Information Center

GRC in Cybersecurity; and Why is it Important?

The escalating complexity of distributed networks and a widening cyber skills gap have created a perfect environment for cybercriminals to carry out their attacks. Current GRC cybersecurity challenges include third-party cloud-based network attacks, data wiping, hacktivism, and weaponization of legitimate tools. Add to the mix new SEC rules governing how companies must report breaches, and it’s easy to see why, even though organizations are investing more resources than ever in cybersecurity, it’s becoming increasingly difficult to stay ahead of these threats.

Today, organizations must continuously adapt and enhance their defense mechanisms to counteract sophisticated and diverse attacks. Their approach to governance, risk, and compliance (GRC) must be both strategic and dynamic, employing a three-pronged threat management method that safeguards against existing cyber threats and future challenges.

Creating a GRC Cybersecurity Framework That Works

A GRC framework helps your organization synchronize its tech processes with business objectives and regulatory compliance requirements. Best GRC practices and processes provide a structured approach to managing IT and security risks while reducing costs and improving decision-making.

  • Alignment is a critical first step, ensuring your company’s cybersecurity measures balance security and agility while supporting business growth. Without alignment, your cybersecurity efforts could be too lax or overly stringent, exposing the organization to risks or stifling business operations and innovation.
  • Evaluation focuses on assessing current cybersecurity measures to identify potential vulnerabilities, understand the evolving nature of cyber threats, and evaluate the effectiveness of existing security controls. It helps you know where your business stands regarding cybersecurity and what gaps need to be addressed to fortify defenses.
  • Improvement is an ongoing process that takes insights gleaned during the evaluation phase and uses them to enhance cybersecurity strategies. This can include anything from adopting new technologies to revising policies or implementing more robust employee training programs.

Advanced GRC tools can play a crucial role in this threefold approach, simplifying compliance through automation and keeping data secure by providing comprehensive oversight of cybersecurity measures. Put another way, they don’t merely facilitate compliance but also enable a more secure, agile, and resilient organizational framework.

Evaluating GRC Capabilities With Advanced Tools

A GRC cybersecurity strategy simplifies assessing and enhancing GRC capabilities by:

  • Offering a centralized view of all governance, risk, and compliance data, something particularly vital for organizations dealing with vast amounts of information spread across various departments and systems. It’s a holistic approach that makes decision-making, identifying trends, pinpointing weaknesses, and leveraging opportunities easier.
  • Automating complex processes like monitoring regulatory changes, risk assessment, and compliance checks. Tasks are performed accurately and consistently, freeing up valuable resources to focus on strategic initiatives.
  • Identifying, predicting, prioritizing, and managing risks based on historical data and current trends, allowing organizations to proactively address risks before they turn into significant issues.
  • Simplifying compliance by tracking regulatory changes and ensuring your organization’s policies and practices align with these changes. Producing compliance reports makes the auditing process more efficient and less prone to compliance breaches.

Finally, an advanced GRC strategy includes performance tracking and reporting features that monitor key performance indicators that help your organization continuously assess the effectiveness of its GRC program.

Streamlining Governance, Risk, and Compliance For Business Alignment

An effective GRC framework can be compared to a robot’s software code. As long as the programming (GRC strategy) is precise, clear, and well-aligned with end objectives, the robot operates efficiently, properly performing its tasks and adapting to new challenges. However, if the programming is misaligned or unfocused, the robot can malfunction or fail to meet its potential.

An advanced platform helps to explicitly define a governance framework’s roles and responsibilities, much like setting parameters and functions in a robot's code. It ensures each element is optimally programmed to contribute to the robot’s overall functionality and purpose (the organization's success).

In risk management, a sophisticated GRC cybersecurity platform functions like an advanced diagnostic and predictive analysis tool. It continually scans for potential faults or external threats, providing real-time feedback and recommendations for preemptive adjustments while making sure the system operates within safe and optimal parameters. In terms of compliance, it ensures the system is up-to-date with the latest regulatory protocols and standards, helping to avoid legal and compliance matters that could disrupt operations. It also dynamically updates and integrates new compliance requirements, ensuring the framework remains relevant and effective in a changing environment.

Just as precise and focused programming is essential for a robot’s optimal functionality, a well-defined and focused GRC strategy—facilitated by the right platform—is vital for aligning governance, risk management, and compliance processes with business objectives.

Enhancing Internal Controls through GRC Technology

Strengthening mechanisms and procedures that ensure the integrity of financial reporting, operational efficiency, and compliance are critical benefits of using GRC technology to enhance internal controls, including:

  • Financial audits
  • IT security protocols
  • Access controls
  • Approval authorities
  • Risk management policies
  • Compliance checks
  • Incidence response
  • Employee training and awareness

Each control aims to safeguard an organization’s assets, enhance security accuracy and reliability, and increase operations efficiency.

