any employee who accesses or handles PHI or ePHI is mandated to complete HIPAA compliance training. Both scenarios make training employees on HIPAA risk mitigation and procedures a necessity. 

In short, the Department of Health and Human Services (HHS) recommends ongoing refresher training for all employees. 

With other compliance automation software, ticking off this crucial step of the HIPAA process requires investing in a separate tool. But with Cyber Sierra, you can launch ongoing employee security training on HIPAA risk mitigation and procedures from the same place.

Here’s a peek: 

 

training employees

 

8. Implement Continuous Monitoring of HIPAA Controls

If you think becoming HIPAA-compliant is tough, you’re right. However, staying HIPAA-compliant is even tougher. 

That’s because the process doesn’t stop when you pass audit reviews and become HIPAA-compliant. Cybercriminals don’t care that you’re compliant. They are always devising new tricks to breach your systems and steal PHI data in your company’s possession. 

And you’ll face violation penalties from the OCR and pay fines should they succeed, despite being HIPAA-compliant in the past. 

To avoid this, continuously: 

  • Monitor HIPAA safeguards, controls and policy implementations
  • Track if employees and business associates are monitoring safeguards and completing refresher risk-mitigation training. 
  • Detect, score, prioritize, and remediate emerging threats. 

You can do all these with Cyber Sierra. 

Take detecting and remediating threats as they emerge. Our Risk Register feature works round the clock to help you achieve this. It continuously scans and monitors all your connected cloud systems. 

You get an always-updated dashboard with detected threats that have also been scored, and prioritized based on likelihood to cause havoc: 

 

Conduct Risk Assessments

 

You also get steps for remediating each risk or assigning a remediation task to teammates. This way, you can continuously monitor HIPAA controls, mitigate risks, and stay HIPAA-compliant. 

 

Automate HIPAA Compliance

HIPAA compliance can be overwhelming. 

So if you end up with more unchecked boxes than checked ones, don’t panic. From creating policies, implementing HIPAA safeguards and controls, to conducting risk assessments, training employees, and continuous monitoring, there’s a lot to be managed.

Still, it goes beyond managing them to achieve initial compliance. HIPAA also requires organizations to maintain logs of their risk assessments, employee training, and other controls and compliance for a minimum of 6 years. 

All of that is easier with an interoperable cybersecurity and compliance automation platform. By automating most processes needed, you can become (and stay) HIPAA-compliant. 

That’s where software like Cyber Sierra comes in: 

Become ( and Stay) HIPAA – Compliant From One Place

Conduct risk assessments, train employees, implement controls, automate HIPAA compliance, and much more.

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Pramodh Rai

Meet Pramodh Rai, a technology aficionado and Cyber Sierra's co-founder, whose zest for innovation is fuelled by a cupboard stacked with zero-sugar Redbull. With a nimble footwork through the tech tulips across Asia Pacific, he's donned hats at Hmlet (the proptech kind) and Funding Societies | Modalku, building high-performing teams and technologies. A Barclays prodigy with dual degrees from Nanyang Technological University, Pramodh is a treasure trove of wisdom, dad jokes, and everything product/tech. He's the Sherpa in sneakers you need.

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Steps to Effective Third-Party Risk Management - Safeguarding Your Business Partnerships

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‘You’re only as strong as your weakest link’. In today’s interconnected business landscape, this adage carries more weight than ever before.

Why, you might ask?

Because third-party partnerships, for all their benefits, could very well become that weak link when not properly safeguarded.

Does your organization have a robust third-party risk management program in place?

If the answer gives you pause, you are not alone. Many businesses grapple with the challenge of managing third-party risks effectively.

In this guide, you will learn how to set up a third-party risk management program to help avoid costly mistakes and legal entanglements.

Let’s dive in.

Effective third-party risk management - a step-by-step guide

To effectively manage third-party risks, you should take a step-by-step approach. The following section guides how to set up a robust program that includes the following seven key components:

 

Effective Third-Party Risk Management

 

1. Create a standardized, automated onboarding process

A successful third-party risk management starts with a structured onboarding process for every vendor.

Why?

To ensure all necessary compliance checks are conducted with the same level of rigor, regardless of the vendor.

The process must entail:

  • Background Checks: Do a complete background and reputation check on the vendor, including operational history and potential compliance issues.
  • Financial Stability Assessment: This helps understand the vendor’s operational robustness and prevent unexpected business operation disruptions.
  • Security: Review the vendor’s security practices, data management policies, and disaster recovery plans to prevent future data breaches.
  • Regulatory Compliance: Check their adherence to industry regulations, licenses, and data protection laws.

Automating these tasks ensures fewer errors and consistency. 

 

2. Identify all of your third-party risks

Upon onboarding, thoroughly evaluate any existing and potential third-party risks associated with new vendors. This process includes identifying financial, legal, operational, cybersecurity, and reputational risks.

  • Financial risks require understanding a third party’s financial stability, which is crucial to ensure uninterrupted service delivery.
  • Legal risks encompass potential litigation or regulatory sanctions due to the third party’s actions. You must ensure your partner’s adherence to regulations and laws to safeguard your legal position.
  • Operational risks involve potential losses due to the third party’s failed internal processes, people, or systems.
  • Cybersecurity risks, prevalent and growing, relate to potential data breaches and cyber threats.
  • Lastly, reputational risks can cause significant damage due to a third party’s unethical or controversial actions.

To address each risk effectively, you should collaborate with stakeholders from different departments to gain insight into every aspect of the third-party relationship.

 

3. Create a profile for each vendor

Establishing a complete vendor profile helps maintain an organized database of all current and prospective vendors.

Each vendor profile should include essential information such as company details, risk assessments, contracts, performance reviews, and other relevant documentation. A comprehensive vendor profile enables you to make informed decisions about your partnerships while evaluating risk and adjusting as needed.

 

4. Use risk & control assessments

Risk and control assessments are vital for efficient third-party risk management. They evaluate vendors’ compliance with your organization’s policies, procedures, and relevant regulations.

Risk assessments identify vulnerabilities, estimate threats’ probability and impact, and measure associated risks with each vendor. Control assessments focus on the effectiveness of vendors’ measures to mitigate acknowledged risks, including procedures to prevent or manage threats.

