Why Cybersecurity Relies on GRC Best Practices?
Keeping our digital information safe has become a big challenge today. According to a report on cybersecurity, cybercrime could cost us a mind-boggling $9.5 trillion by 2024, soaring even higher to over $10.5 trillion in 2025.
Source: ITGovernance
The exact number of daily cyberattacks is hard to determine, as not all incidents are reported. It is estimated that every day close to 4,000 new cyber-attacks emerge. Shockingly, every 14 seconds, a company falls prey to a ransomware attack.
Do you know how much this damage costs? Cybercrime costs are projected to rise by 15% over the next five years, reaching 10.5 trillion by 2025.
Looking ahead, things are not getting any better. It’s projected that by 2031, attacks on businesses, consumers, governments, and devices will occur every two seconds.
So, what can we do? That’s where Governance, Risk, and Compliance (GRC) in cybersecurity steps in. It’s like having a team of superheroes—governance, Risk Management, and Compliance—working together to protect our companies from cyber threats. GRC Cybersecurity is not just about checking off boxes; it’s about having a well-thought-out plan to tackle the ever-evolving challenges of technology head-on.
Popular GRC Frameworks in Cyber Security
GRC frameworks are structured approaches that organizations use to manage governance, risk management, and compliance processes. These frameworks provide guidelines and GRC best practices for implementing GRC strategies, helping organizations align cybersecurity practices with industry standards and regulations.
Some popular GRC frameworks include:
- ISO RMF (Risk Management Framework): This framework provides a systematic approach to managing cybersecurity risks. It helps organizations identify, assess, and mitigate risks by implementing controls and measures.
- PCI DSS (Payment Card Industry Data Security Standard): This framework protects cardholder data and secures payment transactions. It provides guidelines for obtaining payment systems and ensuring compliance with industry standards.
- NIST Cybersecurity Framework: Developed by the National Institute of Standards and Technology, this framework provides guidelines and GRC best practices for managing cybersecurity risks. It helps organizations identify, protect, detect, respond to, and recover from cybersecurity incidents.
GRC Best Practices
Organizations must adopt effective Governance, Risk, and Compliance (GRC) best practices to ensure the security of their digital assets. These practices are not just about meeting regulatory requirements; they are proactive measures that can significantly enhance data security.
- Stay Vigilant with Continuous Monitoring and Regular Assessments
Think of it as keeping a watchful eye on your home. Just like you check your doors and windows regularly for security, monitoring your systems and networks for any vulnerabilities or irregularities is crucial. Regular assessments help identify potential threats early so you can respond quickly and effectively.To learn about how you can improve your internal audit process and what are the new global standards 2024 for it, click the link to read our informative blog on it.
- Be Flexible and Adaptive to New Threats
Cyber threats are constantly evolving. It’s essential to be flexible and adaptive in your approach. Stay informed about the latest security trends and be prepared to adjust your strategies accordingly. A proactive mindset allows you to anticipate and address new threats before they become severe problems.
- Collaborate Across Departments for a Stronger Defense
Security is a team effort. Collaboration among departments, including IT, security teams, and other business units, is critical. When everyone works together, they can align their strategies, share information, and create a more unified approach to security. This collaboration ensures that everyone understands the importance of security measures and can contribute to a more cohesive defense.
Differences between mandatory and best practices GRC frameworks
Mandatory frameworks are those that organizations are required to follow by law or regulation. These frameworks outline specific requirements that organizations must meet to comply with legal and regulatory standards.
On the other hand, GRC best practice frameworks are guidelines and recommendations that organizations can choose to follow voluntarily. These frameworks are not mandatory but are considered industry best practices for managing cybersecurity risks.
Importance of choosing the proper GRC framework for an organization
Choosing the right GRC framework is crucial for organizations to manage their cybersecurity practices effectively. The framework should align with the organization’s goals, objectives, and industry requirements. It should also be scalable and adaptable to meet the organization’s evolving cybersecurity needs.
In conclusion, GRC frameworks are essential tools that organizations use to manage their cybersecurity practices effectively. Organizations can enhance their cybersecurity posture and better protect their assets and information by choosing the proper framework and implementing GRC best practices.
Strengthen Your Compliance with iTech
A complete GRC solution is crucial for ensuring everyone in the organization can fully participate in GRC activities. This tool helps risk and compliance professionals work together effectively, allowing the organization to make smart decisions about managing risks.
iTech’s partnership with IBM makes it easy for customers to integrate their GRC solutions. This partnership combines elements of governance, reporting, and compliance seamlessly. As a strategic partner with IBM, iTech has been helping clients on their GRC Digital Transformation journey.
IBM OpenPages is a standout tool for ensuring compliance and protecting against cyber threats. It offers customized GRC solutions for cyber security, making it an excellent choice for businesses wanting to safeguard their digital assets.
Key Features of IBM OpenPages:
- Risk Assessment: It acts like a detective, constantly scanning for potential cyber threats to your organization’s digital assets.
- Compliance Management: Helps you quickly meet regulatory requirements and industry standards.
- Incident Response: Functions as your rapid response team, ready to handle cyber security incidents.
- Policy Management: Helps you manage and enforce policies effectively.
- Reporting and Analytics: Provides powerful tools for deep insights into your cyber security posture, empowering you to make informed decisions.
Consider a free demo of iTech GRC using IBM OpenPages to see how it can revolutionize your compliance management.
FAQs
- Why is GRC in cybersecurity important?
GRC in cybersecurity ensures there are clear rules (Governance), proactive identification and mitigation of risks (Risk Management), and adherence to regulations and standards (Compliance). It combines these elements to create a structured approach to protect online information. Organizations can effectively manage cyber risks, detect and respond to threats, and maintain regulatory compliance by establishing robust governance frameworks.
- How often should organizations review their GRC strategies?
Organizations should review their GRC strategies regularly. While there’s no one-size-fits-all answer, many experts recommend frequent assessments, ideally at least annually or more frequently, if the organization undergoes significant changes, faces new threats, or experiences security breaches. Regular reviews ensure that GRC strategies remain effective and aligned with evolving cyber threats and regulatory requirements.
- Can small businesses benefit from implementing GRC best practices in cybersecurity?
Yes, small businesses can benefit from implementing GRC best practices in cybersecurity. While the scale might differ, small businesses’ need for security remains the same. Implementing GRC practices tailored to their size and needs is crucial. GRC offers a structured approach that can be scaled to fit any organization. By adopting GRC best practices, small businesses can enhance their cybersecurity posture, protect sensitive information, and demonstrate compliance with regulatory requirements.