GRC software supports these internal control systems, leading to more robust and effective governance. It provides a structured, integrated approach to managing governance, risk, and compliance activities and, by centralizing these activities within a single platform, ensures internal controls are consistently applied across all organizational levels. This uniform application is critical to eliminating control framework gaps and maintaining a holistic view of the organization’s risk and compliance posture.

Automation also plays a role in enhancing internal controls, streamlining risk assessment, compliance, and reporting tasks, thereby increasing their accuracy and reliability. For instance, automated compliance tracking tools monitor regulatory changes and immediately update relevant internal controls, ensuring continuous compliance.

An advanced GRC platform is equipped with the latest analytical tools that provide deep insights into the effectiveness of internal controls, processing vast amounts of data to identify trends, anomalies, or potential areas of risk that often go undetected with manual analysis. The software’s real-time monitoring provides continuous surveillance of the organization’s operations, which allows for the immediate detection of control breaches or irregularities, essential for mitigating risks and preventing minor issues from developing into significant problems. Lastly, the technology boosts compliance management, letting you keep up with regulation changes.

Enhancing internal controls with GRC technology is a strategic move toward more robust, more effective governance. It gives your organization a centralized control management system that automates and streamlines control processes while offering advanced analytics for better decision-making.

Tailoring Risk Management to Fit Business Needs

GRC software allows your business to customize its risk management strategies to reflect its unique operational requirements. For instance, healthcare providers typically need to maintain patient confidentiality. Financial institutions need to manage risks and comply with reporting regulations, while manufacturers must protect supply chain integrity. The platform provides the flexibility and tools needed to develop and implement risk management processes that are not only industry-specific but also aligned with each organization’s individual characteristics.

Modern GRC cybersecurity solutions also offer scalability, which is crucial for tailoring risk management. As your business grows or its operational requirements evolve, you can scale your risk management strategies up or down to accommodate these changes, ensuring the risk management framework remains robust and relevant.

Last, but not least, when creating a risk management strategy encompassing all organizational aspects, a GRC platform easily integrates with various internal systems and external data sources, providing a comprehensive view of risks across the organization. It includes analytics and reporting features that support customized risk management. You can use these features to analyze risk data, monitor risk management strategy effectiveness, and make data-driven decisions to refine approaches. The ability to generate detailed reports also aids in communicating risk management activities to stakeholders and regulatory bodies, demonstrating your company's commitment to managing risks effectively.

Tailoring risk management to fit your business needs is critical to effective GRC. Advanced GRC software enables this customization by providing industry-specific risk assessment tools, scalability, integration capabilities, and robust analytics and reporting. These and other features ensure your organization can develop and implement industry-compliant risk management strategies that align with your operational requirements and goals.

Monitoring and Improving Organizational Performance with GRC

It was not so long ago that organizations relied entirely on manual monitoring methods that were time-consuming and limited in scope and effectiveness. The manual processes often led to delayed issue response, deficient oversight, and a lack of real-time insights into organizational performance. The advent of modern GRC software has helped overcome these limitations, paving the way for more efficient and comprehensive monitoring.

Veritas 360 Defense, for example, integrates data security, protection, and governance, providing multiple capabilities, including continuous monitoring, that are essential for the ongoing improvement and performance of an organization’s GRC practices. Continuous monitoring allows for real-time tracking of various governance, risk, and compliance indicators, ensuring any deviations from set thresholds are quickly identified and addressed. For instance, it can consistently scan for changes in regulatory standards and automatically alert the relevant departments to implement necessary changes, thereby maintaining compliance at all times.

Data analytics scrutinize large volumes of data to identify trends, patterns, and anomalies that might not be visible through manual processes. Processes like these are vital to proactive risk management, anticipating potential issues and implementing mitigating strategies before they escalate into major problems. For example, by analyzing financial transactions, GRC software can detect signs of fraudulent activity, allowing for timely intervention.

Customized software facilitates better decision-making, providing comprehensive reports and dashboards that offer a holistic view of your organization’s GRC health. The reports combine data from diverse sources, presenting results in easily digestible formats that help leadership make informed decisions that help steer the organization in the right direction and ensure GRC practices align with business objectives. By integrating with other systems within the organization, GRC software also ensures data across all departments is consistent, and the monitoring process is all-encompassing. Risks and compliance issues aren’t siloed within departments but are addressed holistically throughout the organization.