Tailor assessments to each third-party relationship, considering the specific services, industry context, and unique risks. Assessments should be iterative, reflecting changes in the business risk profile, vendor operations, or relevant laws and regulations.

These assessments’ results inform risk management decisions, such as avoidance, transfer, mitigation, or acceptance. They offer insights into vendor performance and improvement opportunities, guiding decisions like contract renewals or terminations and aiding in enhancing vendors’ risk management practices.

 

5. Have a remediation management plan

A remediation management plan is crucial in third-party risk management as it addresses risks and issues identified during risk and controls assessments.

This plan should clearly outline the required actions for each risk, assigning responsibilities to specific individuals or teams. Deadlines should be set to ensure timely implementation. Additionally, monitoring the progress of the remediation plan is essential.

Regular reporting and follow-ups should be built into the plan to hold vendors accountable for mitigating the risks per the agreed timelines. Doing so assures proactive management of issues before they manifest into tangible problems affecting your operations or reputation.

For instance, Cyber Sierra offers a continuous monitoring system that can help identify vulnerabilities in near real-time and guides steps to overcome them. 

control breaks

 

6. Regularly review contracts

Third-party contracts need regular reviews to ensure they remain current and effective in the light of evolving business requirements, regulatory environment, or identified risks.

This practice helps incorporate new standards or regulations into existing agreements, thereby ensuring compliance. 

In this way, contract reviews turn into a preventive measure, minimizing the probability of unanticipated risks and safeguarding your organization’s interests.

 

7. Mandate ongoing vendor monitoring

Ongoing vendor monitoring helps detect and manage emerging risks in third-party relationships in real time. This process validates that vendors uphold their agreed-upon performance levels and continually meet your organization’s risk management objectives.

Effective vendor monitoring may comprise periodic assessments, performance evaluations, and regular audits. Not only does this practice help identify potential issues early, but it also triggers timely actions to prevent any negative impact.

Consequently, ongoing monitoring strengthens business partnerships, maintains operational stability, and fosters trust and reliability between your organization and its vendors.

Third Party Management from vendor view

The Cyber Sierra platform integrates seamlessly into your systems, allowing for ongoing monitoring of potential threats. It provides a robust solution for real-time vendor risk monitoring, empowering your organization to meet its third-party risk management objectives proactively.

Wrapping Up

Implementing a robust third-party risk management program is indispensable in today’s business environment. Not only does it establish secure business partnerships, but it also guards the very future of your organization. An effective program can build trust, increase resilience, and offer a competitive edge despite potential risks and uncertainties.

However, addressing third-party risk management’s complexity requires an integrated, comprehensive solution.

This is where Cyber Sierra can make a difference. With the ability to connect the dots across your entire organization, Cyber Sierra provides a comprehensive risk management solution to help you identify and manage third-party risks.

Book a demo to learn more.

  • Third Party Risk Management
  • CISOs
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  • Startup Founders
Srividhya Karthik

Srividhya Karthik is a seasoned content marketer and the Head of Marketing at Cyber Sierra. With a firm belief in the power of storytelling, she brings years of experience to create engaging narratives that captivate audiences. She also brings valuable insights from her work in the field of cybersecurity and compliance, possessing a deep understanding of the challenges and pain points faced by customers in these domains.

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The Busy CTOs Checklist Guide to Automating GDPR Compliance

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Look at this:

escalating GDPR

As shown, fines issued by the General Data Privacy Regulation (GDPR) are escalating. Notably, it leaped tenfold from €295.9 million in 2021 to over €2.77 billion as of February 2023. 

At this rate, CTOs and IT executives must stay GDPR-compliant (even after initial compliance) to avoid getting fined. But achieving this requires automating the gruesome pre- and post-GDPR compliance processes. 

You’ll see how to accomplish both in the ongoing GDPR compliance checklist explored below. Before we get there…

Start by Knowing the 7 GDPR Principles

Article 5.1-2 of the GDPR privacy law outlines seven protection and accountability principles organizations must adhere to when processing personal data. 

As captured below:

7 GDPR

Continuous adherence to all principles outlined above is how you become (and stay) GDPR-compliant. Unfortunately, it’s easier said because implementing their requirements leaves a lot to interpretation. 

CSO’s Micheal Nadeau corroborates

Michael Nadeau - Quote

To emphasize, fines for non-compliance could be as high as 20 million or 4% of your company’s global revenue. So to close every leeway that could lead to one, comprehensive and continuous implementation of GDPR principles is crucial. 

Our 10-step checklist guide details how to do that. As we proceed, you’ll also see how Cyber Sierra automates crucial processes involved.

Download the checklist to follow along:

Ongoing GDPR Compliance Checklist

Become ( and stay) GDPR – compliant with Cyber Sierra’s actionable checklist.

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The 10-Step Ongoing GDPR Compliance Checklist

Does GDPR, an EU law, even apply to you? 

Organizations outside of Europe might ask this question. So before jumping into the checklist, here’s to re-clarify who must comply with the General Data Protection Regulation (GDPR): 

Does GDPR, an EU law, even apply to you? Organizations outside of Europe might ask this question. So before jumping into the checklist, here’s to re-clarify who must comply with the General Data Protection Regulation (GDPR):

Explaining further, the GDPR’s official site notes:

GDPR.EU - In-content highlight design

And now, the checklist guide. 

 

1. Map All Collected & Processed Data

The first step for becoming compliant with GDPR is taking a holistic inventory of all the data your company collects or processes. 

Three things you should do here are: 

  • Identify all databases, applications, networks, etc., within your organization. 
  • Document all collected, processed, and stored personally identifiable information (PII) in those mapped systems. 
  • Outline who has access to each mapped data (i.e., employees or third-party vendors, partners, etc.) 

These actions create a birds-eye view of all personal data your company collects, stores, or processes. Matt Fisher, an IT thought leader, shared why this first step is crucial for simplifying the entire project of becoming GDPR-compliant. 

