5 Reasons to Take the State of CyberGRC SurveyIT Risk & Cyber Risk | 3 Min Read |23 November 22|by Agnishwar Banerjee
Year endings are a time for reflections and resolutions, or as we call them in the corporate world – reviews and forecasts. It’s no different at MetricStream. With 2023 just around the corner, we’re looking to get a pulse on what’s happening with industry leaders in cyber risk and compliance management.
We’re doing that with our annual “State of CyberGRC Survey: Looking into 2023”. The purpose of this short survey (which takes approximately 5 minutes to fill out) is to better understand the challenges you as CISO or IT compliance and cyber risk leader are facing and the strategies being adopted, to resolve them. The focus is on cyber governance, risk and compliance – CyberGRC.
It is our mission to understand:
- How the responsibilities of cyber risk and compliance management are evolving
- The primary strategies and tactics being used to identify and mitigate cyber risks
- The biggest cyber risks and GRC trends anticipated for year ahead
Data from our last year’s survey had interesting findings:
- 45% lacked visibility into cyber risks across the organization
- 41% had manual processes for cyber GRC
- 39% faced increased regulatory compliance requirements
But a lot has changed over the past year. With the pandemic now in the background, businesses are looking beyond recovery to growth. Are manual processes still being used or has the shift been made? Does visibility still continue to be an issue? Only you can tell us.
Here are five more reasons why you should take the survey.
1. The Cyber Risk Landscape is Changing
Rapid digitization has led to organizations facing several new challenges including increased attack surfaces, sophisticated attack methods, ever-evolving threats, IT vendor risk, compliance pressures, cloud & API security gaps, and more. It is undoubted that cyberattacks continue to rise year after year—both in number and sophistication.
You tell us: In today’s interconnected risk landscape, what are the unique cyber challenges you face?
2. Cyber Risk is Now a Board Level Priority
As per the 2021 Gartner Board of Directors Survey, 88% of boards now view cybersecurity as a business risk—up by 30% since 2017. Leaders are well aware that cyber risk can no longer be viewed as merely an ‘IT problem’. In the connected ecosystem, a cyber incident can lead to financial losses, operational disruption, reputational damage, legal issues, regulatory fines, and even business closures.
You tell us: How are you communicating cyber risks to your Board and what steps are you taking to prioritize cyber risk at your organization?
3. Cyber is a Highly Demanding Field
The urgency to build cyber resilience has resulted in an acute lack of cyber resources. As per data from McKinsey, 3.5 million global cybersecurity positions remained open at the end of Q1 2022. Budget is a perennial issue. Added to this are legacy software, cyber tools and technologies operating in silos, and several other challenges that are unique to cyber.
You tell us: In relation to cyber risk and compliance, where does your organization plan to invest in 2023?
4. AI, Automation, and Cyber Risk Quantification is Creating New Advantages
New cyber use cases leveraging cutting-edge technologies are creating new advantages. For instance, Continuous Control Monitoring, Automated Compliances, now enables organizations to proactively identify risks and improve cybersecurity and compliance posture by monitoring IT controls in real-time. AI/ML are driving reports away from dashboards and heat maps to predictive analysis and insights. Similarly, cyber risk quantification, helps assign a monetary value to cyber risks, thus enabling better informed decisions of investment and insurance.
You tell us: How is technology helping you build cyber resilience?
5. Your Opinion and that of Your Peers Matter
As a leader in the domain, managing cyber risk and strategizing to build cyber resilience, your opinion provides valuable insights for the future of cyber risk and compliance management - CyberGRC. Your expertise is needed! Your Voice Matters!
So we request you to spare the 5 odd minutes and encourage you to fill out our survey. In appreciation, we will share a copy of the research report when published in Q1 2023.
Take the Survey now. And do share with your CISO and cyber risk community!
Want to learn more about how MetricStream CyberGRC can help build cyber resilience?