The transition from manual monitoring to using advanced GRC software can significantly enhance a business’s ability to monitor and improve its GRC practices, allowing it to respond swiftly to risks and compliance requirements while supporting strategic decision-making and overall organizational growth.

Ensuring Compliance and Strategic Objectives Alignment

Today, cybersecurity touches nearly every aspect of an organization’s operations. GRC helps ensure compliance efforts aren’t just met but also strategically align with overall business goals.

Cybersecurity risks are all-pervasive, impacting various operational aspects ranging from data management to customer relations. Cybersecurity regulatory standards like GDPR and HIPAA set stringent data protection and privacy requirements. GRC software helps your business navigate complex cybersecurity landscapes, providing tools that align compliance with current regulations and organizational objectives. It ensures compliance efforts are not isolated but are instead integrated into your overall business strategy.

A central way GRC software achieves alignment is through risk assessment and management features that evaluate cybersecurity risks in the context of their operational impact and strategic importance. By identifying and prioritizing risks posing the greatest threat to strategic objectives, you can allocate resources more effectively and design compliance strategies that mitigate multiple risks without impeding business agility and growth.

A cloud-based GRC platform also offers comprehensive reporting and analytics capabilities that let you measure the effectiveness of your compliance initiatives and assess their impact on strategic goals. For instance, by analyzing the outcomes of compliance efforts, such as reduced instances of data breaches or improved customer trust, enterprises can understand how these efforts contribute to achieving broader business objectives like market growth or brand reputation.

The role of GRC software in ensuring compliance and strategic objectives alignment is invaluable. Integrating compliance into an organization’s broader business strategy helps it navigate the complexities of cybersecurity in a way that supports its operational goals, something vital for meeting regulatory requirements and leveraging compliance as an asset for sustainable growth and competitive advantage.

Governance, Risk, and Compliance: Building a More Resilient Cybersecurity Strategy

Evaluating GRC capabilities with advanced software tools is a game-changer for organizations big and small. It transforms the way governance, risk, and compliance are managed, shifting from a reactive stance to a proactive one. With its ability to integrate data, automate processes, manage risks, ensure compliance, and track performance, cloud-based software can be one of your organization’s most indispensable tools for strengthening its GRC framework.

Veritas provides cloud-based GRC solutions that help organizations defend against evolving threats and challenges, bringing several key advantages when building a resilient cybersecurity strategy:

  • It provides a dynamic platform for addressing new vulnerabilities as they emerge. Cloud technology’s agility means that as cyber threats evolve, the software quickly adapts, offering timely updates and enhancements. Your organization isn’t just reacting to threats but is proactively anticipating and neutralizing them.
  • It consolidates intelligence across various data sources. Modern business operations are a complex tapestry, with data scattered across numerous platforms and systems. Veritas 360 Defense integrates this disparate data, providing a unified view that’s crucial for thorough risk assessment and management. Using the software’s comprehensive understanding of data flows and interactions, your business can identify potential vulnerabilities more effectively and implement targeted security measures.
  • It facilitates a more strategic approach to risk management. Instead of isolated efforts, risk mitigation becomes a coordinated endeavor, aligning with your overall business objectives. This strategic alignment ensures cybersecurity measures bolster, rather than hinder, business operations and growth.
  • It enhances organizational collaboration and communication, breaking down silos and enabling different departments to share insights and work together more effectively in identifying and mitigating risks. This collaborative approach is essential in creating a holistic and robust cybersecurity posture.

A tailored solution is much more than a tool. It’s also a strategic partner in building a more resilient GRC cybersecurity plan. Employing advanced tools like AI and ML, it helps your business proactively address new vulnerabilities, consolidate intelligence across data sources, and reduce risks, all while aligning with business goals. In an age where cyber threats are an ever-present challenge, such a solution is indispensable for any organization looking to safeguard its digital assets and ensure long-term success.

Time to Review Your Organization's GRC Strategy?

At Veritas, we understand data governance is complicated. That’s why we offer an integrated portfolio of compliance and governance solutions that consolidate intelligence across data sources to surface relevant information, deliver actionable insights, and reduce the risk of costly regulatory fines. We’re proud to be named a Leader in the Gartner Magic Quadrant for Enterprise Information Archiving, as it recognizes our commitment to delivering market-leading, cloud-centric solutions that address data and regulatory complexity for our customers.

Veritas offers an integrated portfolio of GRC solutions that help companies consolidate intelligence across data sources to surface relevant information, deliver actionable insights, and reduce the risk of non-compliance fines. Contact us online to learn more about how we can help your enterprise take a holistic approach to building an effective GRC framework that mitigates cybersecurity risks and keeps your business compliant.

Learn more about how Veritas is committed to safeguarding your data at our Veritas Trust Center.


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