In his words:

Matt Fisher - Quote

 

2. Document Justification for Data Processing

Collecting, storing, or processing personal data is illegal under the GDPR law. Therefore, all companies must justify why they are doing so, subject to one or more conditions listed in GDPR’s Article 6

So as a 2nd step, create a process that documents your company’s justification for processing personal data. This should include a lawful basis for processing data approved by the GDPR such as: 

  • Consent given by the data subject, where the data subject is the owner of the data. 
  • Contract entered with the data subject. 
  • Necessary for fulfilling a legal obligation. 
  • Necessary for protecting the interests of the data subject or an associated third party. 
  • Necessary for legitimate purposes pursued by the data controller (i.e., the organization collecting data) or associated third parties. 

Next, add a consent box to all forms and switch to double opt-ins to ensure you only collect data with expressed consent. Then, create (or recreate) and publish your company’s privacy policy. In it, provide clear information on how you process data and justify why. 

According to the GDPR’s official site

GDPR.EU

 

3. Perform Data Protection Impact Assessment (DPIA) 

A data protection impact assessment uncovers how your product could jeopardize the personal data your company collects, stores, or processes. This step also helps you identify risks associated with personal data being processed. 

Consider using a cybersecurity suite to effortlessly achieve both. Fortunately, this is one area where the Cyber Sierra interoperable cybersecurity and compliance automation platform comes in.

For instance, connect your cloud assets, network systems, etc., and our cybersecurity suite will scan everywhere your company collects, stores, or processes data. 

You get a Scan Dashboard with:

  • Descriptions of all identified risks and vulnerabilities across everywhere your company collects, stores, or processes data. 
  • Critical risks to personal data identified and prioritized. 
  • Ability to assign identified threats to teammates with summarized remediation tips for mitigating risks:

Perform Data Protection Impact Assessment (DPIA)

 

4. Appoint a Data Protection Officer (DPO)

If the steps above look overwhelming, it’s because they are. 

Hence, this official statement:

Appoint a Data Protection Officer (DPO)

In addition to overseeing the steps up to this point, a DPO eases you of responsibilities outlined by the GDPR law. 

Some crucial ones are: 

  • Respond to comments and questions from data subjects related to how your company processes their personal data.
  • Cooperate with the data protection supervisory authority and inform executives and employees of their GDPR obligations.
  • Continuously monitor your organization’s GDPR processes and maintain documentation to prove compliance.
  • Train employees on compliance and perform ongoing audits.

Before we proceed…

Imagine your appointed data protection officer (or maybe, you) could continuously monitor your company’s GDPR compliance and train employees from one place. As you’ll soon see, you can do both with Cyber Sierra’s cybersecurity and compliance automation platform.  

 

5. Launch Ongoing Employee Awareness Training

Punit Bhatia, author of ‘Be Ready for GDPR,’ advised:

Punit Bhatia - Quote

Punit is spot on because, as you can imagine, implementing and maintaining the GDPR law is complex. Therefore, regular data privacy training is needed to help employees handle personal data securely. 

Ticking off this crucial step of the GDPR compliance process is easy with Cyber Sierra. You can launch, track completion, and manage ongoing employee security training necessary for implementing GDPR procedures and staying compliant from the same place.

Here’s a peek: 

Employee awa

Automate Ongoing GDPR compliance from one place.

Perform data assessments, train employees, automate, and continuously monitor GDPR compliance from one place.

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6. Implement Company-wide Safeguards

Companies are mandated to establish ‘appropriate technical and organizational measures,’ ensuring all processed customer data is properly secured. The GDPR doesn’t specify what safeguards must be implemented, allowing organizations to implement those relevant to their business needs. 

However, crucial safeguards to consider are: 

  • Multifactor authentication for employees and customers 
  • Data encryption for all processed data
  • User access controls to monitor unauthorized accesses.

 

7. Enforce the Security of Data Transfers

To become compliant with GDPR, ensure that all personal data shared between your company, partners, and third parties is adequately transferred and secured. 

Enforcing this requires: 

  • Putting unavoidable technical controls (i.e., implementing data security measures) in place. 
  • Having company-wide controls (i.e., implementing data governance measures) to guide employees handling data. 
  • Creating Data Processing Agreements (DPA) with contractual clauses mandating third-party vendors to secure shared data. 

 

8. Assess and Manage Third-Party Vendor Risks

Risks to personal data from third-party vendors aren’t left out of the GDPR compliance equation. In short, it is mandated for organizations to regularly assess and manage 3rd-party vendor risks. 

So to ensure third-parties don’t sabotage your efforts toward becoming (and staying) GDPR-compliant, you must:

  • Conduct a thorough evaluation of the risk associated with every vendor within your organization’s ecosystem.
  • Have standard security questionnaires 3rd-party vendors must complete to prove compliance with data handling.
  • Implement measures for identifying and remediating third-party vendor risks swiftly. 

Our tool makes these processes more efficient. 

For instance, you can easily add vendors to our Assessments suite. And when doing so, choose from our prebuilt risk assessment templates and share it with your vendors to prove their compliance with handling personal data. 

You can manage everything from one dashboard:

Assess and Manage Third-Party Vendor Risks

 

9. Create Breach Notification Policies

As cybercrime evolves, unauthorized access to personal data you control or process can still happen despite your company’s best effort. 

In case it does: 

  • How will your company’s security team handle it? 
  • Specifically, who on the security team will handle it? 
  • How will you monitor against such events and swiftly remediate them when they happen? 

Creating and implementing breach notification procedures and policies addresses these concerns. And they are a mandatory requirement for becoming (and staying) GDPR-compliant. 

Specifically, the EU GDPR mandates that all breaches be reported less than 72 hours after they occur. Data processors must report to data controllers. Data controllers, in turn, must report to a supervisory authority, often called the Data Protection Association. 

You can also create, assign, and manage these essential GDPR policies and procedures with the Cyber Sierra compliance automation suite: 

notify policy

 

10. Implement Continuous Monitoring of GDPR Controls

Becoming GDPR-compliant is tough. 

But staying compliant is even tougher. 

And that’s because the process isn’t a one-time affair. Cybercriminals are endlessly on the hunt for new ways to breach the personal data you control or process. This explains why non-compliance fines continue to escalate, jumping tenfold from two years ago: 

escalating GDPR

To avoid this, continuously: 

  • Monitor GDPR safeguards, controls and policy implementations
  • Train employees on emerging risks relevant to GDPR compliance
  • Track if employees and third-party vendors are monitoring safeguards and properly securing personal data they handle
  • Detect, score, prioritize, and remediate emerging data risks. 

You can do all these with Cyber Sierra

Take detecting and remediating risks as they emerge. Our Risk Register feature handles both effectively and efficiently. It can continuously scan and monitor all your connected cloud systems. 

You get an always-updated dashboard with detected risks scored and prioritized based on likelihood to cause a data breach

Conduct Risk Assessments

Automate Ongoing GDPR compliance from one place.

Perform data assessments, train employees, automate, and continuously monitor GDPR compliance from one place.

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  • Governance & Compliance
  • CISOs
  • CTOs
  • Cybersecurity Enthusiasts
  • Enterprise Leaders
  • Startup Founders
Pramodh Rai

Meet Pramodh Rai, a technology aficionado and Cyber Sierra's co-founder, whose zest for innovation is fuelled by a cupboard stacked with zero-sugar Redbull. With a nimble footwork through the tech tulips across Asia Pacific, he's donned hats at Hmlet (the proptech kind) and Funding Societies | Modalku, building high-performing teams and technologies. A Barclays prodigy with dual degrees from Nanyang Technological University, Pramodh is a treasure trove of wisdom, dad jokes, and everything product/tech. He's the Sherpa in sneakers you need.

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Best Third-Party Risk Management (TPRM) Tools - Safeguarding Your Business Relationships

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Searching for a Third-Party Risk Management (TPRM) tool that can help manage your security posture as well as business relationships?

The market offers a myriad of TPRM tools, each promising to maintain order.

But where does one start, and how do you know which solution is the right fit for your business?

In this guide, we’ll break it down for you. We’ll explain the nuances of TPRM and how it can  effectively oversee your business relationships.

We’ll also give you some pointers on choosing the right TPRM tool for your business so you can start managing risks today!

Let’s get started.

 

What is Third-Party Risk Management (TPRM)?

Third-party risk management (TPRM) is a process that helps organizations identify, assess, and manage risks associated with their business relationships with third-parties. This includes the vendors, contractors, suppliers, distributors, and other parties that you work with to grow your business. 

TPRM is an important part of enterprise risk management, and helps identify and manage risks associated with business operations. Third-party risk management tools can help enterprises analyze, assess, and manage these risks.

Your organization can also use TPRM tools to minimize legal liability and financial loss risks. It’s a crucial part of any security program that aims to prevent data breaches, cyber-attacks, and other threats related to information security.

 

Why Do You Need Third-Party Risk Management Tools?

TPRM tools extend beyond risk assessment and monitoring. They provide a comprehensive, data-driven framework for risk management, while also automating processes. This automation not only reduces the likelihood of human errors but also greatly expedites operational workflows.

 

why do you need TPRM

 

Here are some essential reasons why you should use third-party risk management tools:

1. Assessing and Monitoring Risks

Third-party risk management tools play a pivotal role in evaluating and overseeing risks that can stem from diverse origins, including legal obligations, operational interruptions, and cyber vulnerabilities.

In the Gartner survey of 100 executive risk committee members in September 2022, 84% said third-party risks resulted in disruptions in operations.

A ‘miss’ occurs when a third-party risk incident results in at least one of the outcomes as shown below.

assessing and monitoring controls
https://www.gartner.com/en/newsroom/press-releases/2023-02-21-gartner-survey-shows-third-party-risk-management-misses-are-hurting-ororganizations

This shows how organizations that adopt third-party risk management tools can better assess, monitor, and manage their risks.

 

2. Automation and Efficiency

The automation provided by TPRM tools can

  • Save valuable resources, 
  • Reduce human error, and 
  • Accelerate operations. 

Automation offers a more uniform approach to managing third-party risks by eliminating individual biases and ensuring all third parties are scrutinized to the same degree.

 

3. Complexity in Supply Chain Processes

The increased reliance on third-party vendors and global sourcing has added multiple layers of complexity to the supply chain. 

As a result, it has become difficult for businesses to manage the associated risks without the assistance of TPRM tools. 

A 2023 report from KPMG revealed that 82% of businesses faced a supply chain disruption due to third-party risk, emphasizing the importance of TPRM tools. 

 

4. Regulatory Compliance

Heightened regulatory requirements mandate companies to manage third-party risks effectively. TPRM tools can help businesses achieve regulatory compliance by providing clear visibility into the third-party risk landscape.

 

Key Considerations for Choosing TPRM Tools

Selecting the optimum Third-Party Risk Management (TPRM) tool isn’t a task one should take lightly.

Multiple vital aspects must be considered to ensure the tool aligns well with your business dynamics while offering substantial value in risk management.

 

key consideration for choosing TPRM

These include:

 

1. Real-Time Risk Updating

Consider a sudden data breach at a third-party vendor; how promptly would you know? 

Risks can emerge in the blink of an eye. Quick visibility into such risks is crucial.

Thus, a TPRM tool should be able to update risk assessments in real time, providing immediate visibility into vulnerabilities.

Such a feature enables businesses to respond promptly and effectively to emerging threats and manage their third-party risks proactively.

 

2. Role-Based Access Control

What would happen if sensitive data falls into the wrong hands within your own organization due to loosely controlled access rights? Preventing such scenarios is where role-based access control becomes invaluable.

Role-based access control is a vital feature in a TPRM tool and allows you to assign specific access privileges based on user roles and control permissions. Doing this ensures that critical information is only accessible to those needing it, enhancing data security and reducing the chance of internal data breaches.

 

3. Compliance Management

The terrain of regulatory compliance is increasingly complex and dynamic. Companies are expected to keep pace with constantly evolving local and global standards, which can result in costly penalties or irreparable reputational damage. This is where having a TPRM tool with a robust compliance management feature becomes pivotal.

A robust TPRM tool should equip the enterprise to respond to compliance requirements and manage compliance as an ongoing initiative, aligning with local and global regulations.

Whether it’s GDPR for data protection, SOC2 for service organizations, or ISO27001 for information security management, your TPRM tool should be capable of managing compliance with these diverse standards.

The tool should employ measures to track your company’s compliance status regularly, issuing reminders for mandatory assessments, audits, or reporting.

 

4. Integration Capabilities

Integration capabilities ensure the tool synergizes well with your existing systems. A TPRM tool that integrates smoothly with other platforms (such as your CRM, ERP, or ITSM) enhances data-sharing, process synchronization, and overall operational efficiency.

 

5. Budget and Technical Capacities

Lastly, businesses must strike a balance between the offered features and the cost of the TPRM tool. Evaluate if the tool provides good value for the price and aligns with your budgetary constraints.

At the same time, assess your team’s technical prowess and readiness to implement and use the tool to its fullest. You should also look for a tool that offers employee training and support, as this reduces the overall learning curve.

 

6. Scalable solution

Look for a TPRM tool that is scalable and can accommodate your organization’s growth, increasing vendor relationships, and expanding risk landscape. This flexibility ensures that the TPRM tool remains effective and relevant as your business continues to flourish.

 

Top Third-Party Risk Management Tools for 2023

Numerous quality tools are available for Third-Party Risk Management. Based on the functionality, user reviews, and reputation within the industry, the top contenders for 2023 are:

  1. Cyber Sierra 
  2. BitSight
  3. One Trust 
  4. Upguard 
  5. Venminder

Let’s look at the details of the tool one by one:

1. Cyber Sierra

Cyber Sierra TPRM program empowers enterprises to evaluate, mitigate, and monitor third-party vendor risks.

Top Third-Party Risk Management Tools for 2023
https://cybersierra.co/

Here are the key features of Cyber Sierra:

  • Identify third-party risks: Gain insight into the key risks associated with third-party vendors and develop an understanding of how to identify them
  • Remediate & manage vendor risks: Implement a structured framework to evaluate, assess, and automate your third-party risk management processes
  • Prioritize your vendor inventory: Categorize vendors by risk level to allocate resources efficiently and prioritize high-risk vendors for focused attention
  • Continuously monitor all your vendors: Get near real-time 24*7 visibility of all your vendors’ security compliance with alerts and correction actions on a need basis

These key features are built around being proactive in threat detection and swiftly managing risks to provide organizations with an efficient and robust solution.

Cyber Sierra’s TPRM program is customizable to the needs of different industries and ensures compliance with region-specific regulations, such as Singapore’s PDPA, Australia’s CIRMP, Europe’s GDPR, and USA’s CCPA, HIPAA, and PCI DSS, to name a few.

It also comes with a training module to equip employees with awareness on various security topics. 

What’s good: Cyber Sierra stands out for its vendor risk assessment and due diligence, intuitive interface, and powerful risk management and reporting. 

 

2. BitSight

BitSight specializes in security ratings and risk management. Its features include automated risk prioritization, detailed analytics, and robust third-party risk management capabilities.

bitsight
https://www.bitsight.com/

Here are the key features of BitSight:

  • Security Ratings: Get objective and quantifiable measurements for your cybersecurity posture and vendors.
  • Atlas Platform: Get a user-friendly 360-degree risk view, enabling risk segmentation and peer comparison.
  • Peer Benchmarking: Benchmark your organization and vendors against industry peers.

This gives you a broad perspective of your organization’s risk landscape, enabling you to effectively understand and prioritize your risk mitigation efforts.

What’s good: BitSight’s strength lies in its detailed risk assessments, comprehensive security ratings, and ability to simplify complex data points into actionable insights.

 

3. OneTrust Third-Party Risk Management

OneTrust TPRM is a part of OneTrust’s larger privacy, information security, and governance platform, facilitating a holistic approach to risk management. Some notable features are its automation capabilities, central repository for third-party data, and risk identification tools.

onetrust
https://www.onetrust.com/products/third-party-risk-management/

Here are the top features of OneTrust TPRM:

  • Unified Privacy, Governance, and Risk Platform: Access a comprehensive platform that covers privacy, information security, and governance.
  • AI-Powered Risk Analysis: Employ artificial intelligence for identifying and prioritizing relevant risks.
  • Scope Wizard: Automatically determine which assessments to perform on each vendor based on collected information.

What’s good: OneTrust integrates smoothly with various management systems, ensuring consistency in data collection, analysis, and reporting. It also helps streamline vendor assessments with its automation features.

 

4. UpGuard

UpGuard combines a comprehensive solution with third-party risk management, security posture management, and data leak detection. It provides scores to indicate the cybersecurity risk level of vendors and helps maintain continual visibility and control over data.

upGuard
https://www.upguard.com/

Here are the top features of UpGuard:

  • Continuous Assessment: Get real-time updates on your vendors’ cyber risks, enabling your organization to react promptly to emerging or changing risks.
  • BreachSight: Proactively detect data leaks or exposed credentials to prevent severe data breaches, protecting your company’s reputation and finances.
  • Actionable Remediation Guidance: Get specific guidance to quickly and effectively rectify identified security issues, enhancing your overall cybersecurity posture.

What’s good: UpGuard has a robust risk scoring system, ability to discover and remediate data leaks, and offers consistent monitoring of every vendor.

 

5. Venminder

Venminder offers a robust TPRM solution with services including contract management, due diligence and risk assessments, questionnaires, and ongoing monitoring capabilities. You can store all third-party risk data and information in one place, simplifying audits and reporting.

venminder
https://www.venminder.com/

Here are the top features of Venminder:

  • Managed Services: Reduce your internal team’s workload, allowing them to focus on core business tasks.
  • Third-Party Expert Evaluations: Get expert evaluations that provide reliable and accurate assessments to help you make informed and confident decisions about your vendors.
  • Regulatory Compliance Focus: Ensure your vendor relationships meet regulatory standards to avoid fines and other negative consequences of non-compliance.

What’s good: Venminder’s focus on ongoing monitoring and its excellent regulatory compliance capabilities, which can be essential for businesses in regulated industries.

 

How TPRM Tools Improve Vendor Performance Monitoring?

TPRM tools play a pivotal role in enhancing the monitoring of vendor performance through a multitude of key mechanisms.

 

how TPRM tool improves Vendor Performance Monitoring

1. Centralized View

TPRM tools consolidate and present your vendor data within a single centralized platform. This capability fosters a more streamlined and effective approach to vendor management. The integration of all data into one location guarantees your continuous awareness of any alterations or potential risks linked to your vendors.

Consider this scenario: if a vendor displays early indications of a potential data breach, a TPRM tool would promptly notify you, enabling swift and decisive responses. 

Likewise, instances of vendors consistently falling short of performance benchmarks become readily identifiable and manageable through this centralized viewpoint.

 

2. Standardizing Performance Metrics

TPRM tools provide standardized metrics to track vendor performance. Standardization can reduce confusion and miscommunication, as everyone involved clearly understands the benchmarks for performance.

You could establish Key Performance Indicators (KPIs) such as quality of service, delivery time, data security standards, or anything relevant to your business that a vendor needs to deliver on. 

The ability to easily track these KPIs over time helps compare vendors and choose who should continue being part of your business based on their consistent performance.

 

3. Actionable Insights

TPRM tools often provide advanced analytics and reporting functionality. This enables you to carry out deeper analysis and gain valuable insights into your vendors’ overall performance and the risks they pose.

They can highlight patterns and trends that may be less visible in day-to-day operations. Consequently, these insights allow you to move from reactive to proactive – you don’t need to wait for problems to occur but stop them before they happen.

These insights can also guide decision-making processes for contract renewals, renegotiations, and vendor selection.

 

4. Vendor Sourcing and Onboarding

Some TPRM tools offer unique features to help with vendor sourcing, selection, and onboarding. They may come with capabilities to perform an initial assessment of potential vendors, ranking them based on the organization’s specific needs and requirements.

This ensures a smooth and systematic onboarding process and sets the tone for what is expected from vendors. 

It helps kick-start the vendor’s journey on the right foot — knowing exactly what performance metrics they’ll be judged upon, minimizing future surprises, and ensuring optimal performance.

Over time, this can transform your relationships with your vendors, resulting in better collaboration and performance.

 

Enhancing Vendor Due Diligence with TPRM Tools

Vendor due diligence is a critical aspect of the procurement process. TPRM tools help to automate, streamline, and improve this process by providing rigorous risk assessment protocols, tracking vendor interaction, and providing real-time insights to make informed decisions.

The right TPRM tool will enhance your performance, minimize risks, and help maintain successful and secure business relationships. 

Though all the tools can help you with vendor due diligence, the one that is best for your organization will depend on your business needs and the type of procurement processes you have. Look for solutions that meet your current and future needs.

Cyber Sierra, for instance, grants you much more than an ordinary TPRM solution. Its comprehensive suite leapfrogs the limitations of conventional point solutions by offering a platform with a unified cybersecurity approach. With Cyber Sierra, you also get:

  • Regular security awareness training for employees,
  • Compliance with the dynamic regulatory landscape,
  • Prompt resolution of cloud misconfigurations,
  • Simplified management and renewal of cyber insurance policies.

Book a demo and see how the Cyber Sierra’s platform can help you stay ahead of the curve and manage your risk more efficiently.

  • Third Party Risk Management
  • CISOs
  • CTOs
  • Cybersecurity Enthusiasts
  • Enterprise Leaders
  • Startup Founders
Srividhya Karthik

Srividhya Karthik is a seasoned content marketer and the Head of Marketing at Cyber Sierra. With a firm belief in the power of storytelling, she brings years of experience to create engaging narratives that captivate audiences. She also brings valuable insights from her work in the field of cybersecurity and compliance, possessing a deep understanding of the challenges and pain points faced by customers in these domains.

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From the Acronym Aficionados to the Zen Masters: A Playful Dive into CISO Archetypes

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Throughout my career, I’ve had the privilege of encountering numerous CISOs. In doing so, I’ve discerned distinct CISO personas— archetypes, if you will—that a significant number of CISOs tend to embody. 

While I meticulously compile the genuine and businesslike CISO archetypes (will share that soon), here’s a lighthearted perspective on the matter. 

After all, a touch of humor has the remarkable ability to uplift us all!

The Acronym Collector

Acronym Collector

  • Background: They’ve been to every conference, workshop, and seminar in the cyber world and have a certification from each one to prove it. Their email signature is longer than most people’s CVs.
  • Strengths: Fluent in the complex language of cybersecurity. If there’s an acronym they don’t know, it probably doesn’t exist. From CISSP, CISM, and CEH to GDPR, CCPA, and NIST – they’ve got it all covered.
  • Approach: Every sentence they utter sounds like they’re reciting a new kind of alphabet soup: “Well, according to the ISO in conjunction with GDPR, our SLA for this PII breach, post a DPIA, needs a BCP ASAP!”
  • Challenges: While impressively credentialed, sometimes gets so caught up in the jargon that they forget not everyone speaks in letters. The team might need an “acronym of the day” calendar just to keep up.

 

The Paranoid Protector

Paranoid Protector

  • Background: Watched way too many cyber-thriller movies and maybe believes they were Neo in a past life.
  • Strengths: Always on high alert. Has probably implemented two-factor authentication for their home’s coffee machine.
  • Approach: “Trust nobody!” May occasionally be seen scanning the office plants for hidden microphones and checking the integrity of the firewall at 3 a.m.
  • Challenges: Constant vigilance can lead to burnout, and the team may feel a bit overwhelmed by the daily “Security Apocalypse” briefings.

 

The Zen Master

Zen Master

  • Background: Rumor has it they once found enlightenment while meditating on a server’s heat sink.
  • Strengths: Keeps calm under pressure. When a major breach happens, you’ll find them calmly sipping tea, chanting “This too shall pass.”
  • Approach: Believes in a holistic approach to cybersecurity – it’s all about balance. Holds team meetings in the zen garden they installed in server room three.
  • Challenges: While their stress-relief workshops are highly attended, some team members are still wondering if burning incense really is the best way to protect against malware.

 

The Escape Room Enthusiast

Escape Room Enthusiast

  • Background: Has a record time at every escape room in town and thinks cybersecurity is just one big puzzle to be solved.
  • Strengths: Loves a challenge and approaches every cyber threat as a clue to be unraveled. Probably has a treasure map of the organization’s network.
  • Approach: Turns security training into escape room adventures, making them incredibly engaging. “To get today’s Wi-Fi password, solve this cipher!”
  • Challenges: Sometimes overly complicates simple processes. Not everyone thinks finding the quarterly security report should involve a scavenger hunt.

 

Join the Conversation: Share Your Encounters with CISO Archetypes

From the Acronym Collector who deciphers the secret language of cybersecurity to the Paranoid Protector who never misses a beat, and the Zen Master who finds balance amid chaos, to the Escape Room Enthusiast who turns every challenge into an engaging puzzle – these archetypes remind us that CISOs are not just titles; they are vibrant personalities navigating a complex landscape.

As I conclude our light-hearted exploration, I invite you to join in the conversation. Have you encountered CISOs who fit these archetypes, or do you know of other captivating personas that I’ve missed? 

Share your stories and insights with us, and let’s continue to celebrate the diverse world of cybersecurity leadership. After all, it’s these very personalities that infuse the industry with vitality, resilience, and a touch of humor. 

  • Cyber Security
  • CISOs
  • CTOs
  • Cybersecurity Enthusiasts
  • Enterprise Leaders
  • Startup Founders
Pramodh Rai

Meet Pramodh Rai, a technology aficionado and Cyber Sierra's co-founder, whose zest for innovation is fuelled by a cupboard stacked with zero-sugar Redbull. With a nimble footwork through the tech tulips across Asia Pacific, he's donned hats at Hmlet (the proptech kind) and Funding Societies | Modalku, building high-performing teams and technologies. A Barclays prodigy with dual degrees from Nanyang Technological University, Pramodh is a treasure trove of wisdom, dad jokes, and everything product/tech. He's the Sherpa in sneakers you need.

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Busy Tech Executives’ ISO 27001 Compliance Checklist

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Ron’s startup started expanding globally, going upmarket to enterprise three months ago. In that time, they encountered 63 security questionnaires, but all slowed or blocked the sales process.

Sounds familiar? 

Well, you can’t blame prospects fixated on security compliance to win their business. No one wants to suffer data breach costs from working with a company not taking information security (infosec) seriously:

data breach costs

This leaves tech executives (like Ron) with two options: 

  1. Spend weeks filling out prospects’ security questionnaires every time (and still risk losing deals due to inadequate infosec), or 
  2. Get a globally-recognized compliance certificate to ease security questionnaires (and facilitate the sales process).

The latter is where ISO 27001 compliance comes in. But before our checklist to help you ease the process, knowing the mandatory requirements is crucial.

Mandatory ISO 27001 Requirements

The International Standards Organization (ISO) is behind the ISO 27001 compliance. They updated the certification requirements in 2022, highlighting mandatory documentation such as: 

  • Internal Audit Report
  • Risk Assessment Report
  • Statement of Applicability
  • Information Security Policy
  • Information Security Management (ISMS) Scope 

Across these compulsory requirements, many security controls must be in place to pass an auditor’s review. But implementing those controls mostly starts with real-time insight into a company’s cybersecurity posture. 

This means you’ll need to: 

  • Navigate the many controls in ISO 27001
  • Have a checklist for implementing each, and
  • Incorporate a way to automate most processes involved. 

This checklist guide will explore all three. So download our ISO 27001 compliance checklist for reference as you follow along: 

The ISO 27001 Compliance Checklist.

A checklist to help you implement the right controls and automate ISO 27001 Compliance.

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Navigating the Many Controls in ISO 27001

Although down from 114, the ISO 27001 compliance updated in 2022 still has a whopping 93 security controls across four (4) categories:

  1. People controls (8)
  2. Physical controls (14)
  3. Technological controls (34)
  4. Organizational controls (37):

Navigating the Many Controls in ISO 27001

Not all controls are mandatory. Called Annex A, companies are free to implement those relevant to their business. 

However, you need sufficient controls to demonstrate how you establish, implement, maintain, and continually improve your company’s information security management system (ISMS). 

So knowing what controls to choose is crucial. 

And tracking implementation across teams needs more than a checklist, but a centralized platform that can automate most ISO 27001 compliance documentation processes. 

That’s where Cyber Sierra comes in. 

Our interoperable cybersecurity platform has the mandatory ISO 27001 policies built into it. Also, across teams, you can assign, track, and automate implementation from one place: 

Navigating the Many Controls in ISO 27001

Implement the right controls and automate ISO 27001 Compliance from one place.

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Checklist to Implement ISO 27001 Compliance Standards

Many CTOs, CISOs, and tech executives leverage Cyber Sierra to achieve ISO 27001 compliance in record time. They achieve this by streamlining the excessive paperwork required, automating the implementation of controls, and managing everything from one place.

So based on our experience, we’ve created this 7-step ISO 27001 compliance certification checklist guide for your reference.  

1. Scope an ISO 27001 Project Plan

ISO 27001 certification is a team effort. 

As such, you’d need contributions from relevant team members across your organization. We’ve also found from experience that things move way faster when teammates prioritize the process.

So to create the needed sense of priority, scope a project plan specific to preparing for (and becoming) ISO 27001 compliant. 

It should outline: 

  • Why your startup is pursuing ISO 27001 compliance. 
  • How it will bolster your company’s security posture.
  • Who on your team will be doing what within deadlines.

In addition to these, define the scope of your Information Security Management (ISMS). Like a house depends on its foundation, achieving ISO 27001 compliance depends on this. 

And that’s because an ISMS scope succinctly documents the information your startup wants to protect and exclude. The ISMS scope of a software company may include a: 

  • List of departments/organizational units
  • List of processes and services they cover
  • List of physical assets/locations
  • List of exclusions not in scope.  

To give you an idea, here’s a section of GitLab’s

Scope an ISO 27001 Project Plan

2. Create ISMS Policies

Your ISMS scope determines what ISO 27001 policies need to be created. But there are mandatory ISMS policies such as:

  • Incident Management Policy
  • Acceptable Use Policy
  • Access Control Policy
  • Assets Management Policy
  • Backup Management Policy
  • Business Continuity Policy
  • Change Management Policy
  • Cloud Services Security Policy
  • And 15 others. 

Documenting these policies and implementing their corresponding controls takes heavy paperwork. To help automate the process, Cyber Sierra comes prebuilt with these mandatory policies. 

And you can even assign them to relevant teammates, track status, and implementation progress in one pane:

Create ISMS Policies

It doesn’t end there. 

You can also create policies unique to your ISMS scope, upload corresponding documentation, and assign them to teammates: 

3. Conduct Risk Assessments

This step has two objectives:

  1. To detect data security risks across your company’s systems, networks, and cloud assets. 
  2. To evaluate identified risks based on their potential impact on the confidentiality, integrity, and availability of data accessed by your company.

Passing the ISO 27001 audit review and becoming certified depends on how well your company manages cybersecurity threats. So the goal of this assessment is to develop a risk register for managing… risks.

And technology can simplify things here. For instance, with Cyber Sierra, connect your tech stack prone to cybersecurity risks, and it’ll: 

  • Automatically scan your cloud assets 
  • Detect risks and vulnerabilities in real-time 
  • Assess and score the impact of those risks, and 
  • Enable you to assign remediation tasks to teammates. 

All that from one Risk Register pane: 

Conduct Risk Assessments

4. Define Statement of Applicability

A Statement of Applicability (SoA) is required for ISO 27001. As the name suggests, it is a document stating the Annex A security controls that are applicable —or aren’t applicable— to an organization.

So in defining one, you should: 

  • List the security controls your company wants to manage and mitigate against based on your risk assessment.
  • Explain why you chose those security controls for your information security management system (ISMS).
  • State the status of your chosen controls (i.e., have they been fully implemented? If no, why not?).
  • Briefly explain excluded controls and why they aren’t applicable to your organization. 

As the points above show, the SoA document summarizes your ISMS policies and risk assessment. So a good place to start is revisiting steps 1-3 of this checklist. And this is crucial because your SoA is what ISO 27001 auditors rely on during audit reviews. 

5. Implement Policies & Controls

This step is where you begin to implement the security controls for your chosen ISMS policies. And you do this by providing appropriate documentation of each control. It’s typically the most difficult part of the project, requiring loads of implementation evidence to be uploaded ahead of an audit review. 

Take the mandatory Cloud Services Security (CSS) policy. 

You’ll need to implement: 

  • A document describing this policy per your ISMS, and 
  • Twelve (12) documents as evidence to show you’ve implemented its corresponding 12 controls. 

Cyber Sierra streamlines this cumbersome process. For instance, you can quickly edit a pre-built CSS policy document to suit your ISMS scope and upload evidence of controls, all from one place: 

Implement Policies & Controls

6. Establish Employee Security Awareness & Training

Ongoing security awareness and training for employees is indispensable for becoming (and remaining) ISO 27001 compliant. 

And that’s for three reasons: 

  1. To train relevant employees on how to implement your ISO 27001 policies and security controls to maintain your ISMS. 
  2. To make them aware of security risks your company is currently facing and the processes for mitigating them. 
  3. To continually educate them about emerging security threats and the best practices for defending against them.  

These ongoing training programs should cut across cloud security, common cybersecurity threats, anti-phishing, and others. And you can launch and manage them all with Cyber Sierra: 

Establish Employee Security Awareness & Training

7. Perform Internal & External Audits

Without an external audit spearheaded by an accredited ISO 27001 compliance auditor, an organization can’t be certified. 

But before that, a series of internal audits are necessary. These prepare your company for the external one, and hiring consultants to review all implemented ISO 27001 documentation is also advised. 

Typically, your team should: 

  • Double review internal policies and procedures’ documentation
  • Sample all uploaded evidence as part of the internal review to demonstrate correct implementation of policies and controls
  • Analyze findings from all document reviews to ensure they meet your ISMS scope and ISO 27001 certification requirements
  • Implement improvements, as needed, based on audit findings ahead of the external certification audit review.

After the internal audit comes the external one. 

So request an accredited auditor to review your company’s implementation of ISMS policies and security controls against the official ISO 27001 standard. Then proceed to the Certification Audit for a final review of your company’s business processes, policies, and security controls to get certified in ISO 27001 compliance. 

8. Implement Continuous Security Controls’ Monitoring

ISO 27001 compliance isn’t a one-time affair. 

Certification must be renewed every three years. And to meet requirements when recertification is due, companies must undergo and pass yearly Periodic Surveillance Audits. 

The annual surveillance audits follow the same process as the final audit before the initial ISO 27001 certification. It seeks to identify and correct nonconformities in the maintenance of implemented ISMS policies and security controls. And here’s how you ensure that:

  1. Continuously scan your cloud assets, repository, Kubernetes, and network environments to identify security risks as they emerge. 
  2. Assign critical risks to relevant team members with tips on how to remediate them to pass periodic surveillance audits and retain your ISO 27001 compliance.

Your team can do both of these with Cyber Sierra:

Implement Continuous Security Controls’ Monitoring

The Advantage of ISO 27001, Without the Hassle

Imagine you had all the steps in this gruesome ISO 27001 compliance certification checklist in one interoperable cybersecurity platform. 

Imagine in one pane, your team could: 

  • Understand each step of the process 
  • Manage the completion of each step
  • Implement ISMS policies and security controls
  • Automate evidence collection to show proof of compliance, correction of non-conformities, if any found during audits.
  • Perform risk assessment and assign remediation tasks 
  • Establish ongoing employees’ security awareness & training
  • Go through the various audit reviews required without going back and forth with teammates and auditors over spreadsheets
  • Implement continuous monitoring of security controls, manage emerging threats, and mitigate critical ones to stay compliant. 

Imagine the benefits of ISO 27001 (i.e., no need to fill security questionnaires or miss competitive deals) without the hassle of the steps above. As shown throughout this checklist guide, Cyber Sierra makes it possible by automating most processes involved in becoming (and remaining) ISO 27001 compliant.

Why not talk to one of our ISO 27001 experts? 

Implement the right controls and automate ISO 27001 Compliance from one place.

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  • Governance & Compliance
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Pramodh Rai

Meet Pramodh Rai, a technology aficionado and Cyber Sierra's co-founder, whose zest for innovation is fuelled by a cupboard stacked with zero-sugar Redbull. With a nimble footwork through the tech tulips across Asia Pacific, he's donned hats at Hmlet (the proptech kind) and Funding Societies | Modalku, building high-performing teams and technologies. A Barclays prodigy with dual degrees from Nanyang Technological University, Pramodh is a treasure trove of wisdom, dad jokes, and everything product/tech. He's the Sherpa in sneakers you need.

A weekly newsletter sharing actionable tips for CTOs & CISOs to secure their software.


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